Track-and-trace technologies will be a game changer in the anti-counterfeit pharmaceutical packaging market in combatting illicit drugs.
“A slew of restrictive measures to combat the rise of counterfeit medicines is cementing the growth of the global anti-counterfeit pharmaceuticals packaging market,” according to a summary of a market research analysis by ReportLinker on the subject.
The report says, “Anti-counterfeit pharmaceutical packaging has comparatively high demand, attributed to increasing demand for safe packaging to combat the illicit drug market. The Mass Encoding Technology segment [was] estimated to account for a market share of 32.2% in the global anti-counterfeit pharmaceutical packaging market by 2016 end and is expected to witness a further rise of 40 basis points to account for 32.4% by 2026.”
ReportLinker anticipates that track-and-trace technologies will experience a Compound Annual Growth Rate of 13.1%. Couple that with track-and-trace’s current +40% share of this market, and that’s why the report views the segment as “the most attractive segment in the global anti-counterfeit pharmaceutical packaging market over the forecast period.”
The report estimates that 10% to 15% of global medicines are counterfeit. “Counterfeit pharmaceutical products affect both patients as well as pharma companies with their brand reputation. The rampant counterfeiting of drugs has pushed pharma producers to opt for secure solutions.”
These include holograms, barcodes, as well as the integration of authentication overt features with covert elements, forensics, and track-and-trace elements. “These measures have translated into fruitful results for pharmaceutical companies and tier II pharma companies also prefer similar approaches. These effective measures considered by pharma companies resulted in the sudden increase in demand for anti-counterfeit pharmaceutical packaging across the globe,” says ReportLinker.
Its report segments the anti-counterfeit pharmaceutical packaging market based on usage features, forensic markers, tamper-evidence and track-and-trace technologies [sterilization and identification system].
The report predicts the track-and-trace segment to accumulate $2,742.5 million by 2026. A deeper dive into the segment forecasts the covert feature segment will grow from its 2015 value of $ 249.1 million to a market value of $871.8 million by 2026, or a 12.3% CAGR.
Other report insights include the following:
• Smart technologies will push the anti-counterfeit pharmaceutical packaging market ahead.
• The RFID technology segment of the global anti-counterfeit pharmaceutical packaging market was valued at $331.8 million in 2015 and is projected to reach a market value of $1,146.8 million by 2026.
• On the basis of region, North America region is projected to remain dominant in the global anti-counterfeit pharmaceutical packaging market, with its primary growth attributable to being the largest pharmaceuticals and biologics research hub.
• Latin America is projected to be the fastest-growing market over the forecast period, with a CAGR of 12.7%.
• The changing economic profile of Africa is influencing local as well as international players to expand in the region. The anti-counterfeit pharmaceutical market in the Middle East & Africa is estimated to expand at an 11.5% CAGR by 2026 due to the growth of the economy in the region.