Counterfeit Drug Detection Device Market Expected to Reach USD 1,615.6 Million by 2034 at a 3.3% of CAGR

Posted on 2024-07-18 by Future Market Insights in Healthcare, Pharmaceuticals // 0 Comments

Counterfeit Drug Detection Device Market

The global market for counterfeit drug detection devices market is poised for steady growth, with projections indicating a market worth USD 1,167.7 million in 2024 and anticipated to expand at a compound annual growth rate (CAGR) of 3.3% over the period from 2024 to 2034. By the end of this forecast period, the market is expected to reach USD 1,615.6 million, driven by increasing concerns about counterfeit medications and stringent regulatory requirements.

Counterfeit drug detection devices play a crucial role in verifying the authenticity of pharmaceutical products and protecting public health by preventing the distribution of falsified medicines. These devices employ advanced technologies such as spectroscopy, chromatography, and mass spectrometry to identify counterfeit drugs accurately.

As the healthcare industry continues to combat the proliferation of fake medicines, the adoption of sophisticated detection technologies is expected to rise. This growth underscores the importance of innovation and vigilance in safeguarding public health.

Request a Sample Copy of This – Report Now

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.

Customization Available – Here

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)

Get Full Market Analysis Now – Purchase The Report

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.

Matched content

Editor’s pick