Published by Uma Rajagopal
Posted on February 21, 2022
The popularity of counterfeit drug detection devices is expected to undergo rapid amplification in the years to follow. The primary cause behind this projection is the mass use of counterfeit drug detection and devices to inhibit trafficking of illicit drugs. The market is developing a loyal customer base owing to the premium range of services and innumerable beneficial attributes linked with the application of counterfeit drug detection devices. The latter provide uncomplicated, precise, and efficient testing systems that are used across manufacturing facilities and at pharmacies. Moreover, developing countries are establishing discrete drug approval regulations. These regulations are meant to support rapid drug launches that are aimed at meeting the demands of the healthcare industry. These developments are expected to push market growth, as requirement for special sterility testing procedures for pills of all classes becomes a norm.
Fairfield Market Research estimates a sturdy growth rate at an advantageous CAGR of 5.9% for the global counterfeit drug detection devices market, accumulating a net revenue of over US$1.3 Bn between 2021 and 2026. Government-initiated regulations and penalties on the possession and use of illicit drugs is a key factor for market growth.
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Handheld Drug Detection Devices Attract a Large Consumer Base
The market is segmented on the basis of modality, region, technology, and application. Improved healthcare infrastructure and widespread awareness about illicit drugs across nations is expected to stimulate holistic market growth. Handheld drug detection devices are projected to be the global category dominators throughout the forecast period. These devices have various properties that bear reason for their popularity. These include a long battery life, accessible components, flexible user interface, and an ergonomic design. The portability, accessibility, reliability, and extended battery life of these devices is expected to transform detection procedures. Moreover, officials of the government need to swiftly recognize suspected narcotics in the field. This is the only way to discourage drug dealers. These factors are playing a crucial part in the growth of the handheld devices segment of the counterfeit drug detection devices market.
North America Maintains a Strong Dominance Over Other Regional Segments of Counterfeit Drug Detection Devices Market
North America boasts the largest market share and is forecasted to continue dominating the global landscape for counterfeit drug detection and devices in the future. Escalated adaption of drug testing services for various purposes is the main reason behind this regional market dominance. With an increasing consumption of illicit drugs by the masses, several government initiatives have been initiated in order to curb illegal substance abuse. Such regulations are put in place in order to discourage the illegal activities pertaining to drug trade. Companies in the Competitive Landscape Actively Invest in Product Innovation to Maintain their Strong Market Standing
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The market for counterfeit drug detection devices is extremely fragmented and contains numerous international and local players. The major players include companies, such as Spectral Engines Oy, Thermo Fisher Scientific Inc., Systech International, GAO Group, and Bayer AG. The competition ranges from moderate to high. These companies are actively involved in product innovations and technological advancements to sustain their position in the market.
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