In the battle against counterfeit drugs, innovation reigns supreme. The counterfeit drug detection device market is poised to make a profound impact, with an anticipated worth of USD 1,167.7 million in 2024. As we look to the future, the market is set to grow steadily, boasting a Compound Annual Growth Rate (CAGR) of 3.3% from 2024 to 2034.
By the conclusion of this forecast period, the market value is predicted to soar to an impressive USD 1,615.6 million. These figures underscore the critical importance of robust detection mechanisms in safeguarding public health and ensuring the integrity of pharmaceutical products.
As the threat of counterfeit drugs looms large, the demand for advanced detection devices continues to rise. These innovative technologies not only protect consumers from harmful substances but also uphold the integrity of the healthcare system as a whole.
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Counterfeit pharmaceuticals are misleading and inferior drugs; this is a global problem. Anticounterfeit medication detection devices are medical gadgets designed to detect counterfeit pharmaceutical packaging, labeling, and chemical composition. The World Health Organization defines a counterfeit medication as any pharmaceutical product that has been intentionally mislabeled about its identity or origin.
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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