Anti-counterfeit Pharmaceutical Packaging Market All Set to Achieve Higher Revenues – Global Forecast 2025
Anti-counterfeit packaging is primarily used to prevent brand imitation, by enabling brand protection and ease for customers to distinguish between original and counterfeit products. Product imitations of clothing, electronics, pharmaceuticals, and other consumer goods are of poorer quality and do not meet stipulated safety standards. The imitations are sold in violation of law, incurs revenue loss on the company, and affects brand image. According to the Organization for Economic Co-operation and Development (OECD), counterfeiting costs the global economy US$ 250 billion per year. Around 10% of pharmaceuticals around the world are counterfeit, according to the WHO. Counterfeiting can take place anywhere across the supply chain and is difficult to regulate.
The anti-counterfeiting pharmaceutical packaging market is mainly driven by the consequences associated with the use of counterfeit product. Ingestion of counterfeit drugs may lead to serious health issues or death. Moreover, anti-counterfeit packaging are guarantors of product quality, in turn, driving sales of the product. Significant costs associated with adoption of security measures and lack of awareness among consumers about product authenticity are major factors restraining growth of the market.
Sample Copy of This [email protected] https://www.coherentmarketinsights.com/insight/request-sample/865
Anti-counterfeit Pharmaceutical Packaging Market Taxonomy
On the basis of security feature, the anti-counterfeit pharmaceutical packaging market segmented into:Track and Trace, RFID, Barcodes, Overt Features, Covert Features, Forensic Features, Tamper Evidence
Track and Trace features allows determination of location of products. Overt features are visible to the naked eye and are tactile, while covert features are only visible to trained personnel using specialized tools. Forensic features can only be observed in laboratory settings, whereas tamper evidence packaging is designed to reveal any interference with product.
Pharmaceutical and Food & Beverages are the largest end-use industries. Companies are involved in increasing security measures due to increased tampering and adulteration of food and medicines. This in turn, drives the anti-counterfeit pharmaceutical packaging market.
Anti-counterfeit Pharmaceutical Packaging Market Outlook
Europe and North America are the largest markets for anti-counterfeit pharmaceutical packaging. The countries in these regions have stringent regulations regarding counterfeit sales and manufacture. Particularly, the increase in counterfeit online products has plagued these regions. Third party sellers on online platforms can easily evade detection and source products from other countries. This makes counterfeiting measures vital in these regions as they are the largest consumer markets in the world.
Asia-Pacific is the largest market for counterfeit pharmaceuticals. In September 2016, the World Customs Organization (WCO) seized 113 million counterfeit tablets bound for Africa, out of which 97% were manufactured in India and China. Growing awareness among manufacturers and consumers regarding counterfeiting is expected to boost growth of the market in the region.
In Latin America, Brazil, Mexico, and Argentina are among the largest producers of generic drugs. Copying of branded drugs coupled with lenient regulations regarding brand protection are major issues. This trend is expected to reverse and the region is expected to experience significant growth, as countries introduce new counterfeit legislation.
In the Middle East, GCC countries have strict border regulations, which has ensured minimal counterfeit product penetration. Moreover, stringent commercial legislation in countries such as Saudi Arabia and UAE has driven growth of the market in the region.
Africa is a major victim of counterfeit drugs. Poverty stricken countries in this region are reliant on medical aid from other regions. Lack of awareness has resulted in growth of counterfeit market. Increasing economic growth in the region and growing awareness among the populace regarding ill effects of counterfeiting products, is projected to boost growth of the market in this region.
In March 2014, SICPA Holdings S.A acquired Cabot Security Materials Inc. (CSMI). SICPA is a major worldwide provider of security inks and solution for bank notes, passports, transport tickets, and plastic cards. While, CSMI is a major covert taggants for anti-counterfeiting industry. By this acquisition CSMI has generated US$7 million revenue in 2013.
Key player in Anti-counterfeit Pharmaceutical Packaging Market
The major players in the anti-counterfeit pharmaceutical packaging market include SICPA Holding SA, Applied DNA Sciences Inc., SAVI Technology, Inc., Authentix Inc., Avery Dennison Corporation, CCL Industries Inc., 3M Compny, E.I. du Pont de Nemours and Company, and Zebra Technologies Corporation.
You may be interested
Carbon Nanotubes (CNT) Market – Increasing Healthcare Applications To Boost Market GrowthMohit Joshi - October 18, 2018
The Carbon Nanotubes (CNT) Market is expected to have a highly positive growth outlook from 2018-2026 according to a recently released Carbon Nanotubes (CNT) Market research report. The…
LiquiForm Technology Recognized as Dow Diamond FinalistMohit Joshi - October 18, 2018
LiquiForm technology recognized as Dow Diamond finalist, according to a report published on September 17, 2018. LiquiForm form/fill technology of Amcor Rigid Plastics offers higher efficiency, superior…
Increasing Prevalence Of Diabetes And Rising Geriatric Population Will Drive The Overall Disposable Insulin Pen MarketMohit Joshi - October 17, 2018
The Disposable Insulin Pen Market is expected to have a highly positive growth outlook from 2018-2026 according to a recently released research report. The report has been…