DUBLIN--(BUSINESS WIRE)--The "Pharmaceutical Packaging Market by Type, Raw Material, Drug Delivery Mode, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical packaging market size was USD 79 billion in 2018 and is projected to register a CAGR of 6% between 2019 and 2024.
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.
Market Dynamics
Drivers
- Growing Pharmaceutical Industry in Emerging Economies
- Growing Demand for Drug Delivery Devices and Blister Packaging
- Technological Advancements to Contribute to the Growth of Pharmaceutical Packaging
- Growing Health Awareness and Adoption of New Regulatory Standards
Restraints
- Increasing Overall Packaging Costs Owing to Dynamic Regulatory Policies
- Lack of Access and Awareness in Emerging Markets
Opportunities
- Growing Demand for Primary Pharmaceutical Packaging
- Expanding 3PL and Other Services in Emerging Markets
Challenges
- Safeguarding Against Counterfeit Products
The pharmaceutical packaging market is projected to register a CAGR of 6%, in terms of value, between 2019 and 2024
The increasing demand for pharmaceuticals owing to increase in healthcare coverage, growing aging population, and an increase in non-communicable disease in emerging 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 prefilled syringes.
Plastic & polymers are 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.
Competitive Landscape
Berry Global Inc. (US), Gerresheimer AG (Germany), Amcor plc (Australia), Schott AG (Germany), AptarGroup, Inc. (US) are some of the major players in the market. These companies have adopted strategies such as merger & acquisition and investment & expansion to maintain their position in the market.
The key players are also investing in R&D capabilities to develop new and technically advanced solutions to satisfy changing demands from end-use industries. Companies are adopting new product development and investment & expansion to increase their market share and strengthen their geographical presence.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Pharmaceutical Packaging Market, By Type
7 Pharmaceutical Packaging Market, By Raw Material
8 Pharmaceutical Packaging Market, By Drug Delivery Mode
9 Pharmaceutical Packaging Market, By Region
10 Competitive Landscape
11 Company Profiles
- Berry Global Inc.
- Gerresheimer AG
- Amcor PLC
- Schott AG
- Aptargroup, Inc.
- Becton, Dickinson and Company
- Catalent, Inc.
- Nipro Corporation
- West Pharmaceutical Services, Inc.
-
Westrock Company
Other Players
- Alpla Werke Alwin Lehner GmbH & Co KG
- Ardagh Group S.A.
- CCL Industries Inc.
- Frank Noe Egypt Ltd.
- Gaplast GmbH
- Lonza Group Ltd.
- Mondi Group
- Nolato AB
- Origin Pharma Packaging
- Owens-Illinois Inc.
- Parekhplast India Ltd.
- SGD Pharma
- Silgan Holdings Inc.
- Stevanato Group
- Vetter Pharma International GmbH
For more information about this report visit https://www.researchandmarkets.com/r/lqola6
