The global counterfeit drug detection device market is projected to reach a valuation of USD 1,167.7 million in 2024, with steady growth expected over the next decade. According to recent market analysis, the industry is forecasted to achieve a compound annual growth rate (CAGR) of 3.3% between 2024 and 2034, culminating in a market value of USD 1,615.6 million by the end of the forecast period.
This consistent growth underscores the rising demand for advanced technologies to combat counterfeit drugs, a pervasive challenge within the pharmaceutical sector. Counterfeit medications pose significant risks to public health, emphasizing the need for reliable detection devices. As regulatory frameworks tighten and awareness increases, manufacturers of counterfeit drug detection technologies are poised to benefit from this growing market opportunity.
Key takeaways include the market’s anticipated steady trajectory over the next ten years, driven by increasing investments in drug safety measures and technological innovations. Industry players are expected to prioritize research and development to enhance the accuracy, portability, and affordability of detection devices, catering to both emerging and established markets.
The upward trend in this market highlights the global commitment to eradicating counterfeit drugs and ensuring patient safety. With continued advancements in detection technology and expanded adoption across healthcare sectors, the counterfeit drug detection device market remains a vital component of the pharmaceutical supply chain’s integrity.
Counterfeit Drug Detection Device Market Forecast
- Growing concern over the risk of counterfeit drugs causing significant health defects is fueling the drug detection device market.
- Technological innovation in counterfeit drug detection devices, such as holographic duplication, is advancing the demand in the market.
- Increasing budgets of narcotics divisions of police is leading to greater adoption of counterfeit drug detection devices.
- Artificial intelligence is being deployed to increase the accuracy of counterfeit drug detection, thus making the device more attractive.
- Initiatives by governments to nullify the supply of counterfeited drugs are leading to wider adoption of counterfeited drug detection devices.
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.
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
A Full Report Overview
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)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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