The Counterfeit Drug Detection Device Market Demand is predicted to develop significantly at a 4.0% CAGR during the forecast period. According to Future Market Insights, the sales of Counterfeit Drug Detection Devices are likely to account for US$ 1.18 Billion in 2022 and surpass US$ 1.56 Billion by 2029.
The development initiatives launched by government agencies to prevent the introduction of counterfeit drugs into the supply chain are among the major factors propelling the adoption of Counterfeit Drug Detection Devices. The market for counterfeit medication detection devices is likely to witness increased growth potential due to technological developments in the field of pharmaceutical drug identification, such as the Trutag and other future technologies.
The World Health Organization and other organizations have focused on emerging nations due to the serious issue of the spread of fake medicines, intending to reduce and prevent the supply of such medicines in these countries. Multiple small market participants are focusing their efforts on the creation of novel tools for the identification of copied or fraudulent pharmaceutical substances.
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Another primary factor boosting the demand for counterfeit medication detection devices is the rising incidence of chronic and acute ailments and infections in the population. In other words, the market for Counterfeit Drug Detection Devices is creating profitable growth prospects due to the rising incidence rates of skin disorders, chronic respiratory diseases, asthma, musculoskeletal disorders, cancer, and other conditions.
Additionally, an increase in public-private financing for specific research initiatives and a rise in working people’s awareness would create more lucrative chances for market players throughout the projected period of 2022 to 2029. The government’s increasing emphasis on enacting strict regulations and the development of novel medical tools and instruments will further boost the market’s growth rate in the future.
Key Takeaways from the Counterfeit Drug Detection Device Market:
- With a total market share of over 91.2%, the US leads the market and is anticipated to continue expanding rapidly throughout the forecast period.
- During the projected period, Germany is anticipated to have a CAGR of about 4.8% in the European Counterfeit Drug Detection Device market.
- China is expected to grow at a CAGR of 6.6% throughout the projection period, with a market share of 32.9% in East Asia in 2021.
- Japan, which held a 56.0% market share in East Asia’s market for counterfeit drug-detecting devices in 2021, is anticipated to grow at a CAGR of 4.3% from 2022 to 2029.
- With a market share of more than 60.6% in 2021, counterfeit chemical composition detection devices are expected to grow profitably at a CAGR of 3.4% through the end of the research period.
- Bench-top Devices have a revenue share of 40.7% in 2021 and are anticipated to maintain a share of 38.4% over the forecast period.
- Pharmaceutical businesses are expected to continue to have a stake during the projection period, with an estimated share of 41.4% in 2021.
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Who is Winning?
The leading players in the Counterfeit Drug Detection Device Market are engaged in activities such as acquisition or collaboration agreements with potential players for technology development or the acquisition of innovative intellectual property. This issue may be a contributing element to the forecasted growth of the counterfeit drug-detecting device market.
Furthermore, emerging nations’ efforts to shorten medication approval and regulatory processes to speed drug launches to satisfy expanding global healthcare needs represent a significant opportunity for the players in the global Counterfeit Drug Detection Device market. Many businesses are concentrating on the development of cutting-edge track and trace technologies, while others are concentrating on regional or product portfolio growth through acquisitions.
- Metrohm introduced the Fluoride ISE, a specialized sensor for selective fluoride readings, in September 2021. The novel sensor is perfect for measurements in tiny sample volumes because it integrates the measuring electrode, the reference electrode, and a temperature sensor in a space-saving form.
- A new AI-enhanced image inspection solution will be released, according to Stratio, Inc., in December 2021. At border inspections, the new Stratio, Inc. technology can quickly identify design infringements on questionable merchandise.
Major Players:
- Spectris
- Spectral Engines Oy
- Consumer Physics
- Olympus Corporation
- Stratio, Inc.
- Rigaku Corporation
- Thermo Fisher Scientific, Inc
- GAO RFID
- Cellular Bioengineering, Inc
- Metrohm AG
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Key Market Segments Covered In Counterfeit Drug Detection Device Industry Research:
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
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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