ALBANY, New York, May 18, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Packaging and Labeling (Healthcare) Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023", the global packaging and labeling (healthcare) services market was valued at US$84.6 Bn in 2014 and is anticipated to expand at a CAGR of 5.3% from 2015 to 2023 to reach US$136.2 Bn in 2023.
The global packaging and labeling (healthcare) services market has been classified based on three categories: packaging type, packaged products, and geography (regions and countries). Major packaging segments include primary packaging and secondary packaging. Further, primary packaging products are blisters, bottles, pouches, tubes, and others. Major packaged products include solid dosage forms, semi-solid dosage forms, liquid dosage forms, and medical devices. The report offers a detailed description behind the steady growth rate of the market and a possible growth trajectory at the global as well as regional level in terms of value and market share for each packaging and labeling (healthcare) services segment. The report has been thus compiled with the primary objective of updating the stakeholders with the incumbent market dynamics through a graphical illustration and in-depth analysis of each segment considered within the study scope.
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Based on type of packaging, the primary packaging segment held the largest share of 60% of the global packaging and labeling (healthcare) services market in 2014. Bottle packaging, which includes both plastic and glass bottles, dominated the primary packaging segment in 2014 and is expected to dominate the market during the forecast period. Presently, blister packaging products and services is gaining popularity and would witness significant growth rate during the forecast period. High efficiency in terms of quality is expected to boost the popularity of blister packaging products in the pharmaceutical industry. Usage of blister packs instead of plastic closures for bottles is also gaining popularity in the pharmaceutical packaging industry. Primary or secondary packaging materials are carefully chosen based on various factors such as compatibility with the content/product, filling method, degree of protection required, cost, presentation for OTC drug, and convenience of packaging for users. Primary packaging for health care products reduces product contamination, which is essential for maintaining the sterile condition of the packaged drugs/products. The secondary packaging segment comprises two key segments: labeling and cartoning. The cartoning sub-segment held a larger share of the secondary packaging segment in 2014. However, the labeling sub-segment is anticipated to register higher growth rate during the forecast period.
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Solid dosage forms held the largest share among the major packaged product categories, accounting for over one-fourth share of the global packaging and labeling (healthcare) services market in 2014. Among solid dosage forms, the tablet packaging segment accounted for the largest share of the global packaging and labeling market in terms of revenue. The packaging policies for tablets are strict because tablets should be able to endure handling, including packaging and transportation, without losing integrity. Moisture-sensitive tablets must be stored in tightly closed containers or moisture-proof packs. This increases demand for solid dosage forms packaging, especially tablets and capsules packaging. This segment is projected to be the fastest growing product segment during the forecast period due to strict rules and regulations laid down for packaging and labeling of pharmaceutical products by regulatory authorities in different countries. Other key segments such as liquid dosage forms and medical devices are likely to contribute to the growth of the global packaging and labeling (healthcare) services market during the forecast period.
Key players operating in the global packaging and labeling (healthcare) services market are 3M, Amcor Ltd., Bemis Company Inc., CCL Industries Inc., E.I. du Pont de Nemours and Company (DuPont), Gerresheimer AG, Owens Illinois, SCHOTT AG, Sonoco Products Company, and WestRock Company. The packaging and labeling (healthcare) services market is highly fragmented, with presence of several large and small players operating in the international market.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research