Allied Market Research published a new report, titled, “Pharmaceutical Packaging Market by Product Type (Plastic Bottle, Parenteral Container, Blister Packaging, Specialty Bags, Closures, Labels, and Others) – Global Opportunity Analysis and Industry Forecast, 2014–2022.” The report states that the global pharmaceutical packaging market generated $68.74 billion in 2015, and would reach $104.88 billion by 2022, at a CAGR of 6.3% from 2016 to 2022. Plastic bottles and parenteral containers segment collaboratively constituted two-fifths of the total share in the market in 2015.
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Expansion strategies adopted by market players, technological advancements, and stringent government policies for conventional packaging facilitate the market growth. Moreover, different technologies including temper-evident packs, RFIDs, labels, holograms, and special inks have been implemented for combating counterfeit medicines. Increase in innovations and investments in R&D activities have enforced market players to opt for eco-friendly and biodegradable packaging, which would create new opportunities in near future. Furthermore, patent expiration of different medicated drugs would create new pathways in the pharmaceutical packaging market during the forecast period.
Plastic bottles and parenteral containers segments would register CAGRs of 4.84% and 8.45%, respectively, from 2016 to 2022. This is due to focus of packaging companies on eco-friendly packaging materials, technologies, and techniques to address the environmental issues.
Key Findings of Pharmaceutical Packaging Market
- Asia-Pacific is estimated to maintain its dominance in the market throughout the forecast period, followed by Europe.
- Plastic bottles and parenteral containers collaboratively contributed to two-fifths of the total share in terms of revenue in 2015.
- Middle East is projected to register a CAGR of 7.2% from 2016 to 2022.
- South Korea would grow at the fastest rate in the Asia-Pacific pharmaceutical packaging market, growing at a CAGR of 7.4% from 2016 to 2022.
- In Europe, France is projected to witness the highest CAGR of 6.3%. during the forecast period.
Europe and North America together accounted for nearly two-thirds of the total market share in 2015. The pharmaceutical packaging market in India would grow at a CAGR of 7.36% from 2016 to 2022 owing to rise in advancement in technologies to address environmental concerns.
The prominent players analyzed in the research include Amcor Ltd., Gerresheimer AG, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, RPC Group, Graphic Packaging Group, Schott Pharmaceutical Packaging, Owen-Illinois Inc., and West Pharmaceutical Services Inc. They have adopted different strategies including mergers & acquisitions, expansions, partnerships, collaborations, and others to gain the strong position in the industry.
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