Dublin, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The "Counterfeit Drug Detection Devices Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Estimated at a promising 5.9% CAGR between 2021 and 2026, global counterfeit drug detection devices market continues to benefit significantly from the rising awareness about sizeably large markets operating on adulterated pharmaceuticals packaging, and counterfeit medicines.
A new report suggests that an increasing number of anti-counterfeiting initiatives will drive sales of counterfeit drug detection devices. Several campaigns run by NGOs, healthcare professionals, and academic institutions, and globally successful initiatives such as Fight the Fakes are likely to bode well for expansion of market during the forecast period.
Key Highlights into Global Counterfeit Drug Detection Devices Market:
Global counterfeit drug detection devices market valuation to exceed US$1.3 Bn toward the end of 2026
Raman spectroscopes, and RFID analysers witness rapid sales growth
Portable/handheld devices to eye a higher CAGR than their benchtop counterparts
Drug testing laboratories remain dominant end users, pharma companies register fastest growth in demand
Packaging & labelling detection to remain the most sought-after application area
North America, with over a third of total market valuation, will retain its lead through 2026
Drug Testing Laboratories Record Significant Adoption of Counterfeit Drug Detection Devices
Drug testing landscape has been one of the faster-thriving markets over the recent past. While it has given a substantial push to adoption of counterfeit drug testing procedures, demand for drug testing services is especially climbing up to meet the objectives of the various investigational procedures. Toxicological laboratories have also registered notable demand growth in market.
The report indicates drug testing laboratories as the top end user category in counterfeit drug detection devices market. Pharma companies on the other side prioritise regulatory compliance and are all set to register the fastest growth over the period of assessment.
Demand is further likely to see a heavy upsurge owing to increasing stringency of surveillance across supply chains. The role of regulatory norms like the Drug Quality and Security Act, and the EU's Falsified Medicines Directive (FMD) will remain instrumental in the establishment of effective anti-counterfeiting measures, thereby creating revenue generation opportunities for manufacturers of counterfeit drug detection devices.
End-to-end Anti-counterfeiting Solutions Underway
A greater number of companies in market have been considering investments in next-generation technologies to meet their long-term objective of developing their own end-to-end anti-counterfeiting solutions to gain a competitive edge. The likes of KGaA, and Clariant are at the forefront, and many will follow the suit. On the other hand, the trend of outsourcing is also picking up pace among drug manufacturers as they seek faster development with lesser sourcing complexity, and at upfront fixed costs. Limiting the access to sensitive patient data is what companies strive to achieve through outsourced track-and-trace systems.
Currently accounting for more than 34% share of the total market valuation, North America leads its way in global counterfeit drug detection devices market. The report forecasts North America's dominance to remain intact in global counterfeit drug detection devices landscape through 2026.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Global Counterfeit Drug Detection Devices Market Outlook, 2018-2026
4. North America Counterfeit Drug Detection Devices Market Outlook, 2018-2026
5. Europe Counterfeit Drug Detection Devices Market Outlook, 2018-2026
6. Asia Pacific Counterfeit Drug Detection Devices Market Outlook, 2018-2026
7. Rest of World Counterfeit Drug Detection Devices Market Outlook, 2018-2026
8. Competitive Landscape
Thermo Fisher Scientific Inc.
Malvern Panalytical Ltd (Spectris Company)
For more information about this report visit https://www.researchandmarkets.com/r/1ijcmk
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