LONDON, United Kingdom, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Consistently improving medical information access also brings with it a risk of multi-level frauds. Increasing awareness about huge markets running on counterfeit medicines, and adulterated pharma packaging is predominantly driving demand for counterfeit drug detection devices. Global initiatives like Fight the Fakes, as well as campaigns of a growing number of healthcare professionals, NGOs, and academic institutions will collectively promote the significance, and adoption of counterfeit drug detection devices, says Fairfield Market Research. The company in its latest report forecasts a healthy 5.9% CAGR for global counterfeit drug detection devices market, reaching an estimated revenue of over US$1.3 Bn between 2021 and 2026.
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Market to Benefit from Growing Stringency of Supply Chains Surveillance
Gaps in supply chain networks continue to be the vulnerable spots for counterfeiters. Targeting the same, regulatory mandates such as the Drug Quality and Security Act demand authentication at each supply chain juncture, which also include wholesalers. In addition, stringent norms like the EU’s Falsified Medicines Directive (FMD) mandate drug manufacturing companies to practice effective anti-counterfeiting measures such as mass sterilisation that encodes every drug package with a unique, scannable identifier in form of a barcode. Manufacturers of active pharmaceutical ingredients (APIs) are to be subject to even tougher inspection and control measures. Greater emphasis on stringent surveillance along supply chains to maintain supply chain integrity is creating opportunistic avenues for counterfeit drug detection devices market, says Fairfield Market Research in the report.
Drug Testing Laboratories Register Maximum Adoption
There has been an increasing inclination toward drug testing over the past couple of decades, which directly holds an impact on the adoption of counterfeit drug testing procedures worldwide. Mounting demand for drug testing services for investigational procedures, and the remarkably growing number of toxicological laboratories are likely to significantly contribute toward market growth. Drug testing laboratories will remain the top end user here, suggests the report. On the other hand, pharmaceutical companies are likely to record the most rapidly expanding end user category demanding counterfeit drug testing devices as they strive to comply with regulatory norms.
Outsourcing Trend Prevails among Drug Manufacturers
While companies make it a point to construct a reliable anti-counterfeiting system, a majority of drug manufacturers operate with a cost-centric view on counterfeiting and thus prefer to indulge in collaborative deals with external vendors. Outsourcing allows them to explore newer anti-counterfeiting solutions in lesser time, and reduced sourcing complexity and upfront fixed costs. The trend of outsourcing will also thrive among market participants as an outsourced track-and-trace system also allows drug companies to restrict the sensitive patient information access. Some pharma biggies have even been investing in the development of their own anti-counterfeiting solutions and services, as well as in acquisitions.
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Key Companies in Counterfeit Drug Detection Devices Market
The Fairfield Market Research report provides detailed analysis of some of the key players competing in global counterfeit drug detection devices space. Some of the market leaders that are considered for financial, and strategic profiling in report, include Thermo Fisher Scientific Inc., Olympus Corporation, B&W Tek., Advanced Systems Development, Inc., Centice Corporation, Global Pharma HealthCare Ltd., Consumer Physics, RIGAKU CORPORATION, PharmaSecure Inc., Stratio, Inc., Sproxil, Veripad, TSI Group Inc., and Spectris.
The report highlights that several companies are increasingly giving a thought to leveraging the advent of next-generation technologies with an aim to develop their own anti-counterfeiting solutions as a winning imperative to beat competition. Leaders like Clariant, and KGaA have been pioneering the incorporation of cutting-edge technologies into their end-to-end anti-counterfeiting solutions.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Product | • Ultraviolet/Visible Spectroscopy • Infrared Spectroscopy • Raman Spectroscopy • XRD & XRF Spectroscopy Devices • RFID Analyzers • Scanning and Imaging Systems • Others |
| Application | • Chemical Composition Detection • Packaging & Labelling Detection |
| Modality | • Handheld Portable Devices • Benchtop Devices |
| End User | • Pharmaceutical Companies • Drug Testing Laboratories • Research Organizations • Others (Government Authorities etc.) |
| Geographic Coverage | • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Leading Companies | • Advanced Systems Development, Inc. • B&W Tek. • Centice Corporation • Consumer Physics • Global Pharma HealthCare Ltd. • Olympus Corporation • PharmaSecure Inc. • RIGAKU CORPORATION • Sproxil, Stratio, Inc. • Thermo Fisher Scientific Inc. • TSI Group Inc. • Spectris • Veripad |
| Report Highlights | Key Market Indicators, Market Estimates and Forecast, Market Dynamics, Competitive Landscape, Company Profiles, Regional Insights |
Table of Content
1. Executive Summary
1.1. Global Counterfeit Drug Detection Devices Market Outlook, 2018-2026 (US$ Million)
1.2. Global Counterfeit Drug Detection Devices Market Incremental Opportunity, 2018-2026 (US$ Million)
1.3. Key Industry Trends
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.3. Synthetic Polymers
2.4. Polymer Surface Modifications
3. Global Counterfeit Drug Detection Devices Market Outlook, 2018-2026
3.1. Global Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
3.2. Global Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
3.3. Global Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
3.4. Global Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
3.5. Global Counterfeit Drug Detection Devices Market Outlook, By Region, 2018-2026
4. North America Counterfeit Drug Detection Devices Market Outlook, 2018-2026
4.1. North America Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
4.2. North America Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
4.3. North America Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
4.4. North America Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
4.5. North America Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
5. Europe Counterfeit Drug Detection Devices Market Outlook, 2018-2026
5.1. Europe Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
5.2. Europe Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
5.3. Europe Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
5.4. Europe Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
5.5. Europe Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
6. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, 2018-2026
6.1. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
6.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
6.3. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
6.4. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
6.5. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
7. Rest of World Counterfeit Drug Detection Devices Market Outlook, 2018-2026
7.1. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
7.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
7.3. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
7.4. Rest of World Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
7.5. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Sub-Region, 2018-2026
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