The global counterfeit drug detection devices market is poised for robust growth over the forecast period from 2021 to 2026. In a world where safety is paramount, pharmaceutical professionals are increasingly focusing on combating counterfeit medicines and packaging adulteration. According to Fairfield Market Research, the global counterfeit drug detection devices market is expected to achieve a steady revenue growth, with a Compound Annual Growth Rate (CAGR) of 5.9%. This will lead the market to reach a significant milestone, with an estimated value of US$1.3 billion by 2026, up from US$1 billion in 2021.
The rise of counterfeit drugs, especially the online sale of medications like sildenafil (Viagra), has driven the need for effective detection methods. Initiatives such as Fight the Fakes, in collaboration with NGOs, healthcare professionals, and academic institutions, are playing a pivotal role in raising awareness about counterfeit medications.
Collaborations Drive Innovation in Counterfeit Drug Detection
To combat counterfeiting, drug manufacturers are increasingly collaborating with external vendors to develop anti-counterfeiting systems. This approach reduces development time, upfront costs, and sourcing complexities. Moreover, it minimizes the risk of privacy violations by limiting access to sensitive patient information. This collaborative effort is expected to fuel the growth of the counterfeit drug detection devices market.
Ground-breaking Technologies Lead the Way
Technological advancements, including Artificial Intelligence (AI), Machine Learning (ML), and Blockchain, are revolutionizing the counterfeit drug detection landscape. Blockchain technology enables complete traceability of medicines from manufacturers to patients, making it easier to detect counterfeit drugs. Companies like Louis Vuitton Moet Hennessy (LVMH) and Microsoft have developed cryptographic platforms like AURA to authenticate products using blockchain. Start-ups like Neurotags employ hardware-AI software solutions to assist buyers in detecting genuine products. Solutions like SimplyBrand use AI, natural language analysis, and image recognition to track data on e-commerce websites in real-time and detect counterfeit products.
Supply Chain Integrity Takes Center Stage
Stringent regulatory norms are driving companies to enhance the integrity of their supply chains, thereby bolstering the counterfeit drug detection devices market. Regulations like the EUs Falsified Medicines Directive (FMD) and the Drug Quality and Security Act require authentication at every supply chain juncture, and mass serialization is becoming standard practice.
Key Players in the Market
Leading companies at the forefront of the global counterfeit drug detection devices market include Olympus Corporation, Thermo Fisher Scientific, Inc., B&W Tek, PharmaSecure Inc., RIGAKU CORPORATION, Malvern Panalytical Ltd. (Spectris Company), and Veripad.
The counterfeit drug detection devices market is not just about thwarting counterfeiters; its about safeguarding public health, enhancing supply chain security, and embracing innovative technologies. As blockchain, IoT, and AI continue to evolve, anti-counterfeit systems are expected to become even more effective.
Global Counterfeit Drug Detection Devices Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product, Application, Modality, End User, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/counterfeit-drug-detection-devices-market
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COMTEX_440910055/2840/2023-09-25T13:12:25
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