The global counterfeit drug detection device market is expected to grow at a 4.0% CAGR from 2022 to 2029, with a market value of around US$ 1.14 billion in 2022. According to Future Market Insights, counterfeit chemical composition detection devices will account for approximately 60.6% of the global market in 2021.
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“In recent years, many governments have been cracking down on the trade of counterfeit drugs with stringent laws. In addition, pharmaceutical companies are investing in better surveillance, which will contribute substantially to the counterfeit drug detection device market. These factors are key to growth during and after the covid-19 crisis,” says the FMI analyst.
Counterfeit Drug Detection Device Market – Key Takeaways
- Because of their higher efficacy and faster results, infrared and near-infrared spectroscopy technologies are highly sought after in counterfeit drug detection devices.
- Handheld devices are gaining popularity due to their ease of use, accessibility to components, and operational flexibility.
- Because of investments in investigation procedures, North America is a prominent market for counterfeit drug detection devices.
Counterfeit Drug Detection Device Market – Key Driving Factors
- Adoption of counterfeit drug detection devices is being driven by the transition from security features in drug packaging to on-dosage security.
- A key factor supporting market growth will be increasingly stringent regulations for detecting counterfeit medication.
- Investments in healthcare infrastructure and increased public awareness about illegal drugs will help drive market growth.
Counterfeit Drug Detection Device Market – Key Constraints
- High capital requirements for counterfeit drug detection device market players will hinder market growth.
- Low awareness about counterfeit drug detection devices in developing countries is a barrier to adoption.
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The Anticipated Impact of Coronavirus
Panic over the coronavirus pandemic has resulted in people stockpiling medication all over the world. As a result, a number of countries undergoing lockdown measures are experiencing a significant gap between supply and demand. As a result, the sale of counterfeit drugs has skyrocketed. The rise in counterfeit coronavirus cures will increase demand for counterfeit drug detection devices globally in the short term through 2020 and likely into 2021.
Competition Landscape
Leading players in the counterfeit drug detection device market include but are not limited to Metroham AG, Spectris, Cellular Bioengineering Inc., Spectral Engines Oy, GAO RFID, Olympus Corporation, and Thermofisher Scientific Inc. Manufacturers are investing in tech innovation to enable higher speed and accuracy of testing. For instance, Genentech is reportedly considering blockchain technology driven devices to track counterfeit drugs.
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More About the Report
The FMI’s market research report offers detailed insights on counterfeit drug detection device market. The market is scrutinized on the basis of product (counterfeit chemical composition detection devices and counterfeit packaging & labeling detection devices), and modality (portable devices, handheld devices, and benchtop devices), and end user (pharmaceutical companies, drug testing companies, and research organizations) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).