Counterfeit Drug Detection Device Market Set to Surge, Projected to Reach US$ 1.56 Billion by 2029-FMI Projection

From 2022 to 2029, the global counterfeit drug detection devices market is predicted to grow significantly at a 4.0% CAGR, with a market value of approximately US$ 1.14 billion in 2022. According to Future Market Insights’ forecasts, counterfeit chemical composition detection devices will hold a sizable market share of roughly 60.6% in 2021.

Counterfeit drugs are substandard and falsified drugs and it is a global problem. Counterfeit Drug Detection Devices are the medical devices that are used to detect the counterfeit chemical composition of the drugs and counterfeit packaging and labeling of the drug. The WHO defines a counterfeit drug as any pharmaceutical product that is deliberately mislabeled with respect to identity and/or source.

Counterfeit drugs may include branded and generic products, drugs with the correct ingredients or with the wrong ingredients; without active pharmaceutical ingredient (API), with insufficient active pharmaceutical ingredients (API) or with fake packaging (WHO 2012).

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According to World Health Organization (WHO), counterfeit drugs are estimated around 10% of all pharmaceuticals. North America is the largest economy and largest pharmaceutical market in the world and in spite of strict regulatory policies; maximum drugs that market online are counterfeit. As per estimation from WHO in 2012, the loss suffered by pharmaceutical industry for counterfeit drugs were over $75 Bn.

Counterfeit Drug Detection Market: Drivers and Restraints

With increasing incidence of counterfeit drugs in the world the demand for counterfeit drug detection devices are also increasing. According to Pharmaceutical Security Institute, the number of counterfeit drugs incident has increased from 2,193 in 2013 to 3,509 in 2017. Out of these 3,509 incidents, 1,677 are reported in North America. Medications in the anti-infectives, genito-urinary, and central nervous system (CNS) therapeutic categories were mostly counterfeit.

Counterfeit drug detection devices have advanced enormously from large laboratory set-up to battery operated handheld gadgets. The ease of use, increased efficiency, on-field result and rapid test result are the major factors fuelling the growth of the concerned market. Several government initiatives to combat the counterfeit drug can also a major reason behind the growth of Counterfeit drug detection devices. For example, U.S. FDA has introduced a counterfeit drug detection device for the identification of counterfeit drug and package, the latest version of this counterfeit drug detection device CD-3 is costs around US$ 1,000.

Policy implementation for unit level track-and-trace is another factor fueling the growth of the market. Increased efforts to combat counterfeit drugs by governments and private companies. German customs have started a project called “Blue Project” which enables government to identify illegal online drug-trading sites and the tracing of financial transactions.

Although lack of awareness about the counterfeit drugs can hamper the growth of counterfeit drug detection device market. People are not aware about the technological advancements in counterfeit drug detection device which impending the adoption of new technology handheld devices of counterfeit drug detection devices and can restrain the growth of counterfeit drug detection device market.

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The devices are costly. High cost of counterfeit drug detection device set-up can restrict the growth of counterfeit drug detection device market.

Counterfeit Drug Detection Device Market: Segmentation

To gain a comprehensive and a better understanding of the future market equity, the Counterfeit Drug Detection Device market report is segmented based on technology, application, end user and region.

Based on the technology type Counterfeit Drug Detection Device is segmented into:

• Infrared and Near Infrared Spectroscopy
• Ultraviolet/Vis
• Microfluidic
• Raman Spectroscopy
• Rapid Chemical Testing
• X-ray diffraction (XRD) and X-ray fluorescence (XRF) Spectroscopy
• RFID Technology
• Scanning and Imaging Systems
• Other Packaging and Labelling Counterfeit Drug Detection Device

 Based on application Counterfeit Drug Detection Device Market can be segmented into:

• Counterfeit Drug Detection Device for Chemical Composition
• Counterfeit Drug Detection Device for Packaging & Labelling Detection

Based on end user, Counterfeit Drug Detection Device Market can be segmented into:

• Pharmaceutical companies
• Drug testing laboratories
• Research organizations

On the basis of geography, Counterfeit Drug Detection Device can be segmented as:

• North- America
• Eastern Europe
• Western Europe
• Asia-Pacific excluding China & Japan
• China
• Japan
• Middle East and Africa
• Latin America

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About Future Market Insights (FMI)

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