CLEVELAND, Sept. 24, 2019 /PRNewswire/ -- As major drug makers from Johnson & Johnson to Purdue Pharma face mounting legal challenges for their role in the US opioid epidemic, suppliers of the $94 billion global pharmaceutical packaging industry are using innovation to comply with regulations aimed at preventing such crises in the future.
Among these developments, stricter anticounterfeiting and anti-diversion measures in mature markets – such as the Drug Supply Chain Security Act in the US – are driving demand for higher-value packaging solutions that can help reduce prescription nonadherence among patients and facilitate product tracing from point of manufacture to sale, among other capabilities. Accordingly, the products with the fastest anticipated demand growth through 2023 are:
- prefillable syringes
- prefillable inhalers
- security labels
- intelligent components
Rising packaging standards in mature markets affect developing markets, too
Developing countries including China and India are improving pharmaceutical packaging systems as multinationals move in to capitalize on pharmaceutical market expansion in these former export markets:
- As generic drugs continue to increase penetration in emerging markets, locally based firms will benefit from boosted growth opportunities for standard containers, closures, and related accessories.
- Major pharmaceutical packaging companies are establishing production in these high-growth areas. For example, Gerresheimer manufactures medication containers and related items in Argentina, Brazil, China, the Czech Republic, India, Mexico, Poland, and Singapore.
Looking for More?
Global Pharmaceutical Packaging, a new study from The Freedonia Group, analyzes the global pharmaceutical packaging industry, presenting historical demand data (2008, 2013, and 2018) and forecasts for 2023 by product group (primary pharmaceutical containers, pharmaceutical closures, secondary pharmaceutical containers, pharmaceutical labels, pharmaceutical packaging accessories), and regions (North America, Central and South America, Western Europe, Eastern Europe, Asia/Pacific, and Africa/Mideast). The study also provides company market share and analyzes on industry participants like Amcor, West Pharmaceutical Services, Becton Dickinson, Gerresheimer, CCL Industries, and more.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group