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Governments also continue to conduct awareness about fake drugs, which would be among the key factors limiting supply of counterfeit drugs. This, in turn, will drive the growth of counterfeit drug detection devices market. For an instance, the European Union recently introduced falsified Medicine Directive (FMD) to address threats of counterfeit medicines impacting entire supply chain.

Key Takeaways

• Although benchtop devices are most suitable for use in laboratories, development of handheld devices is offering more feasibility in the in-field testing area. Faster results and in-field applications of handheld devices offer lucrative growth opportunity.
• Well-established regulation that is constantly updated for identification of counterfeit drugs along with increasing awareness for these drugs in North America are factors that make the region lucrative for growth of the counterfeit drug detection device market.
• In terms of product, chemical composition detection devices account for a significant share in the counterfeit drug detection device market value. This growth is primarily attributed to the changing trend from on-package tracing to on-drug/on-product tracing methods.

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Product

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

Modality

• Portable Devices
• Handheld Devices
• Benchtop Devices

End User

• Pharmaceutical Companies
• Drug Testing Laboratories
• Research Organizations

Regions

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

What Are the Key Imperatives of Market Winners?

Some of the key players offering counterfeit drug detection devices include Spectris, Thermo Fisher Scientific, Inc, Olympus Corporation, Metrohm AG, and Rigaku Corporation. Top four companies (Thermofisher Scientific Inc, Olympus Corporation, Spectris, and Rigaku Corporation) currently contribute nearly 60% share in the market revenues.

Some of the prominent companies are focused towards the development of innovative track and trace technology such as Trutag, while others continue to dedicate focus to geographical expansion. Product portfolio through acquisition of smaller players would be one of the key strategies adopted by market leaders.

Besides the development of on-drug tracking technologies, new methodologies such as paper-based test cards are being developed to identify counterfeit drugs at the purchase point. However, these paper-based test cards still require further testing before their deployment in the market.

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