Counterfeit Drug Detection Devices Market Revenues Crossed US$ 1 Bn in 2018
The counterfeit drug detection devices market, majorly catering to pharmaceutical firms and testing laboratories, has been growing at a steady rate. Poised for an average yearly growth of 4% during 2019 - 2029, the growth rate of counterfeit drug detection devices market will experience a slight dip in the latter half of forecast period. Increasing need for improved supply chain in line with uptight regulatory framework to tackle counterfeiting activities are complementing the market growth. Future Market Insights (FMI), in this new study, reveals that the global sales of counterfeit drug detection devices accounted for a billion-dollar revenue in 2018, which would progress steadily through 2029.
Key Factors Shaping Counterfeit Drug Detection Device Market
Shifting Trend from Packaging Security to On-dosage Security
On-dose identification technology is promising since it is a highly effective method to scrutinize security in the pharmaceutical supply chain making it less vulnerable to counterfeit drug entry. This is because the medicine can be directly verified and not just rely on package identifiers. Furthermore, with on-dose trackers, manufacturers can have access to tools to identify packages that have been separated from its original source to assist product returns or recall, as well as for clinical trials administration and management.
Improvements in Supply Chain – Primary Focus of Manufacturers
Supply chain of healthcare products is very complex, allowing counterfeit drug traffickers easy access to intrude the market. Supply chain in developed countries is relatively more secure as compared to emerging countries making these regions more prone to counterfeit drug trafficking. This is primarily due to number of factors including long supply chains for imports, lack or absence of political control for health authorities, local police and customs. Pharmaceutical supply chain in developing nations is highly fragmented as well as expensive and inefficient. Most regulatory bodies in these developing regions are focused towards the reduction of counterfeit drugs reaching the patients by increasing security in different elements of the supply chain. Thus, the adoption of counterfeit detection devices by key supply chain players such as manufacturers, wholesalers, distributors and pharmacies would increase with the increasing demand to identify counterfeit drugs within the supply chain itself.
Rising Awareness for Counterfeit Drugs to Limit Supply of Fake Drugs
“Fight the Fakes” is a global initiative playing a vital role in rising awareness for counterfeit drugs. Fight the Fakes started in Geneva, Switzerland approximately four years ago. This campaign partnered with a number of healthcare professionals, universities, NGOs and renowned industry representatives around the world. Such awareness campaigns will help government in developing nations to take measures for identification of counterfeit drugs, thereby supporting growth of the counterfeit drug detection devices market.
Counterfeit Drug Detection Device Market Structure Analysis
- The global counterfeit drug detection device market is consolidated with over 60% market share occupied by top 4 players in the market.
- Counterfeit drugs are major problem in emerging or developing nations. These countries are currently the focus for most organizations such as WHO to reduce counterfeit drug supply in these nations. Most manufacturers are focusing on expanding sales in these regions.
- A number of small players are developing innovative detection devices that offer great potential for growth in the future. Acquisition of companies with such technologies or acquisition of innovative IP could potentially increase counterfeit drug detection device market share in the future.
Counterfeit Chemical Composition Detection Devices Leading the Way
Accounting for revenues worth of over US$ 600 Mn, counterfeit chemical composition detection devices continue to lead the global market. Under the category, infrared & near infrared molecular spectroscopy devices represent significant share, while demand for ultraviolet/vis devices is accelerating. On the other hand, counterfeit packaging & labelling detection devices are witnessing rapid adoption, especially in developing regions. RFID analyzers are leading the product category, while scanning & imaging systems are garnering noteworthy traction.
Market Growth Sustained in North America
Demand for counterfeit drug detection devices across the globe is currently drew on rising stringency of anti-counterfeiting norms in tandem with manufacturers’ focus on identifying counterfeit raw materials. North America, representing nearly 30% of the total market value, continues to offer plethora of opportunities to market players. The region is majorly represented by the U.S. Sales in Europe are expected to reach about US$ 400 Mn towards the end of projection period. Germany and the UK lead the regional market. Market players are also citing East Asia from target market perspective, where Japan and China collectively hold around 90% share.
Manufacturers Turning to Proprietary Technologies
Manufacturers are leveraging proprietary technologies for developing state-of-the-art counterfeit drug detection devices. For instance, TruTag Technologies, Inc. has designed drug detection device using microtags that act as edible bar codes. These microtags consist of a spectral code selected from a broad library of distinct codes and can be further added to the database. Furthermore, RxAll has developed a nanoscanner that utilizes artificial intelligence (AI) to check the authenticity of drugs on the basis of unique spectral fingerprint, which can be stored in the database for further purposes.
Counterfeit chemical composition detection devices remain sought-after
Counterfeit packaging & labelling detection devices to pick pace
High demand for benchtop devices
Handheld devices to gain traction
Pharmaceutical companies remain top adopter
Adoption in drug testing labs increasing rapidly
How Growth will Unfold
Pharmaceutical companies remain the key revenue generator for market players, where demand for counterfeit drug detection devices is growing steadily. In 2018, sales of counterfeit drug detection devices in pharmaceutical companies were around US$ 462 Mn. Demand for counterfeit drug detection devices in drug testing laboratories is speeding up and is expected to generate slightly over US$ 600 Mn by 2029 end.
* This data is only a representation. Actual data may vary and will be available in report.
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Overview
Counterfeit Drug Detection Device Market Analysis 2019 - 2029
A recent market study published by Future Market Insights on the counterfeit drug detection device market includes global industry analysis for 2014-2018 & opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters of the counterfeit drug detection device market, the growth prospects of the market are obtained with maximum precision.
Counterfeit Drug Detection Device Market Taxonomy
The global counterfeit drug detection device market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Product
- Counterfeit Chemical Composition Detection Devices
- Ultraviolet/Vis Devices
- Infrared and Near Infrared Spectroscopy Devices
- Raman Spectrometers
- XRD & XRF Spectroscopy Devices
- Counterfeit Packaging & Labelling Detection Devices
- RFID Analyzers
- Scanning and Imaging Systems
- Others
Modality
- Portable Devices
- Handheld Devices
- Benchtop Devices
End User
- Pharmaceutical Companies
- Drug Testing Laboratories
- Research Organizations
Regions
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
What's Included
The report initiates with the executive summary of the counterfeit drug detection device market, which includes a summary of key findings and statistics of the market. It also includes drivers and trends pertaining to the counterfeit drug detection device market.
Readers can find the definition and a detailed segmentation of the counterfeit drug detection device market in this chapter, which will help them understand the basic information about the counterfeit drug detection device market. Along with this, comprehensive information pertaining to counterfeit drug detection device and their properties are provided in this section. This section also highlights inclusions and exclusions, which help the readers understand the scope of the counterfeit drug detection device market.
The counterfeit drug detection device market report provides the key market trends that are expected to significantly impact the market growth during the forecast period. Detailed industry trends are provided in this section.
This section global pharmaceutical industry outlook, pharmaceutical industry supply chain, classification of counterfeit drugs, falsified medicines directive and its functioning, list of products available, product attributes and quality assessment, regulatory scenario, and adoption analysis.
This chapter explains the pricing analysis of the counterfeit drug detection device market in different regions.
This section explains the global market value analysis and forecast for the counterfeit drug detection device market in the forecast period of 2019-2029. This chapter includes a detailed analysis of the historical counterfeit drug detection device market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029).
This chapter explains key macroeconomic factors that are expected to influence growth of the counterfeit drug detection device market over the forecast period. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on product type, the counterfeit drug detection device market is segmented into counterfeit drug packaging and labelling detection devices, and counterfeit chemical composition detection devices. In this chapter, readers can find information about the key trends and developments in the counterfeit drug detection device market and market attractiveness analysis based on product type.
This chapter provides details about the counterfeit drug detection device market based on modality, and has been classified into portable devices, handheld devices, and bench-top devices. In this chapter, readers can understand the market attractiveness analysis based on modality.
This chapter provides details about the counterfeit drug detection device market based on end user, and has been classified into pharmaceutical companies, drug testing laboratories, and research organization. In this chapter, readers can understand the market attractiveness analysis based on end user.
This chapter explains how the counterfeit drug detection device market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America counterfeit drug detection device market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, and market growth based on the product type, modality, and end user.
This chapter provides the growth scenario of the counterfeit drug detection device market in Latin American countries such as Brazil, Mexico, Argentina, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the counterfeit drug detection device market based on its end users in several countries such as the U.K., France, Germany, Spain, Italy, and the Rest of Europe are included in this chapter.
In this chapter, India, Thailand, Indonesia, Malaysia, and rest of South Asia countries are the prominent countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia counterfeit drug detection device market. Readers can find detailed information about the growth parameters of the South Asia counterfeit drug detection device market during the forecast period (2019-2029).
This chapter highlights the growth of the counterfeit drug detection device market in East Asia by focusing on China, Japan, and South Korea. This section also help readers understand the key factors that are responsible for the growth of the counterfeit drug detection device market in East Asia.
This chapter highlights the growth of the counterfeit drug detection device market in Oceania by focusing on Australia and New Zealand. This section also help readers understand the key factors that are responsible for the growth of the counterfeit drug detection device market in Oceania.
This chapter provides information about how the counterfeit drug detection device market will grow in major countries in the MEA region such as GCC Countries, North Africa, South Africa, and the Rest of MEA, during the forecast period of 2019-2029.
This section highlights the growth prospects of the counterfeit drug detection device market for emerging markets such as China, South Africa, and Brazil.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the counterfeit drug detection device market, along with their market presence analysis by region and product portfolio
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the counterfeit drug detection device market, along with a detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Spectris, Spectral Engines Oy, Consumer Physics, Olympus Corporation, Stratio Inc, Rigaku Corporation, Thermofisher Scientific Inc., GAO RFID, Cellular Bioengineering Inc., and Metroham AG.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the counterfeit drug detection device market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the counterfeit drug detection device market.
How the research was conducted?
Primary Research
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Distributors
- Traders
- Raw Material Suppliers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Yesteryear Trends
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
Secondary Research
- Industry Publications
- Industry Associations
- Factiva
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
- FDA Website
- FMD Website
Primary Interview Splits
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