DUBAI, UAE, June 8, 2021 /PRNewswire/ -- According to ESOMAR-certified consulting firm Future Market Insights, the global pharmaceutical caps and closure market is slated to increase, expanding at a CAGR of 5% in 2021.
The market is anticipated to surpass a valuation of US$ 2.27 billion by 2021-end on the back of growing demand of safe and easy packaging solutions of pharmaceuticals. Growing demand of child-proof packaging due to the rising concern of accidental consumption will spur the growth.
Expansion of pharmaceutical sector across developed regions such as the U.S., U.K., and Germany is enabling the growth of market. Also, focus on effective packaging to lessen the spoilage of pharmaceutical drugs will improve the adoption of pharmaceutical caps and closures.
Sustainability concerns and easy availability have increased the demand of lightweight packaging, especially plastic pharmaceutical caps and closures. However, stringent regulations associated with use of plastics within pharmaceutical and food & beverage industries might impede the market growth.
Furthermore, rising prevalence of chronic diseases such as cardiovascular disease and other diseases have increased the demand for various medications. This in turn, is enabling the demand for effective packaging solutions in the pharmaceutical sector, widening the growth opportunities for the market players.
Advancement in technology and need for smart yet cost-effective packaging is anticipated to fuel the demand of pharmaceutical caps & closures during the forecast period. Smart packaging is needed for the safety and to maintain the quality of product without any accidental consumption of drugs by children.
Considering this, demand for tamper-resistant and child-resistant pharmaceutical caps and closures will bolster the market growth throughout the forecast period. As per the FMI's analysis, child resistance functionality segment is expected to register maximum growth in the pharmaceutical caps and closure market.
"Rising demand for smart and safe packaging solutions within the pharmaceutical sector is creating growth opportunities for market players throughout the forecast period," says the FMI analyst.
Key Takeaways from FMI's Pharmaceutical Caps and Closures Market Study
In terms of functionality, child resistance closures is anticipated to be one of the most lucrative segment, accounting for over 61% market sales
Screw cap and closures are leading the product type segment and will account for more than 46% of market share through 2031
By material, plastic caps and closure account for maximum sales of over 64% during the forecast period
Anti-cancer drugs segment will exhibit faster growth, registering a CAGR of around 7.5% over the forecast period
Small molecule drug modalities segment will witness a steady growth and will account for 60% of global market share
The U.S. will emerge as the most lucrative market of pharmaceutical caps and closures, accounting for over 89% of market share
Heavy presence of leading players and improvement in production capacities across U.K. will bolster the market growth
Germany will emerge as potential market, registering a growth of 6.7% throughout the forecast period
Increased healthcare and pharmaceutical expenditure in Japan will stimulate the sales of pharmaceutical caps and closure within the country
China will lead the pharmaceutical caps and closure market in East Asia, exhibiting a growth of 8% CAGR through 2021
Prominent manufacturers are strengthening their market presence through strategic collaborations and acquisition of various other organizations. Increasing research & development activities carried out by the leading players will consolidate the growth in fragmented market, opines FMI's ma
In July 2019, Berry Global Group announced the acquisition of RPC Group for US$ 6.5 billion, making the company a leading global supplier of value-added protective solutions and one of the world's largest plastic packaging companies. Also, the company broadened its global footprint consisting of over 290 locations worldwide, including in North America, Europe, Asia, Africa, Latin America and Australia.
Some of the prominent market players profiled by Future Market Insights operating in pharmaceutical caps and closure market include:
More Insights on the Global Pharmaceutical Caps and Closures Market
In its latest report on global pharmaceutical caps and closure market, FMI provides deeper insights on the key trends of the market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Screw Caps & Closure
Snap Caps & Closure
Push-Pull Caps & Closure
Stopper & Seals
Prescription (Rx) Pharmaceuticals
"Over-the-Counter (OTC) Pharmaceuticals"
Small Molecule (Synthetic Drugs)
Pharmaceutical & Biotechnology Companies
Contract Manufacturing Organizations (CMO)
Contract Research Organization (CRO)
Academic & Research Institutes
Middle East and Africa (MEA)
Key Questions Covered in the Report
Which is the most preferred type of pharmaceutical caps and closures?
Which application will bolster the growth of pharmaceutical caps and closures market?
Which are the key trend that will drive the pharmaceutical caps and closures market demand?
What are the challenges that will affect the growth of pharmaceutical caps and closures market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on pharmaceutical caps and closure market?
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.