Counterfeit Drug Detection Devices Market

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 3.50% CAGR during the period as the market reaches US$1.6 Bn by 2033 from in US$1.2 Bn 2026. 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

• B&W Tek.
• Olympus Corporation
• PharmaSecure Inc.
• RIGAKU CORPORATION
• Thermo Fisher Scientific Inc.
• Malvern Panalytical Ltd (Spectris Company)
• 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
• Europe
• Asia Pacific
• Rest of World

Leading Companies

• B&W Tek.
• Olympus Corporation
• PharmaSecure Inc.
• RIGAKU CORPORATION
• Thermo Fisher Scientific Inc.
• Malvern Panalytical Ltd (Spectris Company)
• Veripad