Counterfeit Drug Detection Devices Market Outlook
Global Counterfeit Drug Detection Devices Market to Witness Steady Revenue as Safety Becomes Paramount
The global counterfeit drug detection devices market is all set to exhibit steady revenue growth during the forecast years from 2021 to 2026. The market is poised to benefit from the increasing awareness amongst pharmaceuticals professionals to restrict the fake medicines and packaging adulteration. Fairfield Market Research indicates that the global counterfeit drug detection devices market revenue is anticipated to rise at a 5.9% CAGR during the period as the market reaches US$1.3 Bn by 2026 from in US$1 Bn 2021. Improving access to information has exposed masses to multi-level medical frauds. Erectile dysfunction drugs, viz., sildenafil (Viagra) is a classic example of drugs peddled to unsuspecting clients over the internet. On the other hand, global initiatives viz. “Fight the Fakes” is playing a pivotal role in spreading awareness against counterfeit medications. Running campaigns in collaboration with number of NGOs, healthcare professionals, and academic institutions is assisting regulatory authorities in developing economies.
Drug Manufacturers Turn to Outsourced Proprietary Technologies in Global Counterfeit Drug Detection Devices Market
Drug manufacturers have a cost-centric view on counterfeiting, which is encouraging collaborations with external vendors to develop anti-counterfeiting systems. This is expected to foster the growth of counterfeit drug detection devices market. Outsourcing reduces development time and upfront fixed costs and sourcing complexity. An outsourced track-and-trace system also shields drug companies from potential liability of privacy violations by limiting the drug company’s access to sensitive patient information. External providers may offer new anti-counterfeiting solutions under several potential revenue models. In some cases, pharmaceutical companies, depending on their strategic priorities and capabilities, might also develop similar anti-counterfeiting services of their own or acquire companies in the business.
Counterfeit Drug Detection Devices Market Remains Influenced by Ground-breaking Technologies Like AI, Machine Learning, and Blockchain
Blockchain equips the system for complete traceability of medicines from manufacturer to patients, and the ability to detect counterfeit medicines or drugs. Innovative developments will continue to influence the counterfeit drug detection devices market. The luxury goods giant Louis Vuitton Moët Hennessy (LVMH) in collaboration with Microsoft developed a cryptographic platform called AURA, under which a solution using blockchain to prove the authenticity of products will be developed. Innovative start-up, Neurotags, adopted a different hardware-AI software solution to assist buyers in detecting genuine products. It makes use of an open tag on the product, and a hidden tag. SimplyBrand, enables continuous tracking of data on e-commerce websites in real-time and detection of counterfeit products by means of Artificial Intelligence, analysis of natural language and improved image recognition functions. Image and text recognition, and classification based on machine learning have the potential to become the key technology in the fight against counterfeiting. Veripad’s founders created a mobile app that “reads” inexpensive chemical test cards, enabling anyone to quickly verify common medicines.
Companies to Invest in a Broader Vision of Supply Chain Integrity, in Turn Driving Counterfeit Drug Detection Devices Market
Today’s superior technologies go beyond catching counterfeiters and vindicating losses to promise enhanced anti-counterfeiting protections and higher risk/reward payoff. The new technologies can also yield opportunities in the form of revenue growth, particularly by augmenting digital channel sales, as improving security boosts customers’ confidence in online pharmacies. Data flowing from tracking technologies can also enable a first-to-market manufacturer to differentiate itself in the marketplace. Key companies in counterfeit drug detection devices market like Merck KGaA and Clariant have incorporated new technologies into end-to-end anti-counterfeiting solutions with differentiating capabilities such as creation of custom-tailored data sets, monitoring of high-value product flows, and automatic reporting of counterfeiting attempts. With emergence of ground-breaking technologies viz. blockchain, IoT, and AI; anti-counterfeit systems are going to be far more effective.
Growing Emphasis on Superior Surveillance in Supply Chain Bolsters Counterfeit Drug Detection Devices Market
Stringent regulatory norms are making their way to address weaknesses in the supply chain system which leave them vulnerable to counterfeiters. This is likely to be a strong factor influencing the growth of counterfeit drug detection devices market. The EU’s Falsified Medicines Directive (FMD) requires drug companies to adopt mass sterilization, and other anti-counterfeiting measures starting in 2019. The Drug Quality and Security Act requires authentication at every supply chain juncture, including wholesalers. Mass serialization encodes each drug package with a unique identifier, usually a scannable barcode. Manufacturers can use linear, two dimensional, or radio frequency identification (RFID) coding. The directive also imposes tougher controls and inspection requirements for companies that make active pharmaceutical ingredients, and it strengthens record-keeping standards for drug wholesalers. Merck KGaA is working with an independent data administrator to create a cloud-based repository of supply chain data that allows users to track products from manufacturers through every distribution point.
Drug Testing Laboratories Lead Global Counterfeit Drug Detection Devices Market
Increased use of drug testing services for investigational procedures, increasing inclination toward drug testing and growing number of toxicological laboratories are fuelling the dominance of this category in counterfeit drug detection devices market. Pharmaceutical companies are the fastest growing category among end users. Pharmaceutical companies are investing in systems to meet stringent regulatory norms and avoid legal and commercial challenges.
Global Counterfeit Drug Detection Devices Market: Key Players
Some of the key companies partaking in the global counterfeit drug detection devices market are Olympus Corporation, Thermo Fisher Scientific, Inc., B&W Tek., PharmaSecure Inc., RIGAKU CORPORATION, Malvern Panalytical Ltd. (Spectris Company), and Veripad.
The Global Counterfeit Drug Detection Devices Market is Segmented as Below:
By Product
- Ultraviolet/Visible Spectroscopy
- Infrared Spectroscopy
- Raman Spectroscopy
- XRD & XRF Spectroscopy Devices
- RFID Analyzers
- Scanning and Imaging Systems
- Others
By Application
- Chemical Composition Detection
- Packaging & Labelling Detection
By Modality
- Handheld Portable Devices
- Benchtop Devices
By End User
- Pharmaceutical Companies
- Drug Testing Laboratories
- Research Organizations
- Others (Government Authorities etc.)
By Geographic Coverage
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Rest of World
- 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
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Counterfeit Drug Detection Devices Market Outlook, 2018 - 2026
4. North America Counterfeit Drug Detection Devices Market Outlook, 2018 - 2026
5. Europe Counterfeit Drug Detection Devices Market Outlook, 2018 - 2026
6. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, 2018 - 2026
7. Rest of World Counterfeit Drug Detection Devices Market Outlook, 2018 - 2026
8. Competitive Landscape
9. Appendix
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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
2.2.1. Market Drivers
2.2.2. Market Restraints
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
3.1.1. Key Highlights
3.1.2. Global Counterfeit Drug Detection Devices Market Outlook, By Product, Value (US$ Million), 2018 – 2026
3.1.2.1. Ultraviolet/Visible Spectroscopy
3.1.2.2. Infrared Spectroscopy
3.1.2.3. Raman Spectroscopy
3.1.2.4. XRD & XRF Spectroscopy Devices
3.1.2.5. RFID Analyzers
3.1.2.6. Scanning and Imaging Systems
3.1.2.7. Others
3.1.3. Global Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Product, 2021 and 2026
3.1.4. Global Counterfeit Drug Detection Devices Market Attractiveness Analysis, By Product, 2021-2026
3.2. Global Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
3.2.1. Key Highlights
3.2.2. Global Counterfeit Drug Detection Devices Market Outlook, By Application, Value (US$ Million), 2018 – 2026
3.2.2.1. Chemical Composition Detection
3.2.2.2. Packaging & Labelling Detection
3.2.3. Global Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Application, 2021 and 2026
3.2.4. Global Counterfeit Drug Detection Devices Market Attractiveness Analysis, By Application, 2021-2026
3.3. Global Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
3.3.1. Key Highlights
3.3.2. Global Counterfeit Drug Detection Devices Market Outlook, By Modality, Value (US$ Million), 2018 – 2026
3.3.2.1. Handheld Portable Devices
3.3.2.2. Benchtop Devices
3.3.3. Global Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Modality, 2021 and 2026
3.3.4. Global Counterfeit Drug Detection Devices Market Attractiveness Analysis, By Modality, 2021-2026
3.4. Global Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
3.4.1. Key Highlights
3.4.2. Global Counterfeit Drug Detection Devices Market Outlook, End user, Value (US$ Million), 2018 – 2026
3.4.2.1. Hospitals
3.4.2.2. Cardiac Catheterization Laboratories
3.4.2.3. Ambulatory Surgical Centers
3.4.2.4. Specialty Clinics
3.4.3. Global Counterfeit Drug Detection Devices Market Share and BPS Analysis, End user, 2021 and 2026
3.4.4. Global Counterfeit Drug Detection Devices Market Attractiveness Analysis, End user, 2021-2026
3.5. Global Counterfeit Drug Detection Devices Market Outlook, By Region, 2018-2026
3.5.1. Key Highlights
3.5.2. Global Counterfeit Drug Detection Devices Market Outlook, by Region, Value (US$ Million), 2018 – 2026
3.5.2.1. North America
3.5.2.2. Europe
3.5.2.3. Asia Pacific
3.5.2.4. Rest of World
3.5.3. Global Counterfeit Drug Detection Devices Market Share and BPS Analysis, by Region, 2021 and 2026
3.5.4. Global Counterfeit Drug Detection Devices Market Attractiveness Analysis, by Region, 2021-2026
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
4.1.1. Key Highlights
4.1.2. North America Counterfeit Drug Detection Devices Market Outlook, By Product, Value (US$ Million), 2018 – 2026
4.1.2.1. Ultraviolet/Visible Spectroscopy
4.1.2.2. Infrared Spectroscopy
4.1.2.3. Raman Spectroscopy
4.1.2.4. XRD & XRF Spectroscopy Devices
4.1.2.5. RFID Analyzers
4.1.2.6. Scanning and Imaging Systems
4.1.2.7. Others
4.1.3. North America Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Product, 2021 and 2026
4.2. North America Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
4.2.1. Key Highlights
4.2.2. North America Counterfeit Drug Detection Devices Market Outlook, By Application, Value (US$ Million), 2018 – 2026
4.2.2.1. Chemical Composition Detection
4.2.2.2. Packaging & Labelling Detection
4.2.3. North America Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Application, 2021 and 2026
4.3. North America Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
4.3.1. Key Highlights
4.3.2. North America Counterfeit Drug Detection Devices Market Outlook, By Modality, Value (US$ Million), 2018 – 2026
4.3.2.1. Handheld Portable Devices
4.3.2.2. Benchtop Devices
4.3.3. North America Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Modality, 2021 and 2026
4.4. North America Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
4.4.1. Key Highlights
4.4.2. North America Counterfeit Drug Detection Devices Market Outlook, End user, Value (US$ Million), 2018 – 2026
4.4.2.1. Hospitals
4.4.2.2. Cardiac Catheterization Laboratories
4.4.2.3. Ambulatory Surgical Centers
4.4.2.4. Specialty Clinics
4.4.3. North America Counterfeit Drug Detection Devices Market Share and BPS Analysis, End user, 2021 and 2026
4.5. North America Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
4.5.1. Key Highlights
4.5.2. North America Counterfeit Drug Detection Devices Market Outlook, by Country, Value (US$ Million), 2018 – 2026
4.5.2.1. U.S.
4.5.2.2. Canada
4.5.3. North America Counterfeit Drug Detection Devices Market Share and BPS Analysis, by Country, 2021 and 2026
5. Europe Counterfeit Drug Detection Devices Market Outlook, 2018-2026
5.1. Europe Counterfeit Drug Detection Devices Market Outlook, By Product, 2018-2026
5.1.1. Key Highlights
5.1.2. Europe Counterfeit Drug Detection Devices Market Outlook, By Product, Value (US$ Million), 2018 – 2026
5.1.2.1. Ultraviolet/Visible Spectroscopy
5.1.2.2. Infrared Spectroscopy
5.1.2.3. Raman Spectroscopy
5.1.2.4. XRD & XRF Spectroscopy Devices
5.1.2.5. RFID Analyzers
5.1.2.6. Scanning and Imaging Systems
5.1.2.7. Others
5.1.3. Europe Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Product, 2021 and 2026
5.2. Europe Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
5.2.1. Key Highlights
5.2.2. Europe Counterfeit Drug Detection Devices Market Outlook, By Application, Value (US$ Million), 2018 – 2026
5.2.2.1. Chemical Composition Detection
5.2.2.2. Packaging & Labelling Detection
5.2.3. Europe Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Application, 2021 and 2026
5.3. Europe Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
5.3.1. Key Highlights
5.3.2. Europe Counterfeit Drug Detection Devices Market Outlook, By Modality, Value (US$ Million), 2018 – 2026
5.3.2.1. Handheld Portable Devices
5.3.2.2. Benchtop Devices
5.3.3. Europe Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Modality, 2021 and 2026
5.4. Europe Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
5.4.1. Key Highlights
5.4.2. Europe Counterfeit Drug Detection Devices Market Outlook, End user, Value (US$ Million), 2018 – 2026
5.4.2.1. Hospitals
5.4.2.2. Cardiac Catheterization Laboratories
5.4.2.3. Ambulatory Surgical Centers
5.4.2.4. Specialty Clinics
5.4.3. Europe Counterfeit Drug Detection Devices Market Share and BPS Analysis, End user, 2021 and 2026
5.5. Europe Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
5.5.1. Key Highlights
5.5.2. Europe Counterfeit Drug Detection Devices Market Outlook, by Country, Value (US$ Million), 2018 – 2026
5.5.2.1. Germany
5.5.2.2. France
5.5.2.3. United Kingdom
5.5.2.4. Italy
5.5.2.5. Spain
5.5.2.6. Rest of Europe
5.5.3. Europe Counterfeit Drug Detection Devices Market Share and BPS Analysis, by Country, 2021 and 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
6.1.1. Key Highlights
6.1.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Product, Value (US$ Million), 2018 – 2026
6.1.2.1. Ultraviolet/Visible Spectroscopy
6.1.2.2. Infrared Spectroscopy
6.1.2.3. Raman Spectroscopy
6.1.2.4. XRD & XRF Spectroscopy Devices
6.1.2.5. RFID Analyzers
6.1.2.6. Scanning and Imaging Systems
6.1.2.7. Others
6.1.3. Asia Pacific Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Product, 2021 and 2026
6.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
6.2.1. Key Highlights
6.2.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Application, Value (US$ Million), 2018 – 2026
6.2.2.1. Chemical Composition Detection
6.2.2.2. Packaging & Labelling Detection
6.2.3. Asia Pacific Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Application, 2021 and 2026
6.3. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
6.3.1. Key Highlights
6.3.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Modality, Value (US$ Million), 2018 – 2026
6.3.2.1. Handheld Portable Devices
6.3.2.2. Benchtop Devices
6.3.3. Asia Pacific Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Modality, 2021 and 2026
6.4. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
6.4.1. Key Highlights
6.4.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, End user, Value (US$ Million), 2018 – 2026
6.4.2.1. Hospitals
6.4.2.2. Cardiac Catheterization Laboratories
6.4.2.3. Ambulatory Surgical Centers
6.4.2.4. Specialty Clinics
6.4.3. Asia Pacific Counterfeit Drug Detection Devices Market Share and BPS Analysis, End user, 2021 and 2026
6.5. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, By Country, 2018-2026
6.5.1. Key Highlights
6.5.2. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, by Country, Value (US$ Million), 2018 – 2026
6.5.2.1. China
6.5.2.2. Japan
6.5.2.3. India
6.5.2.4. Australia & New Zealand
6.5.2.5. Rest of Asia Pacific
6.5.3. Asia Pacific Counterfeit Drug Detection Devices Market Share and BPS Analysis, by Country, 2021 and 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
7.1.1. Key Highlights
7.1.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Product, Value (US$ Million), 2018 – 2026
7.1.2.1. Ultraviolet/Visible Spectroscopy
7.1.2.2. Infrared Spectroscopy
7.1.2.3. Raman Spectroscopy
7.1.2.4. XRD & XRF Spectroscopy Devices
7.1.2.5. RFID Analyzers
7.1.2.6. Scanning and Imaging Systems
7.1.2.7. Others
7.1.3. Rest of World Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Product, 2021 and 2026
7.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Application, 2018-2026
7.2.1. Key Highlights
7.2.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Application, Value (US$ Million), 2018 – 2026
7.2.2.1. Chemical Composition Detection
7.2.2.2. Packaging & Labelling Detection
7.2.3. Rest of World Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Application, 2021 and 2026
7.3. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Modality, 2018-2026
7.3.1. Key Highlights
7.3.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Modality, Value (US$ Million), 2018 – 2026
7.3.2.1. Handheld Portable Devices
7.3.2.2. Benchtop Devices
7.3.3. Rest of World Counterfeit Drug Detection Devices Market Share and BPS Analysis, By Modality, 2021 and 2026
7.4. Rest of World Counterfeit Drug Detection Devices Market Outlook, End user, 2018-2026
7.3.1. Key Highlights
7.3.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, End user, Value (US$ Million), 2018 – 2026
7.3.2.1. Hospitals
7.3.2.2. Cardiac Catheterization Laboratories
7.3.2.3. Ambulatory Surgical Centers
7.3.2.4. Specialty Clinics
7.3.3. Rest of World Counterfeit Drug Detection Devices Market Share and BPS Analysis, End user, 2021 and 2026
7.5. Rest of World Counterfeit Drug Detection Devices Market Outlook, By Sub-Region, 2018-2026
7.5.1. Key Highlights
7.5.2. Rest of World Counterfeit Drug Detection Devices Market Outlook, by Sub-Region, Value (US$ Million), 2018 – 2026
7.5.2.1. Latin America
7.5.2.2. Middle East & Africa
7.5.3. Rest of World Counterfeit Drug Detection Devices Market Share and BPS Analysis, by Sub-Region, 2021 and 2026
8. Competitive Landscape
8.1. Market Share Analysis, 2021
8.2. Company Profiles
8.2.1. Thermo Fisher Scientific, Inc.
8.2.1.1. Company overview
8.2.1.2. Financial performance
8.2.1.3. Product Pipeline
8.2.1.4. Recent Developments
Above details will include, but not be limited to below list of companies based on availability
8.2.2. B&W Tek.
8.2.3. Olympus Corporation
8.2.4. PharmaSecure Inc.
8.2.5. RIGAKU CORPORATION
8.2.6. Malvern Panalytical Ltd (Spectris Company)
8.2.7. Veripad
Other Leading Players
9. Appendix
9.1. Research Methodology
9.2. Research Approach
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Key Market Indicators, Market Estimates and Forecast, Market Dynamics, Competitive Landscape, Company Profiles, Regional Insights |
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