Global Counterfeit Drug Detection Device Market Poised for Steady Growth, Reaching US$1.6 Billion by 2034

The global counterfeit drug detection devices market is poised for steady growth over the next decade, with a projected market value of US$1.6 billion by 2034. This upward trend represents a compound annual growth rate (CAGR) of 3.3% from 2024, signifying an increasing focus on safeguarding the global pharmaceutical supply chain.

Counterfeit drugs pose a significant threat to public health, and these detection devices play a critical role in identifying and combating this issue. They offer a reliable and efficient method to verify the authenticity and composition of medications, ensuring patient safety and consumer trust.

Subpar and fake medications are known as counterfeit pharmaceuticals, and this is an international issue. Medical devices known as counterfeit medication detection devices are used to identify fake medicine packaging and labeling in addition to fake chemical composition of the drugs. According to the World Health Organization, a counterfeit medication is any pharmaceutical product that has been purposefully mislabeled about its identity or origin.

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Several factors are expected to contribute to the market’s expansion:

• Rising Concerns over Counterfeit Drugs: The increasing instances of counterfeit drugs entering the supply chain are driving the need for effective detection mechanisms.
• Stricter Regulatory Requirements: Regulatory bodies worldwide are implementing stricter regulations to combat counterfeiting, propelling the demand for reliable detection devices.
• Technological Advancements: Advancements in technologies like spectroscopy and Raman scattering are leading to the development of more accurate and user-friendly counterfeit 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.

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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)