Counterfeit Drug Detection Devices Market is Expected to Grow and Reach USD 1,615.6 Million by 2034 at a Compound Annual Growth Rate of 3.3%.

Posted on 2024-06-28 by Future Market Insights in Healthcare, Pharmaceuticals // 0 Comments

Counterfeit Drug Detection Devices Market

The counterfeit drug detection device market is projected to reach a value of USD 1,167.7 million in 2024, underscoring the increasing importance of ensuring medication safety and authenticity. Over the period from 2024 to 2034, the market is expected to grow at a steady rate, with a compound annual growth rate (CAGR) of 3.3%.

The need for sophisticated detecting devices is being driven by the rise in the incidence of fake medications. These tools are essential for guaranteeing the effectiveness and safety of pharmaceuticals and shielding users from the dangers of fake goods.

Advanced detection technology adoption is anticipated to increase as the healthcare sector fights the spread of counterfeit medications. This increase emphasizes how crucial creativity and attention to detail are to preserving public health.

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Counterfeit pharmaceuticals are misleading and inferior drugs; this is a global problem. Anticounterfeit medication detection devices are medical gadgets designed to detect counterfeit pharmaceutical packaging, labeling, and chemical composition. The World Health Organization defines a counterfeit medication as any pharmaceutical product that has been intentionally mislabeled about its identity or origin.

Competitive Landscape in the Counterfeit Drug Detection Device Market:

The counterfeit drug detection device market is fairly fragmented. While a few reputed companies have a significant share of the market demand, newer players and small-scale players also have the potential to thrive.

Technologically advancing the products, to keep the product line moving, is given priority by market players. Geographical expansion is also given significance by market players.

Recent Developments in the Counterfeit Drug Detection Device Market

In February 2022, the AD Minidose U9 RAIN RFID was launched by Avery Dennison Smartrac
for enhanced RFID applications in the healthcare sector.
In August 2021, Vestcom was acquired by Avery Dennison Corporation.
In December 2021, Stratio, Inc., with the help of South Korea’s National IT Industry Promotion Agency (NIPA) launched an AI-enabled imaging solution. It is designed to detect infringements at border checkpoints.
In September 2021, the Fluoride ISE was introduced by Metrohm for the detection of, as the name suggests, fluoride.

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Key Companies in the Counterfeit Drug Detection Device Market:

Spectris
Spectral Engines Oy
Consumer Physics
Olympus Corporation
Stratio, Inc.
Rigaku Corporation
Thermo Fisher Scientific, Inc
GAO RFID
Cellular Bioengineering, Inc
Metrohm AG

Key Segments:

By Product:

Counterfeit Chemical Composition Detection Devices
- Ultraviolet/Vis Devices
- Infrared & Near Infrared Spectroscopy Device
- Raman Spectrometers
- XRD & XRF Spectroscopy Devices
Counterfeit Packaging & Labelling Detection Devices
- RFID Analyzer
- Scanning & Imaging Systems
- Others

By Modality:

Portable Devices
Hand-held Devices
Bench-top Devices

By End User:

Pharmaceutical Companies
Drug Testing Laboratories
Research Organization

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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