The Counterfeit Drug Detection Devices market is anticipated to register a significant growth of 4.0% CAGR from 2022 to 2029

0

Counterfeit medicines are substandard and counterfeit medicines and a global problem. Counterfeit drug detection devices are medical devices used to detect the counterfeit chemical composition of the drug, as well as the counterfeit packaging and labeling of the drug. The WHO defines a counterfeit drug as any pharmaceutical product that is intentionally mislabeled as to identity and/or origin. Counterfeit medicines can be branded and generic, medicines with the correct ingredients or with the wrong ingredients; without an active ingredient (API), with too little active ingredient (API) or with counterfeit packaging (WHO 2012).

According to estimates by the World Health Organization (WHO), counterfeit medicines account for around 10% of all medicines. North America is the largest economy and pharmaceutical market in the world and despite strict regulatory guidelines; Maximum drugs marketed online are counterfeit. According to WHO estimates in 2012, the damage suffered by the pharmaceutical industry from counterfeit medicines amounted to over USD 75 billion.

Counterfeit Drugs Market: driver and restraint systems

With the increasing occurrence of counterfeit medicines around the world, the demand for counterfeit medicine detection equipment is also increasing. According to the Pharmaceutical Security Institute, the number of counterfeit drug incidents has increased from 2,193 in 2013 to 3,509 in 2017. Of those 3,509 incidents, 1,677 are reported in North America. Drugs in the anti-infective, urogenital and central nervous system (CNS) therapeutic categories were mostly counterfeit.

Request a sample for more market insight[email protected] https://www.futuremarketinsights.com/reports/sample/rep-gb-7838

Counterfeit drug detection devices have evolved tremendously from large laboratory facilities to battery-powered handheld devices. Ease of use, increased efficiency, on-site results and quick test results are the main factors driving the growth of the market in question. Several government initiatives to combat counterfeit medicines can also be a major reason behind the proliferation of counterfeit medicine detection devices. For example, the US FDA has introduced a counterfeit drug detection device to identify counterfeit drugs and packaging. The latest version of this counterfeit drug detection device CD-3 costs around $1,000.

Enforcement of unit-level track and trace policies is another factor driving the growth of the market. Increased efforts by governments and private companies to combat counterfeit medicines. German customs have launched a project called the “Blue Project” that allows the government to identify illegal online drug trafficking sites and trace financial transactions.

Although lack of awareness of counterfeit medicines may hamper the growth of counterfeit medicine detection devices market. People are unaware of the technological advances in counterfeit drug detection devices, which threaten the introduction of new technology handheld counterfeit drug detection devices and may inhibit the growth of counterfeit drug detection devices market.

The devices are expensive. High cost of setting up counterfeit drug detection devices may limit the growth of counterfeit drug detection devices market.

Counterfeit Drug Detection Devices Market: Segmentation

To provide comprehensive and better understanding of future market value, Counterfeit Drug Detection Devices market report is segmented on the basis of technology, application, end-user, and region.

Based on the technology type, the counterfeit drug detection device is divided into:

  • Infrared and near-infrared spectroscopy
  • Ultraviolet/Vis
  • microfluidics
  • Raman spectroscopy
  • Rapid chemical tests
  • X-ray diffraction (XRD) and X-ray fluorescence (XRF) spectroscopy
  • RFID technology
  • Scanning and imaging systems
  • Other packaging and labeling Counterfeit drug detection device

For the research approach used in the report, please contact Ask Analyst @ https://www.futuremarketinsights.com/askus/rep-gb-7838

Based on Application, the Counterfeit Drug Detection Devices market can be segmented into:

  • Counterfeit drug detection device for chemical composition
  • Counterfeit drug detection device to detect packaging and labels

Based on End-User, the Counterfeit Drug Detection Devices market can be segmented into:

  • pharmaceutical company
  • Drug testing laboratories
  • research organizations

On the basis of geography, the counterfeit drug detection device can be divided into:

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

Counterfeit drug detection device Market Overview

The global counterfeit drug detection devices market has witnessed growth due to the increasing appearance of counterfeit drugs. Moreover, ease of use, increased efficiency, on-site results and fast test results are the main factors driving the growth of counterfeit drug detection devices market.

Among the various types of counterfeit drug detection devices, counterfeit drug detection devices based on Raman spectroscopy are dominant. Utilization of Raman and NIR spectroscopy is much higher as the techniques complement each other

Among the different types of counterfeit drug detection applications, the preclinical application dominates due to its wide use in ex vivo experiments and drug efficacy monitoring on small animals.

Counterfeit drug detection equipment can be used to detect counterfeit drug compositions and detect counterfeit packaging and labels.

Counterfeit Drug Detection Devices Market: Regional Outlook

Geographically, the counterfeit drug detection devices market is segmented into eight regions viz. North America, Asia Pacific excluding China and Japan, China, Japan, Western Europe, Eastern Europe, Latin America, and Middle East and Africa. Counterfeit drug detection devices market in North America is growing due to healthcare spending and healthcare infrastructure and will remain dominant during the forecast period. Latin America counterfeit drug detection device market is expected to grow moderately due to low awareness and healthcare spending.

Counterfeit Drug Detection Devices Market: Key Market Players

Some of the market players in the Global Counterfeit Drug Detection Devices Market identified along the value chain are: DNA Technologies, ASD Inc., Consumer Physics Inc., DuPont, Global Pharma Health Fund EV, GAO RFID, Inc., AlpVision, Global Pharma Health Fund EV, Olympus Corporation, Snowy Range Instruments, Thermo Fisher Scientific, Inc.

The research report represents a comprehensive assessment of the market, containing reasoned insights, facts, historical data, as well as statistically backed and industry validated market data. It also includes forecasts using appropriate assumptions and methods. The research report provides analysis and information by market segments such as region, application, and industry.

Further information on the topic Read more:

https://mayokodozite.tribe.so/post/retinal-biologics-market-surging-at-a-cagr-of-11-1-over-the-period-of-2022-6284af85d940ec76e4906c1e

https://www.evernote.com/shard/s375/sh/41ab4e7d-891f-87ff-c554-777c67484f7a/612707e07dbb2b312003eacbee812f1f

https://globalsocials.mn.co/posts/23518716?utm_source=manual

https://acatpg.mn.co/posts/23518718?utm_source=manual

About FMI:

Future Market Insights (ESOMAR-certified market research firm and member of the Greater New York Chamber of Commerce) provides in-depth insights into the determinants driving demand in the market. It reveals opportunities that will fuel market growth across various segments based on source, application, distribution channel and end-use over the next 10 years.

Contact us:
future market insights,
Unit Number: 1602-006, Jumeirah Bay 2, Property Number: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
LinkedIn| Twitter| blogs
For sales inquiries: [email protected]
Website: https://www.futuremarketinsights.com

Share.

Comments are closed.