London, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Increasing awareness about the operating markets of adulterated pharma packaging, and counterfeit medicines predominantly drives the growth of counterfeit drug detection devices market. Moreover, improving accessibility of medical information accompanies with a huge multi-level fraudulent risk. This according to a recently released study of Fairfield Market Research will act as a significant booster to the counterfeit drug detection devices market. Up from the revenue of over billion-dollar attained in 2021, global counterfeit drug detection devices market will reach the revenue of over US$1.3 Bn toward the end of 2026. Exhibiting an estimated CAGR of 5.9%, the market is likely to progress on a promising growth trajectory during the stipulated forecast period. Increasing participation of NGOs, healthcare professionals, and academic institutions, and success of initiatives like Fight the Fakes is projected to facilitate market growth through promoting adoption of counterfeit drug detection devices.
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Key Research Insights
- Sales of Raman spectroscopes, and RFID analysers will continue to experience notable growth
- Application-wise analysis of the market reveals dominance of packaging and labelling detection to remain the most sought-after application area
- North America accounts for more than a third of the total market valuation
Insights into Segmental Analysis
Research suggests that the adoption of counterfeit drug detection devices will be maximum across drug testing laboratories. This is clearly attributable to the rising rate of drug testing over the recent past. Moreover, there has been an increased uptake of drug testing services for investigational procedures, which is also expected to offer a robust impetus to the growth of counterfeit drug detection devices market. Notable growth in the number of toxicological laboratories that have made a mark in industry over the past decade will also contribute heavily toward the counterfeit drug detection devices market growth. On the other side, the report also highlights another significant end user segment that would register remarkable adoption of counterfeit drug detection devices, i.e., pharmaceutical companies. This segment will most likely demonstrate fastest growth during the period of forecast, says the report.
Key Report Highlights
- Outsourcing will remain a prominent trend among the participants of counterfeit drug detection devices market, eyeing protection of sensitive patient information access
- Growing emphasis on tightening the screws in terms of surveillance all over the supply chains will ensure supply chain integrity, which is expected to create multiple opportunities in market
- Drug testing laboratories remain dominant end users, pharma companies register fastest growth in demand
Insights into Regional Analysis
North America currently leads the pack in global counterfeit drug detection devices market with over 34% revenue share. The trend will prevail through 2026 end as suggested by the report estimations. The region majorly reaps the benefit from strong presence of some of the globally leading players, high concentration of big pharma, and solid medical technology penetration. The US market for counterfeit drug detection devices has also been projected to surge ahead on the back of soaring demand for pharmaceutical drugs. With the US FDA’s prominent effort toward maintaining the safety of pharma supply chain across the nation, North America’s counterfeit drug detection devices market is expected to remain at the forefront throughout the period of forecast. The report estimates North America’s market valuation to reach around US$461.1 Mn by the end of 2026.
Key Players in Global Counterfeit Drug Detection Devices Market
While the competition analysis section of the report covers leaders like Clariant, and KGaA for detailed strategic analysis and profiling, it further sheds light on some other prominent players as well. 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 include some of the profiled company names.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2021 | US$1 Bn | |
| Estimated Market Size in 2026 | US$1.3 Bn | |
| CAGR | 5.9% | |
| Key Players | 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., Spectris | |
Market Segmentation
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.)
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- B&W Tek.
- Olympus Corporation
- PharmaSecure Inc.
- RIGAKU CORPORATION
- Thermo Fisher Scientific Inc.
- Malvern Panalytical Ltd (Spectris Company)
- Veripad
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Product-wise Analysis
- Application-wise Analysis
- Modality-wise Analysis
- End User-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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