Global Counterfeit Drug Detection Device Market Poised for Steady Growth USD 1,615.6 Million by 2034 at a 3.3% of CAGR

The global counterfeit drug detection device market is projected to reach a value of USD 1,167.7 million in 2024, underscoring the increasing importance of ensuring medication safety and authenticity. Over the period from 2024 to 2034, the market is expected to grow at a steady rate, with a compound annual growth rate (CAGR) of 3.3%. By the end of this forecast period, the market value is predicted to reach USD 1,615.6 million.

Counterfeit drugs pose significant risks to public health and safety, highlighting the critical need for effective detection and prevention measures. Counterfeit drug detection devices play a crucial role in identifying counterfeit medications and protecting consumers from potentially harmful products.

The steady growth of the counterfeit drug detection device market reflects the ongoing efforts to combat the global counterfeit drug trade and ensure the integrity of pharmaceutical supply chains. As regulatory agencies and healthcare organizations prioritize the fight against counterfeit drugs, the demand for advanced detection technologies is expected to rise.

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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)