Majorly catering to testing laboratories and pharmaceutical firms, the counterfeit drug detection device market has been growing at a substantial rate.
Majorly catering to testing laboratories and pharmaceutical firms, the counterfeit drug detection device market has been growing at a substantial rate. According to Future Market Insights (FMI) study, the market for counterfeit drug detection device will witness a slight downfall in the latter half of the forecast period 2019-2029. Governments’ efforts towards the development of organized and centralized tracking systems and stringent regulatory framework in line with an increasing need for improved supply chain are significantly complementing the market growth. In 2019, the counterfeit drug detection device market size was evaluated to be US$ 1Bn, as per the FMI study.
Rising government initiatives towards creating awareness regarding fake drugs to tackle the concern of counterfeit activities are among the key factors limiting the supply of such drugs. For instance, the European government has recently introduced the Falsified Medicine Directive (FMD), in order to address threats of growing counterfeit medicines affecting the complete supply chain. This, in turn, will drive the growth of the counterfeit drug detection device market.
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Adoption Rate of Technologies to Detect Falsified Drugs Soars Across the Globe
Substandard and falsified drugs are a major health problem worldwide, especially in low- and mid- income countries that have weak drug regulatory standards and pharmacovigilance. Owing to this, manufacturers are adopting proprietary technologies for emerging modern counterfeit drug devices. For instance, RxAll has recently developed a nanoscanner that uses artificial intelligence to check the validity of the drugs through unique spectral fingerprints. Furthermore, manufacturers and suppliers should use modern technologies such as radio-frequency identification (RFID) to maintain pace with increasingly sophisticated threats. It helps in tracking, tracing, and authenticating of pharmaceuticals.
Key Takeaways - Counterfeit Drug Detection Device Market Study
- Counterfeit chemical composition detection devices account for 60% of the total revenue share. Additionally, infrared & near infrared spectroscopy devices hold significant share, while demand for Raman spectrometers is projected grow at a reasonable pace. Moreover, counterfeit packaging and labeling detection devices are observing greater adoption, particularly in developing regions.
- FMI expects, bench-top to remain top-selling device over the forecast period. On the other hand, demand for handheld device is expected to grow on a significant pace in the latter half of the forecast period, as it offers higher feasibility in the in-field testing areas that provide faster results.
- North America represents more than one-third of the total market revenue and will continue to offer immense opportunities to the market players. Europe is also witnessing huge demand for counterfeit drug detection devices, particularly in the markets of Germany and the U.K.
- Pharmaceutical companies will continue to account for huge sales of counterfeit drug detection devices, thereby promising lucrative opportunities for market players. In 2019, pharmaceutical companies experienced a huge installation of counterfeit drug detection devices and generated revenue worth US$ 475 Mn. Likewise, demand from drug testing laboratories observes significant growth and is poised to generate US$ 621 Mn by the end of 2029.
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“By the end of 2029, the demand for global counterfeit drug detection device market will experience 1.5X growth. This is attributed to rising surveillance practices for Drug Enforcement Agency and Customs and Border Protection and other government agencies to check the medicines and health products to avoid uncertainties, says FMI.
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