Counterfeit Drug Detection Device Market sales in pharmaceutical companies were around US$ 462 Mn: says Future Market Insights
Driven by governments’ efforts towards development of centralized and organized tracking systems, the global demand for Counterfeit Drug Detection Devices will see 1.5X expansion over the decade-old forecast period (2019 – 2029). Increasing surveillance practices of the Drug Enforcement Agency and Customs and Border Protection to conduct screening activities on medicines and health products will remain pivotal in the market build-up.
Governments also continue to conduct awareness about fake drugs, which would be among the key factors limiting supply of counterfeit drugs. This, in turn, will drive the growth of counterfeit drug detection devices market. For an instance, the European Union recently introduced falsified Medicine Directive (FMD) to address threats of counterfeit medicines impacting entire supply chain.
- Although benchtop devices are most suitable for use in laboratories, development of handheld devices is offering more feasibility in the in-field testing area. Faster results and in-field applications of handheld devices offer lucrative growth opportunity.
- Well-established regulation that is constantly updated for identification of counterfeit drugs along with increasing awareness for these drugs in North America are factors that make the region lucrative for growth of the counterfeit drug detection device market.
- In terms of product, chemical composition detection devices account for a significant share in the counterfeit drug detection device market value. This growth is primarily attributed to the changing trend from on-package tracing to on-drug/on-product tracing methods.
Greater emphasis of regulatory bodies on development of regulations such as FMD in Europe to reduce counterfeit drug supply will be offering ample growth opportunities to market players in the near future.
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What Are the Key Imperatives of Market Winners?
Some of the key players offering counterfeit drug detection devices include Spectris, Thermo Fisher Scientific, Inc, Olympus Corporation, Metrohm AG, and Rigaku Corporation. Top four companies (Thermofisher Scientific Inc, Olympus Corporation, Spectris, and Rigaku Corporation) currently contribute nearly 60% share in the market revenues.
Some of the prominent companies are focused towards the development of innovative track and trace technology such as Trutag, while others continue to dedicate focus to geographical expansion. Product portfolio through acquisition of smaller players would be one of the key strategies adopted by market leaders.
Besides the development of on-drug tracking technologies, new methodologies such as paper-based test cards are being developed to identify counterfeit drugs at the purchase point. However, these paper-based test cards still require further testing before their deployment in the market.
Know More About What the Report Covers
The counterfeit drug detection device market, a new study from Future Market Insights, provides unparalleled insights on evolution of the drug detection devices during 2014 – 2018 and presents demand projections during 2019 – 2029 on the basis of product category (counterfeit chemical composition detection devices and counterfeit packaging & labelling detection devices), modality (portable devices, handheld devices and benchtop devices), and end user (pharmaceutical companies, drug testing laboratories, and research organizations) across seven prominent regions.
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