Pharma anti-counterfeit market ‘to reach $1.8bn by 2024’

The market for anti-counterfeit packaging for pharmaceuticals was around $800m in 2017, but looks set to more than double in the next six years, says new market research.

The report from Zion Market Research suggests that the category – which spans track and trace technologies as well as tamper-evidence and over, covert and forensic technologies – will be worth $1.8bn by the end of 2024, giving it a compound annual growth rate (CAGR) of 12.21% between 2018 and 2024.

Zion says track and trace technologies were the largest segment last year, which is unsurprising given the looming deadlines for mass serialization/coding in the US, Europe and other markets. North America was the largest market and Asia-Pacific the fastest-growing due to “raising awareness among … consumers and manufacturers.”

Counterfeiting “is a rising concern among developed and developing economies across the globe,” says the report. “This infringement of pharma products is seriously affecting the growth and development of the pharma industry.”

It adds: “Stringent rules and regulations formulated by the government in various countries around the world are influencing the big companies to make investments in advanced anti-counterfeit technologies. Such factors are expected to drive the anti-counterfeit pharmaceutical packaging market growth over the forecast period.”