Pharmaceutical Packaging Market: Introduction
Transparency Market Research delivers key insights on the global pharmaceutical packaging market. In terms of revenue, the global pharmaceutical packaging market is estimated to expand at a CAGR of 5.6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global pharmaceutical packaging market.
Drastic changes in lifestyles, increasing environmental pollution, poor eating habits, and impaired genetics have led to a wide range of medical conditions that are in constant need of treatment. Owing to these reasons, the pharmaceutical industry is also witnessing stupendous growth in several parts of the world, which is triggering the global pharmaceutical packaging market.
Material Innovations and Equipment Set-ups Creating Long-term Opportunities Post Coronavirus
The unprecedented demand for pharmaceutical packaging has been observed during the ongoing coronavirus period. Manufacturers have been working at breakneck speeds to ensure robust supply at hospitals, pharmacies, and related healthcare facilities to improve patient outcomes amid challenging times.
Since the healthcare industry has come under increased emphasis due the pandemic, deep-pocketed companies are keen on investments for material innovations, equipment set-up, and new applications such as child-resistant packaging to diversify their income sources. The possibility of potential infectious outbreaks in the future is fueling R&D activities for pharmaceutical packaging innovations. Healthcare companies are taking data-driven decisions before making inroads into new regions.
Development of New Packaging Solutions: Key Driver of Pharmaceutical Packaging Market
- Development of new packaging solutions, which provide product protection, quality, patient comfort and compliance, and security needs, is expected to increase consumer consumption. This is expected to drive the market for novel pharmaceutical packaging during the forecast period.
- Expansion of the global drug counterfeit segment and the subsequent development of anti-counterfeiting drug packaging technologies & products is expected to boost the demand for pharmaceutical packaging over the next few years. Furthermore, introduction and implementation of numerous stringent regulations and standards for pharmaceutical packaging by regulatory bodies such as Healthcare Compliance Packaging Council (HCPC), National Quality Forum (NQF), and Food and Drug Administration (FDA) is expected to fuel the growth of the market during the forecast period.
- Lack of availability of raw materials and volatility in the price of raw materials are expected to hamper the growth of the market. Moreover, complicated registration procedure of packaging is expected to be a key challenge for the market.
Pharmaceutical Packaging Market: Competition Landscape
- Amcor
- Becton Dickinson
- Gerresheimer AG
- MeadWestvaco
- Rexam PLC
- West Pharmaceutical Services
- Tear and Tape
Nano-enabled Packaging Generates Monetary Benefits for Stakeholders
Pharmaceutical packaging facilitates the prevention of microbial growth or contamination, safety of products, and extended shelf life in products. Stakeholders in the global pharmaceutical packaging market are likely to reap generous monetary benefits with technological advancements such as nano-enabled packaging. This packaging method offers a better shield against mechanical forces, light, and moisture. The pharmaceutical packaging market in North America is estimated to hold the largest revenue share during the forecast period. This demand is being fueled by the ever-expanding pharmaceutical markets in the U.S. and Canada.
Asia Pacific is likely to hold an important revenue share for sustaining growth in the pharmaceutical packaging market. Some of the noteworthy factors contributing to this expansion are ever-increasing geriatric population in the region, growth of the pharmaceutical industry in Asia Pacific, and expansion of the contract manufacturing.
Development of New Packaging Solutions: Key Driver of Pharmaceutical Packaging Market
- Development of new packaging solutions, which provide product protection, quality, patient comfort and compliance, and security needs, is expected to increase consumer consumption. This is expected to drive the market for novel pharmaceutical packaging during the forecast period.
- Expansion of the global drug counterfeit segment and the subsequent development of anti-counterfeiting drug packaging technologies & products is expected to boost the demand for pharmaceutical packaging over the next few years. Furthermore, introduction and implementation of numerous stringent regulations and standards for pharmaceutical packaging by regulatory bodies such as Healthcare Compliance Packaging Council (HCPC), National Quality Forum (NQF), and Food and Drug Administration (FDA) is expected to fuel the growth of the market during the forecast period.
About Us Section:
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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