Counterfeit Drug Detection Device Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is Segmented by Technology, Modality, Application (Chemical Composition and Packaging and Labelling Detection), and Geography.

Market Snapshot

cagr
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 4.1 %

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Market Overview

The global counterfeit drug detection device market is anticipated to witness a CAGR of about 4.1% during the forecast period. Emphasis on advanced surveillance in the supply chain sector, shifting trend from packaging security to on-dosage security, and supportive government legislation for counterfeit drug detection are the factors projected to drive the market. According to the WHO, one in 10 medical products in developing countries is falsified or substandard. The personal and public health tolls are huge, as is the economic burden is about USD 200 billion annually. Thus, the benefits provided by these devices, such as simple, accurate, and inexpensive testing systems for use in the field, at pharmacies, and at the point of care opens up the avenues for the growth of the market.

The developing nations streamlined their drug approval regulatory timelines to accelerate drug launch in order to meet rising healthcare demands. Such regulatory changes are projected to boost the growth of the market. The drugs for every therapeutics class from blood pressure pills to treatments for cancer and vaccines requiring special sterility testing procedures are expected to bolster the growth of the market.

The implementation of stringent regulations against the use of illicit substance is one of the key factors anticipated to boost the market. In the countries, such as Saudi Arabia and Iran, the possession or consumption of illicit substance is illegal and can result in various penalties, such as fines, public flogging, and imprisonment. 

Improving healthcare infrastructure along with the increasing awareness about illicit drugs in the developed countries boost the overall growth of the market. The internet opened up several opportunities for drug scams. Erectile dysfunction drugs, such as sildenafil (Viagra) and vardenafil (Cialis) are the most well-known products peddled to unsuspecting clients over the internet. This factor is expected to augment the overall growth of the counterfeit drug detection device market. However, the lack of awareness about counterfeit drug detection device in underdeveloped countries is expected to hamper the demand for counterfeit drug detection device market.

Scope of the Report

This report forecasts the growth in revenue at global, regional, and country levels and provides an analysis of the latest trends in the industry in each of the sub-segments from 2017 to 2025. For the purpose of this study, Mordor Intelligence has segmented the global counterfeit drug detection device market report on the basis of technology, modality, application, and geography.

By Technology
Infrared and Near Infrared Spectroscopy
Microfluidic
Rapid Chemical Testing
Raman Spectroscopy
RFID Technology
Other Technologies
By Modality
Benchtop Devices
Handheld Devices
By Application
Chemical Composition
Packaging and Labeling Detection
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Handheld Devices From Modality Segment Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period

  • Handheld drug detection devices are expected to dominate the global counterfeit drug detection device market through the forecast period. This can be attributed to the rising adoption of these devices due to an integrated flexible user interface, ergonomic design, easy-to-access components, USB compliant, and longer battery life. With the handheld drug detection device, the accuracy and reliability of a narcotics and drug test lab are available anywhere people go, which fuels the market.
  • The device will transform the detection procedure through its small size, portability, ease of use, versatility, and extended battery life. By costing as little as a third of other standalone devices, the device is ideally suited, irrespective of their location or severity. Law enforcement officials need to quickly identify suspected narcotics in the field to help keep drugs and drug dealers off the practice. These factors are expected to augment the growth of the segment.
trend 1

North America Is Considered To Be The Most Lucrative Regional Market For Counterfeit Drug Detection Device.

North America accounted for the largest market share in 2019, and it is estimated to maintain its position in the future. The increased use of drug testing services for investigational procedures is a key factor that is anticipated to boost the market. Several government initiatives against substance abuse, an increasing number of toxicological laboratories, and the growing adoption of drug testing at the workplace are the factors responsible for the high market share of this region. For instance, the WHO introduced a task force to fight counterfeit drugs to stop the deadly trade in fake drugs, which kill thousands of people every year. The initiatives such as these are expected to contribute to regional development. 

geo

Competitive Landscape

The market for counterfeit drug detection devices is highly fragmented in nature and consists of several global as well as local players. The major players include companies, such as Bayer AG, Thermo Fisher Scientific Inc., Spectral Engines Oy, GAO Group, and Systech International. The competitive rivalry is moderate to high, due to few numbers of regional players. This factor is anticipated to increase the competition for a consolidated customer base. These companies are actively involved in product innovations and technological advancements to sustain their position in the market. 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Emphasis on Advanced Surveillance in the Supply Chain

      2. 4.2.2 Shifting Trend from Packaging Security to On-dosage Security

      3. 4.2.3 Supportive Government Legislation

    3. 4.3 Market Restraints

      1. 4.3.1 Low awareness about Counterfeit Drugs

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Technology

      1. 5.1.1 Infrared and Near Infrared Spectroscopy

      2. 5.1.2 Microfluidic

      3. 5.1.3 Rapid Chemical Testing

      4. 5.1.4 Raman Spectroscopy

      5. 5.1.5 RFID Technology

      6. 5.1.6 Other Technologies

    2. 5.2 By Modality

      1. 5.2.1 Benchtop Devices

      2. 5.2.2 Handheld Devices

    3. 5.3 By Application

      1. 5.3.1 Chemical Composition

      2. 5.3.2 Packaging and Labeling Detection

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Bayer AG

      2. 6.1.2 Consumer Physics

      3. 6.1.3 GAO Group

      4. 6.1.4 Konica Minolta Sensing Americas Inc.

      5. 6.1.5 RIGAKU CORPORATION

      6. 6.1.6 Spectral Engines Oy

      7. 6.1.7 Stratio Inc.

      8. 6.1.8 Systech International

      9. 6.1.9 Thermo Fisher Scientific Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Counterfeit Drug Detection Device Market market is studied from 2018 - 2026.

The Counterfeit Drug Detection Device Market is growing at a CAGR of 4.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Bayer AG , Thermo Fisher Scientific, Inc , GAO Group , Systech International , Spectral Engines Oy are the major companies operating in Counterfeit Drug Detection Device Market.

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