Life-threatening consequences due to counterfeit pharmaceutical and cosmetics products increase the risk of losing brand equity and revenue by pharmaceutical and cosmetics manufacturers, fueling the demand for anti-counterfeit technologies.
In its new report, "Global Anti-Counterfeit Pharmaceutical and Cosmetics Packaging Market-Industry Analysis, Size, Growth, Trends, Opportunities, and Forecast, 2014-2020,” Portland, OR-based Allied Market Research forecasts the anti-counterfeit pharmaceutical and cosmetics packaging market to grow at a Compound Annual Growth Rate of 15.7% between 2015 and 2020, reaching $80.2 billion globally by 2020.
The hologram authentication technology segment accounted for about 52% share in 2014 and will continue to lead the market through 2020, mainly due to varied products and economic pricing.
E-pedigree authentication technology is forecast as the fastest-growing segment in the RFID anti-counterfeit technologies market, estimated to grow at a CAGR of 21.5% during this time period.
Authentication packaging technology garnered a promising market share as compared to track-and-trace technologies in 2014. However, the growing adoption of track-and-trace technologies, such as RFID, barcode and e-Pedigree, in product tracking and inventory management will surpass the authentication technology segment by 2020.
The emerging product tracking technique, "e-Pedigree track and trace," will consolidate its position in the track-and-trace technology market over the forecast period due to mandatory drug safety and authentication regulatory impositions.
Factors such as higher cost of track-and-trace technology, limited awareness about product security, and complex operational procedures hinder the market growth. However, active initiatives from anti-counterfeit trade associations and pharmaceutical companies endorse the adoption of anti-counterfeit technologies.