Dublin, April 13, 2017 (GLOBE NEWSWIRE) — Research and Markets has announced the addition of the “Global Counterfeit Drug Detection Devices Market Assessment & Forecast: 2017 – 2021” report to their offering.
The Global Counterfeit Drug Detection Devices Market Was Valued at US$ 904.5 Million in 2016 And is Expected to Reach US$ 1,368.5 Million By 2021 Growing at a CAGR of 8.5%.
Counterfeit versions of various lifesaving drugs are pushed each year in the market globally. This poses a serious threat to the global health and economy. The economic loss is observed in two ways; absenteeism and loss of productivity of patients who consume counterfeit drugs and economic impact on the pharmaceutical industry. Majority of the counterfeit drugs are known to be manufactured in the Asian region and distributed globally. Even countries with strict surveillance and regulatory policies such as the U.S. and European Union are not immune to the threat of counterfeit pharmaceuticals.
Counterfeit drug detection technology has evolved greatly from large laboratory set-up to battery powered handheld devices. Increased efficiency, ease of use, rapid test results and on-field applications are major factors driving their adoption in drug regulation and compliance. Large numbers of companies are currently marketing their products in the niche market; majority of these are based on spectroscopy technology. With increasing popularity due to its merits over other technologies, the market for Raman spectroscopy based devices is expected to grow higher among other spectroscopy technologies for counterfeit drug detection, however the usage of NIR and Raman spectroscopy in tandem is much higher since the techniques complement each other. New devices are continuously being tested and are expected to launch in near future.
While these new devices will propel the counterfeit drug detection devices market growth during the forecast period, old devices would be replaced gradually. Government initiatives for implementing unit level track and trace policy has boosted RFID and barcode systems application in pharmaceutical supply chain. However reluctance in acceptance of capital intensive RFID technology has impeded its market growth in recent years.
The counterfeit drug detection devices market report provides detailed market analysis from the point of view of technology and geography. Technologies used in identification of counterfeit chemical composition include infrared and near infrared spectroscopy devices, Raman spectroscopy devices, XRD/XRF spectroscopy devices, UV/Vis devices, microfluidic devices, and rapid chemical testing kits. Other technologies studied in the report for identification of counterfeit packaging and labelling includes RFID technology, scanning and imaging systems and other devices.
Key players mentioned in the counterfeit drug detection devices market are ASD Inc., B&WTek, Centice, Consumer Physics, Inc., Global Pharma Health Fund E.V., Olympus Corporation, PharmaSecure, Rigaku Analytical Devices, Sproxil, Stratio, Inc., Thermo Fisher Scientific, Inc., TSI Group, Veripad Company and various others.