Anti-Counterfeit Pharmaceutical Packaging Market: Smart Technologies to Push the Market Ahead During the Forecast Period - Future Market Insights
Global Anti-counterfeit Pharmaceutical Packaging Market: Latin America Market to Expand at Rapid Pace in Future
Valley Cottage, New York, November 14, 2017 (Newswire.com) - Future Market Insights (FMI) has published a new report, which is titled, “Anti-counterfeit Pharmaceutical Packaging Market: APEJ Regional Market to Register Healthy CAGR During the Forecast Period: Global Industry Analysis and Opportunity Assessment, 2016-2026.” The widespread counterfeiting of medicines has forced the pharma manufacturers to opt for secure solutions. One of the preventive measures these companies use is anti-counterfeiting packaging. It is estimated that globally around 10 to 15% medicines are counterfeited. Counterfeited medicines are fake medicines. Such medicines may be composed of the wrong ingredients or may be contaminated. This puts the global pharmaceuticals market in danger.
Fake medicines affect the pharma company's reputation along with the patients. Thus, an increasing number of pharmaceutical companies are using anti-counterfeit solutions with the packaging of their products. Among the various packaging options, water, hologram and bar code are conventional methods. New and innovative options like integrating authentic overt features with covert elements, forensics and track and trace elements are being adopted by the pharmaceutical companies, thanks to the advancement in technology.
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3M track and Trace solutions are expected to lead the entire market by 4.5% share and are expected to leave the other contenders behind. Avery Dennison and Sicpa Holdings are expected to give fierce competition to the market leaders during the projected period. This widespread and fragmented market is filled with competitors who offer anti counterfeit pharmaceutical packaging. In the current scenario these targeted companies are predicted to cover 12% of the entire market share and the rest will contribute to 82% of the global Anti-counterfeit pharmaceutical packaging market.
Region wise, North America is expected to dominate in the global anti-counterfeit pharmaceutical packaging market during the forecast period. Even in 2015, North America led the market for anti-counterfeit pharmaceutical packaging by accounting for 34% of the total share of the global market in terms of revenue. North America being the largest pharmaceuticals and biologics research hub, exports bio pharma products across all geographies. Another factor that will boost growth of the pharmaceutical sector in the region is the significant investment of companies in R&D.
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The fastest growing market over the forecast period is predicted to be Latin America with a CAGR of 12.7% between 2016 and 2026. In MEA region Africa's changing economic profile is influencing local as well as international players to expand their markets in the region. In the Middle East and Africa, the anti counterfeit pharmaceutical market is estimated to expand at a fast paced CAGR of 11.5% by 2026 due to the growth in the economy of the region.
The anti counterfeit pharmaceutical packaging is segmented on the basis of technology into security inks and coatings, security printing and graphics, RFID (active tags, semi active tags, passive tags) hologram, mass encoding (Barcode application, digital mass serializatio) and others (Electromagnetic, Surveillance technologies). The value of RFID technology segment in the global anti-counterfeit pharmaceutical packaging market was US$331.8 mn in 2015 and is expected to come close to a market value of US$1,146.8 mn by 2026, expanding at a CAGR of 12.3% from 2016 to 2026. The segment is anticipated to create an incremental $ opportunity of US$ 786.8 Mn between 2016 and 2026.
The global anti-counterfeit pharmaceutical packaging market is segmented on the basis of usage feature as convert features, forensic markers, divert features, tamper evidence, and track & trace technologies. The track & trace technologies segment is predicted to be worth US$ 2,742.5 mn by 2026 and expand at a CAGR of 13.1% over the forecast period. The track and trace segment is estimated to account for 40% by 2026.
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Source: Future Market Insights