The pharmaceutical packaging market is projected to register a CAGR of 6.0%, in terms of value, between 2019 and 2024
Oct 30, 2019, 11:30 ET
NEW YORK, Oct. 30, 2019 /PRNewswire/ --
The pharmaceutical packaging market is projected to register a CAGR of 6.0%, in terms of value, between 2019 and 2024.
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The pharmaceutical packaging market is projected to grow from USD 83.6 billion in 2019 to USD 111.9 billion by 2024, at a CAGR of 6.0%. The increasing demand for pharmaceuticals owing to increase in healthcare coverage, growing aging population, and an increase in non-communicable disease in pharmerging economies are the major drivers for the pharmaceutical packaging market.
Another factor driving the pharmaceutical packaging market is the new drug development and government initiatives to promote innovations in the pharmaceutical industry and to enhance the use of generics, in developed countries. However, the strict regulations for pharmaceutical packaging in developed countries such as the US, UK, and Japan lead to increase in overall packaging cost, which collectively restraints the pharmaceutical packaging market.
Pre-filled syringes segment is expected to be the fastest-growing type for pharmaceutical packaging during the forecast period.
Pre-filled syringes are a replacement for traditional vials and syringes.The prefilled syringes aids to reduce wastage, provide patient compliance by offering self-administered metered dosage.
The presence of the properties mentioned above, easy handling, and reduction in breakage failure provided by these syringes, boosts demand for pre-filled syringes. The rise in aging population, increase in non-communicable disease such as diabetes, are driving the demand for pre-filled syringes.
Plastic & polymers is expected to be the largest raw material used in pharmaceutical packaging during the forecast period.
Plastic & polymers are the major raw material type used for pharmaceutical packaging.Variety of plastics such as HDPE, LDPE, PET, and others are used for pharmaceutical packaging.
These are cost-effective raw material with excellent shatter resistance hence reduces loss due to breakage.
Plastic can be easily formed in the required shapes such as vials, bottles, syringes, and others.Also, it can be combined with metals such as aluminum to form laminations for flexible packaging.
Presence of these properties acts as the major driver for the use of plastic material in pharmaceutical packaging.
North America is projected to be the largest pharmaceutical packaging market during the forecast period.
North America was the most promising market for pharmaceutical packaging in 2018 and is expected to be the same during the forecast period.The growing aging population, increased demand for generic drugs, healthcare coverage provided by the government are demanding more pharmaceutical drugs, hence driving the North American pharmaceutical packaging market.
Also, technological advancements in drug formulations such as biologics and nutraceuticals are responsible for the high growth of the market.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally. These primary sources are divided into three categories:
• By Company Type: Tier I – 25%, Tier II – 50%, and Tier III – 25%
• By Designation: C Level – 20%, Director Level – 30%, and Others – 50%
• By Region: North America – 20%, Europe – 30%, APAC – 25%, South America – 15%, and the Middle East & Africa – 10%
The report profiles several leading players of the pharmaceutical packaging market that include Berry Global Inc. (US), Amcor plc (Australia), AptarGroup, Inc. (US), Gerresheimer AG (Germany), Schott AG (Germany), West Pharmaceutical Services, Inc.(US), Becton, Dickinson And Company (US), Nipro Corporation (Japan), Owens-Illinois, Inc.(US), WestRock Company(US), Alpla Werke Alwin Lehner Gmbh & Co Kg (Austria), Ardagh Group SA(Luxembourg), Stevanato Group (Italy), Catalent Inc. (US), CCL Industries Inc. (Canada), Frank Noe Egypt Ltd (Egypt), Gaplast GmbH (Germany), Lonza Group Ltd (Switzerland), Mondi Group (Austria), Nolato AB (Sweden), Origin Pharma Packaging(UK), Parekhplast India Ltd (India), SGD Pharma (France), Silgan Holdings Inc. (US) and Vetter Pharma International GmbH (Germany). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the pharmaceutical packaging market.
RESEARCH COVERAGE
The objective of this study is to define, describe, and forecast the pharmaceutical packaging market based on various segmentations and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall pharmaceutical packaging market. In this report, the pharmaceutical packaging market has been segmented based on type, raw material, drug delivery mode, and region.
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help market leaders/new entrants in the pharmaceutical packaging market in the following ways:
1. This report comprehensively segments the pharmaceutical packaging market and provides the closest approximations for the sizes of different segments and subsegments of the market across different verticals and regions.
2. This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about strategies such as new product developments, merger & acquisition, agreement, and investment & expansion, which were undertaken by various key players to enhance their position in the pharmaceutical packaging market.
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