LONDON, March 29, 2017 /PRNewswire/ -- According to the new report "Global Counterfeit Drug Detection Devices Market Assessment & Forecast: 2017 - 2021" by SA-Business Research & Consulting Group, 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%.
North America is the largest pharmaceutical market globally, and also has one of the most advanced healthcare sectors in terms of technology, regulations and economy. In spite of strict regulatory policies, large percentages of drugs marketed online are counterfeit. According to data published by National Association of Boards of Pharmacy in the United States over 90% of the pharmacies engaged in online sales did not comply with patient safety and pharmacy practice standards, or state and federal laws. Such higher percentage of falsified drug outlets have raised concerns and demanded strict measures to control the crisis.
U.S. FDA has developed a novel device for counterfeit drug and package identification. The device has evolved with time and the latest version of the counterfeit detection device CD-3 costs around US$ 1,000. Apart from its use by the U.S. regulatory authorities, the device is also being deployed to other countries including Canada, Ghana, Laos and United Kingdom. Constant efforts in increasing security of pharmaceutical supply chain are also expected to reduce sale of counterfeit drugs in the country. Due to these factors, North America leads the market with over 40% share in 2016.
The counterfeit drug detection devices market report provides detailed 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 medical kits. Other technologies studied in the report for identification of counterfeit packaging and labelling includes RFID technology, scanning and imaging systems and other devices. 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.
Key players mentioned in the counterfeit drug detection devices market ASD Inc., B&WTek, Centice, TSI Group, Consumer Physics, Inc., Olympus Corporation, Global Pharma Health Fund E.V., PharmaSecure, Sproxil, Stratio, Inc., Rigaku Analytical Devices, Thermo Fisher Scientific, Inc., Veripad Company and various others.
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