VALLEY COTTAGE, N.Y. – According to Future Market Insights (FMI)’s recent report, the counterfeit drug detection device market crossed US$ 1 Bn mark in 2018, and is expected to grow at a CAGR of 4% during the forecast period 2019-2029. Counterfeit versions of several lifesaving drugs pose a serious threat to the global economy and health. Over the years, manufacturing of counterfeit drugs has been increasing rapidly, especially in several countries in Asia Pacific, and are distributed worldwide, even in countries with strict regulations and surveillance. Subsequently, counterfeit drug detection devices are gaining significant traction driven by governments’ efforts towards the development of centralized and organized tracking systems to ensure anti-counterfeit products reaching the patients.
“Increasing popularity and notable developments in counterfeit chemical composition devices and Raman Spectroscopy will continue to influence the counterfeit drug detection devices market. Moreover, several government initiatives for tracking falsified drugs have augmented RFID and barcode system applications in the pharmaceutical supply chain,” says FMI analyst
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- Sale of counterfeit chemical composition detection devices are expected to reach US$ 903 Mn by 2029, incrementing at a CAGR of 3.3% over the forecast period.
- Infrared & near infrared spectroscopy device accounts for relatively high share, while demand for Raman spectroscopy is set to grow on a significant pace.
- Bench-top devices continue to influence growth strategies, accounting for 2/5th of the total revenue share. However, manufacturers are focusing on increasing the production of portable and handheld devices.
Preview Analysis of 2019 Analysis and Review of Counterfeit Drug Detection Device Market by Product – Counterfeit Drug Packaging and Labelling Detection Devices, and Counterfeit Chemical Composition Detection Devices for 2019 – 2029:https://www.futuremarketinsights.com/reports/counterfeit-drug-detection-device-market
- Sales of handheld counterfeit drug detection devices will remain highly influenced by ease of use in limited space and low maintenance.
- As of 2018, North America dominated the market with 30% revenue share, followed by Europe and South Asia. Stringent regulations and policies for identifying and reducing supply of counterfeit drugs in the region will increase the demand for falsified drug detector devices.
- Latin America and East Asia are currently at the stage of developing definitive surveillance and policies to monitor the supply of such drugs.
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Companies Focusing On Technological Development
Counterfeit medicines are highly harmful, either through contamination or containing wrong or no active ingredient. Manufacturers of counterfeit drug detection devices are thus targeted towards advanced detection technologies that allow medicines to be tested everywhere in an accurate manner. These factors played a significant role in Thermo Fisher Scientific’s decision to introduce next-generation Thermo Scientific DXR3 family of Raman Spectrometers and Microscopes in October 2019. The device features improved imaging and workflow capabilities to provide the users with Raman analyses at high speed. Simultaneously, a number of startups are developing innovative technologies to detect falsified drugs in real time. For instance, in May 2018, Veripad, a start-up, developed a mobile application that verifies the common medicines. This application with the help of machine learning can create a remarkable progress in the counterfeit drug detection devices market.
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