(MENAFN - America News Hour) Kenneth Research recently added a report on 'Pharmaceutical anti-counterfeiting technologies Market' in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Pharmaceutical anti-counterfeiting technologies Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 2025. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter's five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Pharmaceutical products are the most exposed goods for counterfeiting practices across the globe. Various counterfeiting practices involve replacement of original drug with low quality drug, which contains toxic substances or no active ingredient. These technologies are mainly applied to reduce the adverse impact on the patients' health, which may lead to death if ignored.
Pharmaceutical anti-counterfeiting technologies market is primarily driven by the growing incidences of counterfeiting medicines, which are further affecting the total human capital and also patients' health. According to the International Trade Administration, in 2016, the global value for counterfeited drugs was valued in between US$ 75 – 200 billion, which acts as a serious threat to the people's health worldwide. In 2017, according to a report by the Pharmaceutical Security Institute (PSI), there is a significant rise in drug diversion incidents across the world, which might include the diversion of drugs marketed for compassionate use also. Moreover, the use of duplicate drugs might cause several health issues, or eventual death of the patients. This would significantly propel the growth of pharmaceutical anti-counterfeiting technologies market over the projected period.
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The global pharmaceutical anti-counterfeiting technologies market is expected to be dominated by bar codes segment. Some key drivers responsible for its dominant market share include high market penetration rates for use in various kinds of drugs, especially relating to the product packaging, along with inventory management facets and high traceability and accuracy features.
North America pharmaceutical anti-counterfeiting technologies market is predicted to dominate the global market over the projected period. This is majorly attributed by the huge presence of sophisticated healthcare infrastructure, which is easing the implementation of this kind of technologies. Moreover, the implementation of strict regulations by the regulatory bodies such as the FDA are some of the key drivers helping the growth of the North America pharmaceutical anti-counterfeiting technologies market.
Asia Pacific pharmaceutical anti-counterfeiting technologies market is expected to grow at a prime CAGR during the forecast period, majorly owing to the high presence of counterfeit products, particularly in developing economies such as China and India. Moreover, rapidly developing healthcare infrastructure in these countries will significantly enhance the market growth.
Some key players in the pharmaceutical anti-counterfeiting technologies market include Alien Technology, 3M Company, Angstrom Technologies, Alpvision, Authentix, Inc., ThermoFisher Scientific, Colorcon, Avery Dennison Corporation, Everest Holovisions Ltd., and Covectra among several others.
Key players in this market are adopting several strategic collaborations with their competitors to enhance their market positions. Moreover, they are also launching several new products, in order to retain their market position. For instance, Daily Wellness Company opted TruTag's platform for its health products and nutraceuticals segment, in which the company's various products will be tagged, in order to allow authentication and detection throughout the value chain. This company joined forces with Sumitomo Corporation in the U.S. to invest in developing its technology for the pharmaceutical end-use industry. In May 2017, Alien Technology launched its ALR-F800-X along with Emissary, which is expected to simplify the RFID reader installation, infrastructure, maintenance, and operations.
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