Counterfeit Drug Detection Device Market

Counterfeit Drug Detection Device Market Overview for 2024 to 2034

The counterfeit drug detection device market is anticipated to be worth USD 1,167.7 million in 2024. The market is expected to grow at a steady rate over the period from 2024 to 2034, with a CAGR of 3.3%. By the end of the forecast period, the market value is predicted to hit USD 1,615.6 million.

Attributes	Details
Counterfeit Drug Detection Device Market Value for 2024	USD 1,167.7 million
Projected Market Value for 2034	USD 1,615.6 million
Value-based CAGR of Market for 2024 to 2034	3.3%

Counterfeit Drug Detection Device Market Forecast

• Growing concern over the risk of counterfeit drugs causing significant health defects is fueling the drug detection device market.
• Technological innovation in counterfeit drug detection devices, such as holographic duplication, is advancing the demand in the market.
• Increasing budgets of narcotics divisions of police is leading to greater adoption of counterfeit drug detection devices.
• Artificial intelligence is being deployed to increase the accuracy of counterfeit drug detection, thus making the device more attractive.
• Initiatives by governments to nullify the supply of counterfeited drugs are leading to wider adoption of counterfeited drug detection devices.

Counterfeit Drug Detection Device Market Trends

• Portable counterfeit drug detection devices are increasing the accessibility of the device and leading to its greater adoption.
• Counterfeit drug devices are seeing greater adoption as the checkpoints of drug testing are rising.
• Counterfeit drug devices are being used both to scan for empty drugs and drugs with properties other than the ones promoted.
• Increasing number of drug cartels and criminals who engage in drug counterfeit activities are necessitating the use of drug counterfeit devices.
• Increasing functionality of counterfeit drug detection devices, through the medium of advanced scanning systems, is propelling the market.
• Development of an increasing number of illegal drugs is seeing greater adoption of counterfeit drug detection devices.
• Lack of centralized measures to stop the threat of counterfeit drugs in certain countries is hindering the growth of the market.
• Lack of infrastructure to stop the influx of fake drugs in developing nations results in the market’s slow growth in these countries.

Category-wise Outlook

Counterfeit chemical composition detection devices are firm in their position at the top of the product segment. Pharmaceutical companies are the predominant users of counterfeit drug detection devices.

High Accuracy Provided by Counterfeit Chemical Composition Detection Devices Sees them Grow Significantly in Demand

For 2024, counterfeit chemical composition detection devices are expected to account for 55.0% of the market share by product. Some of the key drivers for the increasing use of counterfeit chemical composition detection devices are:

• Counterfeit chemical composition detection devices are trusted in their ability to sniff out the fake stuff and are thus continuing to be used by consumers.
• Chemical components of counterfeit chemical composition detection devices are trusted to identify the active ingredients of drugs quicker and are thus preferred by consumers.

Attributes	Details
Top Product	Counterfeit Chemical Composition Detection Devices
Market Share (2024)	55.0%

Desire of Pharmaceutical Companies to Clamp Down on Reputation-Tanking Counterfeit Drugs Leads to Progress of the Market

Pharmaceutical industry use of counterfeit drug detection devices is anticipated to account for 37.8% of the market share in 2024. Some of the key drivers for the progress of counterfeit drug detection devices by pharmaceutical companies include:

• Pharmaceutical companies are desirous to weed out any elements that damage their reputation and thus counterfeit drug detection devices are being used by them.
• Increase in checkpoints established by drug detection companies is aiding the growth of the drug detection device market.

Attributes	Details
Top End User	Pharmaceutical Companies
Market Share (2024)	37.8%

Country-wise Analysis

Increasing governmental initiatives to curb counterfeit drugs are benefitting the market in the Asia Pacific. The rise in scams related to counterfeit drugs is also increasing the importance of the devices in the region.

Europe’s reputed security systems are integrating the device into their work, thus advancing the market’s prospects. The affluent pharmaceutical companies are also not hesitant to integrate the product into their work and thus the market is developing positively in the region.

Countries	CAGR
India	5.4%
Thailand	5.0%
Malaysia	3.8%
France	3.8%
Spain	4.0%

Rise in Duping Related to Counterfeit Drugs Catapulting the Market in the Region

The market is set to register a CAGR of 5.4% in India for the forecast period. The key drivers for growth are:

• Rise in scams related to fake drugs is necessitating the use of counterfeit drug detection devices in India.
• Shipping of illegal substances through the means of counterfeit drugs is being stopped in India with the help of counterfeit drug detection devices.

Threat of Health Hazards Drives Public and Private Sector Players to Adopt Counterfeit Drug Detection Devices in Thailand

The CAGR for counterfeit drug detection device in Thailand is tipped to be 5.0% over the forecast period. Some of the key factors driving the growth are:

• Both public and private sector stakeholders in Thailand are looking to counter fake drugs and their potentially lethal effects. Thus, the devices are rising in popularity in Thailand.
• Thailand’s high amount of tourists brings with it the danger of counterfeit drugs and thus the devices are increasingly being adopted in Thailand.

Malaysia’s Strict Actions to Counter Counterfeit Drug Supply Boosting the Market in the Country

The CAGR for counterfeit drug detection device in Malaysia is tipped to be 3.8% over the forecast period. Some of the key factors driving the growth are:

• Malaysia has established strict measures to clamp down on illegal as well as counterfeit drugs. Thus, the use of the devices by the public sector research institutes is growing.
• Technologically advanced counterfeit drug detection devices are seeing increasing adoption in Malaysia as the demand for accuracy gets significant in the country’s pharmaceutical sector.

Encouragement for Research Institutions Propelling the Market in France

The market is expected to register a CAGR of 3.8% in France for the forecast period. Some of the key trends include:

• French research institutions are receiving funding from both private and public sources and thus drug detection devices are becoming more commonplace in these institutions.
• Presence of reputed pharmaceutical companies in France sees the demand for the product increase in the country.

Technology Playing Key Role in Market’s Expansion in Spain

The market is expected to register a CAGR of 4.0% in Spain over the forecast period. Some of the key trends include:

• Counterfeit drug detection devices with technology such as AI are being preferred in Spain and thus the market is experiencing growth in the country.
• Increase in the number of drug testing laboratories is seeing the demand for the product increase in Spain.

Competitive Landscape in the Counterfeit Drug Detection Device Market

The counterfeit drug detection device market is fairly fragmented. While a few reputed companies have a significant share of the market demand, newer players and small-scale players also have the potential to thrive.

Technologically advancing the products, to keep the product line moving, is given priority by market players. Geographical expansion is also given significance by market players.

Recent Developments in the Counterfeit Drug Detection Device Market

• In February 2022, the AD Minidose U9 RAIN RFID was launched by Avery Dennison Smartrac
  for enhanced RFID applications in the healthcare sector.
• In August 2021, Vestcom was acquired by Avery Dennison Corporation.
• In December 2021, Stratio, Inc., with the help of South Korea's National IT Industry Promotion Agency (NIPA) launched an AI-enabled imaging solution. It is designed to detect infringements at border checkpoints.
• In September 2021, the Fluoride ISE was introduced by Metrohm for the detection of, as the name suggests, fluoride.

Key Companies in the Counterfeit Drug Detection Device Market

• Spectris
• Spectral Engines Oy
• Consumer Physics
• Olympus Corporation
• Stratio, Inc.
• Rigaku Corporation
• Thermo Fisher Scientific, Inc
• GAO RFID
• Cellular Bioengineering, Inc
• Metrohm AG

Key Coverage in the Counterfeit Drug Detection Device Industry Report

• Counterfeit Drug Device Market Size and Share Analysis
• Counterfeit Drug Detection Device Market Forecast
• growth analysis of the counterfeit drug detection device market
• Sales Analysis Of Counterfeit Drug Detection Device Market
• Counterfeit Drug Detection Device Industry Analysis
• Counterfeit Drug Detection Device Share in Anti-counterfeiting Technology Industry Analysis

Key Segments

By Product:

• Counterfeit Chemical Composition Detection Devices
  • Ultraviolet/Vis Devices
  • Infrared & Near Infrared Spectroscopy Device
  • Raman Spectrometers
  • XRD & XRF Spectroscopy Devices
• Counterfeit Packaging & Labelling Detection Devices
  • RFID Analyzer
  • Scanning & Imaging Systems
  • Others

By Modality:

• Portable Devices
• Hand-held Devices
• Bench-top Devices

By End User:

• Pharmaceutical Companies
• Drug Testing Laboratories
• Research Organization

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Counterfeit Drug Detection Device Market?

The counterfeit drug detection device market size is expected to be worth USD 1,167.7 million in 2024.

How Big Will the Counterfeit Drug Detection Device Market Be in 2034?

The counterfeit drug detection device market is estimated to get as big as USD 1,615.6 million in 2034.

How will the Counterfeit Drug Detection Device Market Progress in India?

The CAGR of the counterfeit drug detection device market during the 2024 to 2034 period in India is estimated to be 5.4%.

What are the Segments of the Counterfeit Drug Detection Device Market?

The counterfeit drug detection device market can be divided into the following segments: product, modality, and end user.

What is the Scope of the Counterfeit Drug Detection Device Market?

The counterfeit drug detection device market is expected to grow at a CAGR of 3.3% over the period of 2024 to 2034.

What are the Trends in the Counterfeit Drug Detection Device Industry?

Use of AI in the devices as well as advanced scanning systems are two of the trends in the counterfeit drug detection device industry.

How is the Counterfeit Drug Detection Device Market Forecasted to Grow in Thailand?

The counterfeit drug detection device market is forecasted to grow at a CAGR of 5.0% in Thailand over the period from 2024 to 2034.

Who are the Key Players in the Counterfeit Drug Detection Device Industry?

Spectris, Spectral Engines Oy, Consumer Physics, and Olympus Corporation are some of the key companies in the counterfeit drug detection device industry.