Global Counterfeit Drug Detection Device Market, By Product (Counterfeit Chemical Composition Detection Devices, Counterfeit Packaging and Labelling Detection Devices), Modality (Portable Devices, Handheld Devices, Benchtop Devices), End Use (Pharmaceutical Companies, Drug Testing Laboratories, Research Organizations, Others), Drug Assessment (Oral Pill, Injectable, Inhalable, Topical, Eye Drop), Therapeutic Assessment (Alimentary, Anti-Infectives, Blood Agents, Cardiovascular, Central Nervous System, Cytostatics, Dermatological, Genitourinary, Hormones, Hospital Solutions, Metabolism, Musculoskeletal, Respiratory, Other Parasitology, and Sensory Organs) – Industry Trends and Forecast to 2029.
Market Analysis and Size
Counterfeit drugs is one of the greatest challenges faced by the healthcare institutions and pharmaceuticals manufacturers. Counterfeit drugs and medical equipment are available at a large scale in the market, thereby hampering the goodwill of the market. As a result, there emerged a strong demand for efficient detection systems. This led to the introduction of counterfeit drug detection devices in the market.
Data Bridge Market Research analyses that the counterfeit drug detection device market is expected to undergo a CAGR of 4.80% during the forecast period. “Handheld Devices” accounts for the largest modality segment in the counterfeit drug detection device market owing to the rising adoption of these devices due to an integrated flexible user interface, ergonomic design, and longer battery life.
Market Definition
Counterfeit drug detection devices are the products that are effective and efficient in detecting low grade, low quality and duplicate pharmaceutical drugs in the market. The counterfeit drug detection devices offer superior quality services and protect the customers against frauds and fake products in the market. Counterfeit drugs can have a range of ill effects and side effects on the consumers and this is where the counterfeit drug detection devices assume their role.
Counterfeit Drug Detection Device Market Dynamics
Drivers
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The rise in the prevalence of diseases
Surging prevalence of chronic and acute diseases and infections in the population is one of the major factors responsible for fostering growth in the demand for counterfeit drug detection devices. In other words, growing incidence rate of skin disorder, chronic respiratory disease, asthma, musculoskeletal disorder, cancer and others is creative lucrative growth opportunities for the counterfeit drug detection devices market.
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Rising geriatric population base
It is a fact of life that as the age grows, one becomes more vulnerable to developing diseases and infections. This indicates that increasing age is directly proportional to the increase in demand for drugs in the market. Since there is a wide scale availability of fake drugs and products in the market, this factor will propel growth in the demand for counterfeit drug detection devices.
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Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for counterfeit drug detection devices. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several side effects of counterfeit drugs and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities and rising awareness of working people will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging focus of the government on the introduction of stringent norms and innovation of new medical devices and instruments will further expand the market's growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with the research and development proficiencies, lack of awareness in the underdeveloped economies, limited infrastructural facilities and dearth of skilled medical professionals and researchers are expected to obstruct market growth. Also, production of fake medicines in Myanmar region and loop holes in the hierarchy of packaging industry and sublimation of product while transportation are projected to challenge the market in the forecast period of 2022-2029.
This counterfeit drug detection device market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the counterfeit drug detection device market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Counterfeit Drug Detection Device Market
COVID-19 has had a positive impact on the counterfeit drug detection device market. In this pandemic phase, there was a high scale introduction of new medical products, devices and drugs in the market. This indicates that there was a subsequent availability of fake drugs and medicines. This led t the rise in demand for counterfeit drug detection devices from the pharmacies, healthcare institutions and end customers.
Global Counterfeit Drug Detection Device Market Scope
The counterfeit drug detection device market is segmented on the basis of product, modality, end use, drug assessment and therapeutic assessment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Counterfeit Chemical Composition Detection Devices
- Counterfeit Packaging
- Labelling Detection Devices
On the basis of product, the counterfeit drug detection device market is segmented into chemical composition detection devices, and packaging and labelling detection devices. Counterfeit chemical composition detection devices are further divided into ultraviolet/vis devices, infrared and near infrared spectroscopy devices, Raman spectrometers, and spectroscopy devices. Packaging and labelling detection devices is further sub-segmented into analyzers, scanning and imaging systems, and others.
Modality
- Portable Devices
- Handheld Devices
- Benchtop Devices
On the basis of modality, the counterfeit drug detection device market is bifurcated into portable devices, handheld devices, and benchtop devices.
End use
- Pharmaceutical Companies
- Drug Testing Laboratories
- Research Organizations
- Others
On the basis of end use, the counterfeit drug detection device market is segregated into pharmaceutical companies, drug testing laboratories, and research organizations.
Drug assessment
- Oral Pill
- Injectable
- Inhalable
- Topical
- Eye Drop
On the basis of drug assessment, the counterfeit drug detection device market is segmented into oral pill, injectable, inhalable, topical, and eye drop.
Therapeutic assessment
- Alimentary
- Anti-Infectives
- Blood Agents
- Cardiovascular
- Central Nervous System
- Cytostatics
- Dermatological
- Genitourinary
- Hormones
- Hospital Solutions
- Metabolism
- Musculoskeletal
- Respiratory
- Other Parasitology
- Sensory Organs
On the basis of therapeutic assessment, the counterfeit drug detection device market is fragmented into alimentary, anti-infectives, blood agents, cardiovascular, central nervous system, cytostatics, dermatological, genitourinary, hormones, hospital solutions, metabolism, musculoskeletal, respiratory, other parasitology, and sensory organs.
Counterfeit Drug Detection Device Market Regional Analysis/Insights
The counterfeit drug detection device market is analysed and market size insights and trends are provided by country, product, modality, end use, drug assessment and therapeutic assessment as referenced above.
The countries covered in the counterfeit drug detection device market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the counterfeit drug detection device market because of the strong base of healthcare facilities, increasing number of toxicological laboratories, and the growing adoption of drug testing at the workplace.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, rising duplicity of medicines and drugs and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The counterfeit drug detection device market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for counterfeit drug detection device market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the counterfeit drug detection device market. The data is available for historic period 2010-2020.
Competitive Landscape and Counterfeit Drug Detection Device Market Share Analysis
The counterfeit drug detection device market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to counterfeit drug detection device market.
Some of the major players operating in the counterfeit drug detection device market are Advanced Systems Development, Inc., B&W Tek., Centice Corporation, Consumer Physics, Global Pharma HealthCare Ltd., Olympus Corporation, PharmaSecure Inc., RIGAKU CORPORATION, Sproxil, Stratio, Inc., Thermo Fisher Scientific Inc., TSI Group Inc., Veripad, Bayer AG, Getinge AB, Midmark Corporation, STERIS, Abbott, GAO Group, Markem-Imaje and Spectral Engines GmbH among others.
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