Counterfeiting enables the user to verify the authenticity of pharmaceuticals & drug products and use disposable procedure to avoid authorization diversion. Pharmaceuticals and foods are protected in such manner that the product package can only be used after defacing or damaging the package. Rising awareness of consumer about counterfeiting and increasing availability counterfeited products in local market are the prime drivers of the global pharmaceutical and food anti-counterfeiting technology market. Continuously increasing government support to eradicate counterfeited products in both developing and developed economies is other supporting factor of growth of this market. The rising demand of advanced technologies such as use of ultra-high RFID tag to trace pharmaceuticals and food products to avoid counterfeiting.
One of the research results in US declared that due to counterfeiting U.S. losses USD 300 billion worth of revenue every year. It is basically done to avoid fake contents and protect the goodwill of the company owing to counterfeited products affect the brand image and provide poor product quality at the same time. Increasing rate of cheap and poor quality counterfeit products particularly pharmaceutical and food industry is likely to drive the market over the forecast period. Major technologies coupled with anti-counterfeiting market include convert feature enabling, visible feature enabling, forensic, and track & trace technology. Emerging nation consist a large potential market owing to untapped potential customers.
On the basis of technology, the global pharmaceuticals and food anti-counterfeiting technology market is bifurcated into authentication and tracking technologies. Tracking technologies is again segmented into RFID and barcodes. Barcode was the largest market player by revenue in 2013 due to its high market penetration rate in maintaining records in health and food products, high level of accuracy, comparatively cheaper than its substitute and easily traceable. Whereas RFID is expected to witness highest growth rate over the forecast period owing to rising awareness about usage in tracing animals, logistics and person. Authentication is sub-classified into ink and dyes, hologram, taggants and others. Hologram is contributed the largest revenue in 2013 and anticipated to witness lucrative growth over the forecast period owing to increasing concern of people about genuine and authentic products, especially product which are technically featured like RFID.
The global market is bifurcated into pharmaceutical and food products. In anti-counterfeiting, pharmaceutical segment was dominating the market in 2013. Owing to its high adoption rate of anti-counterfeiting technologies, high priority to quality and supporting government regulation in preventing patients for consumption of low quality drugs. The food segment is anticipated to witness the fastest growth rate over the forecast period due to increasing awareness about counterfeiting among manufacturer.
Geographically, in 2013, North America dominated the market in the global pharmaceutical and food anti-counterfeiting technology market by revenue. Strong government backing and presence of sophisticated healthcare infrastructure is likely to drive the anti-counterfeiting market in the next seven years. Europe was the second largest market in 2013 owing to increasing pharmaceutical and retail market. Asia Pacific region is anticipated to be the fast growing market segment over the forecast period due to huge consumption rate of counterfeit product. Increasing awareness about counterfeiting, improvement in healthcare infrastructure and increase in disposable income in developing nations such as Brazil, China and India are some of the key factors expected to further fuel the market over the forecast period.
Data System International, Sun Chemical, Datamax, Intermec Technologies, Alien Technology, Inksure Technologies, CFC International, Unibar Inc., and Impinj Inc. are some of the major market players of pharmaceutical and food anti-counterfeiting technology market. Firms are undertaking market strategies and making policies for the development of their business. The international players are facing tough competition in the market due to the presence of local players.
Research Support Specialist, USA