A recent report published by Infinium Global Research on pharmaceutical packaging market provides an in-depth analysis of segments and sub-segments in the global as well as regional pharmaceutical packaging market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pharmaceutical packaging market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pharmaceutical packaging market. According to the report, the global pharmaceutical packaging market is projected to grow at a CAGR of 6.21% over the forecast period of 2019-2025.
Healthcare products and pharmaceuticals require special packaging to reduce the risk of contamination and infection. Pharmaceutical packaging comes in different forms such as bottles, syringes, vials, jars, and canisters which are made out of plastics, paper, glass, metal, and others. The pharmaceutical packaging market is highly fragmented with the number of global as well as local players competing with each other for their position in the market. The key players in the market including Amcor plc, 3M Company, Becton, Dickinson and Company, CCL Industries Inc., Constantia Flexibles Group, Gerresheimer AG, West Pharmaceutical Service, Inc., and others are focusing on product innovation and acquisition to maintain competitiveness. Recently in march 2019, West Pharmaceutical opened a new digital technology center in Bengaluru, India to deliver better business operations.
The growing pharmaceutical industry is majorly driving the pharmaceutical packaging market. The growing geriatric population and increasing prevalence of chronic ailments are propelling the pharmaceutical industry, which in turn boost the pharmaceutical packaging market. Moreover, the stringent government regulations for pharmaceutical packaging are expanding the growth of the pharmaceutical packaging market. The packaging for pharmaceuticals is regulated by the FDA to maintain the quality of products. The standards set by the regulatory bodies help the manufacturers to produce the packaging in compliance with norms. Furthermore, the increasing technological advances in packaging are supporting the demand for the packaging of pharmaceuticals. The innovative products are been developed using advanced technologies, which enhances their physical properties. This helps in boosting the demand for pharmaceutical packaging. However, the fluctuation in the prices of raw materials is the major restraining factor for the growth of the pharmaceutical packaging market. Nevertheless, the integration of nanotechnology in packaging and development of sustainable packaging is expected to offer lucrative opportunities for the key players in the pharmaceutical packaging market.
Region-wise, North America generated the highest revenue for pharmaceutical packaging, dominating the global market. The largest market share of the North American market attributed to the growing export of the US pharmaceuticals, a rise in the adoption of advanced packaging technologies and increasing demand for drug delivery devices and blister packaging. Moreover, the presence of major market players in the region is anticipated to boost the North American pharmaceutical packaging market.
The report on global pharmaceutical packaging market covers segments such as type, and material. On the basis of type, the sub-markets include bottles, blister packaging, pre-fillable syringes, vials & ampules, labels & accessories, caps & closures, jars & canisters, and other types. On the basis of material, the sub-markets include plastics & resins, paper & paperboard, glass, metal foils, and other materials.
The report provides profiles of the companies in the market such as Amcor plc, 3M Company, Becton, Dickinson and Company, CCL Industries Inc., Constantia Flexibles Group, Gerresheimer AG, West Pharmaceutical Service, Inc., Schott AG, AptarGroup, Inc., WestRock Company, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of pharmaceutical packaging market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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