The global counterfeit drug detection device market is expected to reach US$ 1,167.7 million in 2024, indicating significant growth in the near future. Based on projected growth rates, the market is expected to rise at a 3.3% Compound Annual Growth Rate (CAGR) from 2024 to 2034. It is anticipated that the market value would reach US$ 1,615.6 million by the end of the projected period.
The public’s health is seriously threatened by counterfeit drugs, since they may include dangerous ingredients or be dosed incorrectly, which could have catastrophic effects. Effective tools for detecting counterfeit drugs are therefore becoming more and more necessary in order to protect patient safety and maintain the integrity of pharmaceutical supply chains.
False and subpar medications are known as counterfeit pharmaceuticals; this is an international issue. Medical equipment called anticounterfeit drug detection devices are made to identify fake pharmaceutical packaging, labels, and chemical makeup. A counterfeit medication is any pharmaceutical product that has been purposefully mislabeled about its identity or place of origin, according to the World Health Organization.
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Competitive Landscape in the Counterfeit Drug Detection Device Market:
The counterfeit drug detection device market is fairly fragmented. While a few reputed companies have a significant share of the market demand, newer players and small-scale players also have the potential to thrive.
Technologically advancing the products, to keep the product line moving, is given priority by market players. Geographical expansion is also given significance by market players.
Recent Developments in the Counterfeit Drug Detection Device Market
- In February 2022, the AD Minidose U9 RAIN RFID was launched by Avery Dennison Smartrac
for enhanced RFID applications in the healthcare sector. - In August 2021, Vestcom was acquired by Avery Dennison Corporation.
- In December 2021, Stratio, Inc., with the help of South Korea’s National IT Industry Promotion Agency (NIPA) launched an AI-enabled imaging solution. It is designed to detect infringements at border checkpoints.
- In September 2021, the Fluoride ISE was introduced by Metrohm for the detection of, as the name suggests, fluoride.
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Key Companies in the Counterfeit Drug Detection Device Market:
- Spectris
- Spectral Engines Oy
- Consumer Physics
- Olympus Corporation
- Stratio, Inc.
- Rigaku Corporation
- Thermo Fisher Scientific, Inc
- GAO RFID
- Cellular Bioengineering, Inc
- Metrohm AG
Key Segments:
By Product:
- Counterfeit Chemical Composition Detection Devices
- Ultraviolet/Vis Devices
- Infrared & Near Infrared Spectroscopy Device
- Raman Spectrometers
- XRD & XRF Spectroscopy Devices
- Counterfeit Packaging & Labelling Detection Devices
- RFID Analyzer
- Scanning & Imaging Systems
- Others
By Modality:
- Portable Devices
- Hand-held Devices
- Bench-top Devices
By End User:
- Pharmaceutical Companies
- Drug Testing Laboratories
- Research Organization
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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