DUBLIN--(BUSINESS WIRE)--The "Global Counterfeit Drug Detection Device Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global counterfeit drug detection device market is projected to grow at a CAGR of 6.91% from a market size of US$864.158 million in 2019 to attain a market size of US$1,290.337 million by 2025. The growing advancements in the counterfeit drug detection technology are propelling the market demand in the forecast period. With the growing concerns regarding counterfeit drug intake giving rise to an increasing number of deaths worldwide is further fueling the market demand in the forecast period. Counterfeit drugs are posing a challenge to public health at the global level. The extent of this problem is quite difficult to quantify. According to the WHO, counterfeit drugs are accounting to hold around 10% of the global market, in some countries it holds more than 30%.
In certain drug markets where there are stringent regulatory systems, including Australia, Canada, and in many EU countries, these fake drugs represent only less than 1% of the total market value. With growing internet penetration, the counterfeiters get an opportunity for sales of these drugs at the international level. As per the WHO estimates, around 50% of the drugs sold are found on various illegal websites with hidden physical addresses. With the prevalence of diseases worldwide along with the prevalence of unaware population regarding counterfeit drugs, in the low-income and middle-income countries, leading to causing huge illnesses and a huge loss to the pharma companies.
Geographically, North America is projected to hold a significant market share followed by the European region due to the presence of stringent regulations to prevent the entry of fake medicines. The Asia Pacific region, on the other hand, is estimated to be the fastest-growing region with the presence of market players manufacturing drug testing devices in this region.
Thermo Fischer Scientific portable XRF Analyzer, NIR, and Raman Spectrometer for the analysis of pharma drugs and manufacturing are capable of on-site identification and quantification of pharmaceutical drug commodities. This is further achieving maximum quality coverage in addition to minimizing time-consuming laboratory sampling tests. With the company's handheld NIT analyzer and Raman spectrometers, the pharma and biotech organizations are capable of obtaining fast and accurate analysis results, in addition to raw material verification. This is achieved within 30 seconds, hence, proving to combat the spread of false medicines. The devices are designed as per the current good manufacturing practices and 21 CFR Part 11. The TruScan raman and microPHAZIR RX NIR analyzer are capable of helping achieve a high-quality verification and analysis.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porters Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. Global Counterfeit Drug Detection Device Market Analysis, by Modality
5.2. Portable Devices
5.3. Hand-Held Devices
5.4. Bench-Top Devices
6. Global Counterfeit Drug Detection Device Market Analysis, By Product Type
6.2. RFID Analyzer
6.3. Scanning and Imaging Systems
7. Global Counterfeit Drug Detection Device Market Analysis, By End User
7.2. Pharmaceutical Companies
7.3. Drug Testing Laboratories
7.4. Research Organizations
8. Global Counterfeit Drug Detection Device Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.2. Spectral Engines Oy
10.3. Consumer Physics
10.4. Olympus Corporation
10.5. Stratio, Inc.
10.6. Rigaku Corporation
10.7. Thermo Fisher Scientific Inc.
*The List is not Exhaustive
For more information about this report visit https://www.researchandmarkets.com/r/bppp11