Counterfeit Drug Detection Devices to Witness Surge in Covid-19 Crisis, as Fake Medicine Sales Jump in Developing Economies, Says Future Market Insights
Prominent counterfeit drug detection device manufacturers are investing in boosting the market presence in previously untapped markets, with new technologies, aided by favorable government initiatives. Key reason supporting this growth is the increased use of counterfeit drug detection device from all across the world. Counterfeit drug detection device is gaining traction owing to its ability to offer superior quality services.
The counterfeit drug detection device market will expand moderately at 4% CAGR, between 2019 and 2029. The coronavirus pandemic has resulted in a substantial increase in the sales and distribution of fake drugs, particularly in developing economies such as those in Asia and Africa. Drug stockpiling behavior by consumers is building on this issue, increasing the demand for counterfeit drug detection devices for the short term.
“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.
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Counterfeit Drug Detection Device Market – Key Takeaways
- Infrared and near-infrared spectroscopy technologies are highly sought after in counterfeit drug detection devices owing to higher efficacy and faster results.
- Handheld devices are rapidly gaining traction aided by easier use, access to components, and operational flexibility.
- North America is a prominent market for counterfeit drug detection devices, driven by investments into investigation procedures.
Counterfeit Drug Detection Device Market – Key Driving Factors
- Transition from security features in drug packaging to on-dosage security is driving adoption of counterfeit drug detection devices.
- Increasingly strict regulations for the detection of counterfeit medication is a key factor that will support market growth.
- Investments to improve healthcare infrastructure and rising awareness about illegal drugs will aid 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.
The Anticipated Impact of Coronavirus
Around the world the panic over the coronavirus pandemic is resulting in people stockpiling medication. Consequently, a number of countries with are going through lockdown measures are witnessing a major gap between supply and demand. This has resulted in a massive rise in the sales of counterfeit drugs. The rise in fake coronavirus cures will boost the demand for counterfeit drug detection devices around the world in the short term through 2020 and likely into 2021 as well.
Explore the global counterfeit drug detection device market report with 67 illustrative figures, 41 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-7838
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.
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).
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