Global Pharmaceutical Packaging Market – Insights
Pharmaceutical packaging, also known as drug packaging, involves activities from pharmaceutical production to distribution to the end user, through the distribution channels. Technological advancements, rise in demand for devices of drug delivery, increasing demand for eco-friendly and reusable packaging, rapid development in healthcare services coupled with rapid urbanization especially in the emerging economies such as India, and China are some of the major factors responsible for the growth of the pharmaceutical packaging market at the global level.
Generally, the price of raw materials are not fixed and varies from season to place of origin which may affect the buying potential of such items decreases. Therefore, fluctuating prices of raw materials used for the manufacturing of pharmaceutical packaging products is one of the primary factors hindering growth of the market. However, the impact of this restraint is expected to remain medium throughout the forecast period.
Another important factor affecting market’s growth is the increasing sale of counterfeit medicines across the globe. Asia Pacific accounts for one of the largest share for the sale of counterfeit medicines. Regular packaging is used by the counterfeiters, which badly impacts the growth of the pharmaceutical packaging market in the region. Stringent regulatory measures by government bodies and media interference is expected to check growth of counterfeit medicines. The above factors will limit the impact of counterfeit medicines on the pharmaceutical packaging market and is expected to subside by the end of forecast period. For instance, in 2017, under the new Anti-Falsification Directive in Europe, drugs prescribed by doctors will have to be provided with a unique code number, which will signify that the packaging is authentic and new.
North America dominated the pharmaceutical packaging equipment market in 2016, accounting for a market share of over 40% and is expected to retain its position throughout the forecast period. U.S. is the major contributor to the growth of this market and is expected to project a strong growth during the forecast period on account of frequent product launches by the major manufacturers in the field of pharmaceutical packaging. Furthermore, large presence of major manufacturers operating in the pharmaceutical industry such as Pfizer are creating huge opportunities for the manufacturers of pharmaceutical packaging in the country, which in turn is augmenting the growth of this market in North America.
Asia Pacific market is expected to project the highest CAGR of 10.37% during the forecast period due to growing urbanization and rising demand for healthcare services. India, Australia, China, South Korea and Japan are some major economies contributing to the growth of pharmaceutical packaging market in this region.
On the basis of material, plastics and polymers segment dominated the pharmaceutical packaging market in 2016, with a revenue of US$ 34.68 billion in the same year. Availability of numerous grades for plastic, easy handling due to light weight and its property of being chemically inert are some of the major factors responsible for the large market share of this segment.
On the basis of product, plastic bottles are witnessed to lead the market throughout the forecast period.
Among the end users of pharmaceutical packaging, the pharmaceutical manufacturing segment dominated the market in 2016, and is expected to lead the market throughout the forecast period. However, contract packaging is expected to have rapid growth due to increasing number of manufacturing facilities, especially in the developing countries coupled with increasing efforts taken up by the manufacturers in order to minimize costs and maximize product development.
Figure 1. Global Pharmaceutical Packaging Market Share, By Region, 2016
North America led the pharmaceutical packaging market in 2016 and is expected to retain market dominance throughout the forecast period. However, Asia Pacific is anticipated to exhibit the fastest growth in the pharmaceutical packaging market during the forecast period.
Major Players in Global Pharmaceutical Packaging Market
Major players operating in the market of pharmaceutical packaging include Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc and Graphic Packaging International Inc.
Pharmaceutical packaging has gained rapid importance, owing to the rise in number of people suffering from various diseases, which has created the need for proper protection of the medicines. Packaging is involved in dosing, dispensing and in the use of pharmaceutical products. Packaging also helps in protecting the drugs and medicines against unfavorable environments such as physical damage, biological contamination and degradation. Improvement in the services of healthcare backed by rapid urbanization, especially in the emerging economies have contributed to the growth of pharmaceutical packaging market.
Plastics are expected to lose demand in the future due to rising environmental concerns regarding plastic pollution, due to which the manufacturers are looking to adopt alternative modes of packaging that would cater to the consumers requirements and would have less impact on the environment.
North America is expected to lead the pharmaceutical packaging market throughout the forecast period, owing to continuous product innovation resulting from extensive research and development activities such as child-resistant packs, and pre-filled syringes. These factors are majorly responsible for the growth of pharmaceutical packaging market in North America. Blister packaging is a major choice among the manufacturers in this region owing to its ability to protect the products from moisture.
Asia Pacific is expected to project the fastest growth in the pharmaceutical packaging market during the forecast period. Rising demand for health care services among consumers coupled with rapid penetration of the major manufacturers operating in the pharmaceutical industry and pharmaceutical packaging industry are some of the prime factors behind the high growth of this industry in Asia Pacific.
The report segments the global pharmaceutical packaging market on the basis of material, product, end-use industry, livestock and geography. On the basis of material, the market is categorized into plastics and polymers, aluminum foil, paper and paperboard, glass and others. On the basis of product type, the market is segmented into plastic bottles, blister packs, caps and closures, pre-filled syringes, medical specialty bags, pouches and strip packs, pre-fillable inhalers, medication tubes and others. On the basis of end-use industry, the market is segmented as pharmaceutical manufacturing, retail pharmacies, institutional pharmacies, contract packaging and others. On the basis of livestock, the market is segmented into livestock, poultry, porcine, equine, aquaculture, and others. On the basis of geography, the market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
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