Emerging drug market along with product innovation is a flourishing market for pharmaceutical solutions.
Pharmaceutical packaging market is expected to reach $104,882 million by 2022 from $68,749 million in 2015, growing at a CAGR of 6.27% from 2016 to 2022. This market is expected to witness notable growth in the coming years, owing to the increased R&D, new innovations in packaging materials, growth in generic market, and rise in trend of contract packaging. Growth in demand for reusable and eco-friendly packaging is also expected to drive the market. The pharmaceutical drug manufacturing companies have started to adopt eco-friendly pharmaceutical packages to overcome environmental concerns.
Technological advancements in pharmaceutical packaging solutions offer immense innovative and advanced applications to the pharmaceutical & biopharmaceutical industries to improve their packaging standards. The impact of these drivers is expected to increase significantly due to increase in awareness about various diseases, rise in self-medication, and growth in usage of OTC drugs. The cost of pharmaceutical packaging is expected to reduce with the advancement in technology and eco-friendly packaging. The introduction of nano-enabled packaging is projected to have a positive impact on this market.
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Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84% and 8.45%, respectively, during the forecast period. This is because packaging companies are constantly focusing on eco-friendly packaging materials, techniques, and technologies to overcome the increasing environmental concerns.
Pharmaceuticals packaging market is segmented based on product type and geography. Based on product type, it consists of plastic bottles, parenteral containers, blister packaging, specialty bags, closures, labels, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Increase in healthcare investments and medicinal advancements are key factors that fuel the growth of pharmaceutical packaging market. In LAMEA, the market is anticipated to grow at a CAGR of 7.14% between 2016 and 2022. For instance, the Latin America market is anticipated to witness a CAGR of 6.51% during the forecast period.
Porter’s Five Forces Analysis:
Several established suppliers hold a significantly notable proportion of the market share, thereby decreasing the bargaining power of the suppliers. Pharmaceutical packaging raw material suppliers need to develop differentiated products owing to rising demand for customized features by customers. In addition, switching cost in this case is low. Corporate buyers of pharmaceutical packaging companies are knowledgeable and aware about the packaging features and their competitors’ offerings. This increases the bargaining power of the buyer.
There are limited substitutes available in the pharmaceutical packaging market that offer similar products and solutions. However, consumers still prefer the traditional packages due to their low cost. Therefore, the threat of substitutes is low at present. Stringent government regulations towards the environment, labeling requirements, and fluctuating prices of drugs and raw materials are major factors that limit the new entrants to invest in this market. Owing to the presence of many players in the market, there is high rivalry within competitors to increase their market share. In such a competitive scenario, the organizations try to limit their competitor’s profitability.