Deceptive representation of an original food product and pharmaceutical is referred to as counterferfeiting. Increasing growth of low quality and cheap counterfeit products mainly pertaining to the food and pharmaceuticals industries have promoted the rate of implementation of anti-counterfeiting technologies. Trace technologies, covert features enabling and overt/visible feature are some of the key technologies associated with anti-counterfeiting. The U.S FDA stated that, Pharmaceutical manufacturers in the U.S suffer revenue loss of USD 300 billion everywhere. This was mainly due to the counterfeiting in the region. On addition, these products also affect the brand image of the original manufacturer as they achieve low on quality.
Rising awareness levels of regulatory authorities like the U.S FDA coupled with manufacturers’ losses in terms of brand image and revenue is likely to boost the anti-counterfeiting technologies market.
Full research report on global pharmaceuticals and food anti-counterfeiting technologies market analysis: http://www.grandviewresearch.com/industry-analysis/pharmaceuticals-and-food-anti-counterfeiting
Abundant existence of untapped opportunities in Asian countries with increased counterfeiting occurrences in china coupled with Augmenting demand for advanced technologies like ultra high RFID tags is expected to boost the industry growth over the coming years. China contributes for over 70% of the total customs seizures according to the report published by World Customs Organization.
In 2012, bar codes segment dominated the worldwide pharmaceutical and food anti-counterfeiting technologies market. Advanced existence of high market penetration rates of this technology in food and drugs industries mainly pertaining to the packaging and inventory management facets displayed by this technology will drive the industry. RFID based technology acts as the driver for the overall market as the technology is relatively cheaper as compared to others.
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In terms of revenue, Pharmaceutical anti-counterfeiting applications dominated the entire market in 2013. It contributed the market share of over USD 40 billion in the year 2012. Increasing adoption rates of anti-counterfeiting in the pharmaceuticals sector is the major factor boosting the market. Furthermore, food counterferfeiting technologies industry is likely to undergo a highest CAGR over the coming years. This is mainly due to rising awareness levels of manufacturers and existence of a constantly advancing infrastructure that support the execution of these technologies
In terms of revenue share, North America dominated the overall market for anti-counterfeiting technologies in the year 2012. Implementation of strict and diligent regulations by the FDA coupled with existence of sophisticated healthcare infrastructure in the region are the factors expected to drive the market further.
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