(MENAFN- America News Hour)
The global counterfeit drug detection device market is anticipated to witness a CAGR of about 4.1% during the forecast period. Emphasis on advanced surveillance in the supply chain sector, shifting trend from packaging security to on-dosage security, and supportive government legislation for counterfeit drug detection are the factors projected to drive the market. According to the WHO, one in 10 medical products in developing countries is falsified or substandard. The personal and public health tolls are huge, as is the economic burden is about USD 200 billion annually. Thus, the benefits provided by these devices, such as simple, accurate, and inexpensive testing systems for use in the field, at pharmacies, and at the point of care opens up the avenues for the growth of the market.
The developing nations streamlined their drug approval regulatory timelines to accelerate drug launch in order to meet rising healthcare demands. Such regulatory changes are projected to boost the growth of the market. The drugs for every therapeutics class from blood pressure pills to treatments for cancer and vaccines requiring special sterility testing procedures are expected to bolster the growth of the market.
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The implementation of stringent regulations against the use of illicit substance is one of the key factors anticipated to boost the market. In the countries, such as Saudi Arabia and Iran, the possession or consumption of illicit substance is illegal and can result in various penalties, such as fines, public flogging, and imprisonment.
Improving healthcare infrastructure along with the increasing awareness about illicit drugs in the developed countries boost the overall growth of the market. The internet opened up several opportunities for drug scams. Erectile dysfunction drugs, such as sildenafil (Viagra) and vardenafil (Cialis) are the most well-known products peddled to unsuspecting clients over the internet. This factor is expected to augment the overall growth of the counterfeit drug detection device market. However, the lack of awareness about counterfeit drug detection device in underdeveloped countries is expected to hamper the demand for counterfeit drug detection device market.
Key Market Trends
Handheld Devices From Modality Segment Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period
– Handheld drug detection devices are expected to dominate the global counterfeit drug detection device market through the forecast period. This can be attributed to the rising adoption of these devices due to an integrated flexible user interface, ergonomic design, easy-to-access components, USB compliant, and longer battery life. With the handheld drug detection device, the accuracy and reliability of a narcotics and drug test lab are available anywhere people go, which fuels the market.
– The device will transform the detection procedure through its small size, portability, ease of use, versatility, and extended battery life. By costing as little as a third of other standalone devices, the device is ideally suited, irrespective of their location or severity. Law enforcement officials need to quickly identify suspected narcotics in the field to help keep drugs and drug dealers off the practice. These factors are expected to augment the growth of the segment.
North America Is Considered To Be The Most Lucrative Regional Market For Counterfeit Drug Detection Device.
North America accounted for the largest market share in 2019, and it is estimated to maintain its position in the future. The increased use of drug testing services for investigational procedures is a key factor that is anticipated to boost the market. Several government initiatives against substance abuse, an increasing number of toxicological laboratories, and the growing adoption of drug testing at the workplace are the factors responsible for the high market share of this region. For instance, the WHO introduced a task force to fight counterfeit drugs to stop the deadly trade in fake drugs, which kill thousands of people every year. The initiatives such as these are expected to contribute to regional development.
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The market for counterfeit drug detection devices is highly fragmented in nature and consists of several global as well as local players. The major players include companies, such as Bayer AG, Thermo Fisher Scientific Inc., Spectral Engines Oy, GAO Group, and Systech International. The competitive rivalry is moderate to high, due to few numbers of regional players. This factor is anticipated to increase the competition for a consolidated customer base. These companies are actively involved in product innovations and technological advancements to sustain their position in the market.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emphasis on Advanced Surveillance in the Supply Chain
4.2.2 Shifting Trend from Packaging Security to On-dosage Security
4.2.3 Supportive Government Legislation
4.3 Market Restraints
4.3.1 Low awareness about Counterfeit Drugs
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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