In a recent published report, Kenneth Research has updated the market report for Pharmaceutical Anti-Counterfeiting Technologies Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pharmaceutical Anti-Counterfeiting Technologies Market products.
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Kenneth Research has recently added a report titled Pharmaceutical Anti-Counterfeiting Technologies Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
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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By Technology
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.
Regional Insight:
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.
Competitive Landscape
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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