Global Counterfeit Drug Detection Device Market
North America Market Analysis
North America counterfeit drug detection device market is anticipated to account for revenue share of around 34.2% by 2037. Some of the primary drivers include awareness of the dangers of counterfeit drugs and improvement in healthcare infrastructure. The region has a highly regulated pharmaceutical market, offering strict policies wherein advanced technologies are used to detect counterfeit drugs. The growing demand for medicines through e-commerce and online pharmacies elevates the need for strong authentication methods of drugs.
In the U.S., government initiatives are driving the demand for counterfeit drug detection device market. The U.S. government imposed strict regulations against counterfeit drugs, which indeed influenced a massive scale in the dynamics of the market. For example, Section 27 of R.A. 3720 provides that the U.S. FDA thoroughly checks and verifies pharmaceuticals, which promotes the buying and use of detection apparatus. Aside from its influence on market growth, these regulations also help consumers avoid buying defective and harmful counterfeit products.
Canada has strict health-related regulations with rampant cases of false pharmaceutical drugs that have notably played a role in easing some drug-related safety concerns. The government has budgeted USD 150 million in fiscal year 2024 toward stricter regulation of policies related to drug safety, an effort to combat rogue medications. It detects and eliminates false drugs before they get to the last consumer; therefore, it causes demand for identification technologies.
Asia Pacific excluding Japan Market Statistics
Till 2037, Asia Pacific excluding Japan counterfeit drug detection device market is anticipated to showcase growth rate of around 6.2% owing to increasing cases of counterfeit pharmaceuticals in the region. The recent adaptation of online e-commerce has increased the demand for portable, efficient, and convenient drug detection technologies. Authenticating medications becomes more relevant as more people buy their drugs from online pharmacies. Thus, the urgent need for effective counterfeit detection solutions in the APEJ has increased.
In India, the government has already initiated measures to counter the problem of counterfeit drugs. Health infrastructure upgrade provisions made by the government in the budget of 2024-25 amount to USD 10.66 million, primarily in the form of the upgradation of hospitals and clinics. This can be accompanied by smart detection technologies to provide better safety to patients and authenticity of drugs. High e-commerce in India has propelled the demand for reliable verification methods for drugs.
In China, strict regulatory measures are considered in dealing with this emerging issue of counterfeit drugs to make a more secure pharmaceutical environment. In 2023, fake drugs in China rose by 22% compared to the previous year. Advanced detection technology is becoming widespread considering the rise in consumer preference toward e-commerce platforms. The counterfeit drug detection device market in China is anticipated to expand with widened consumer consciousness and government initiatives on detection devices for spurious drugs.
Author Credits: Radhika Pawar
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