Impact Analysis of Covid-19
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Global pharmaceutical packaging market was valued at US$ 74.57 billion in 2016, according to Global Pharmaceutical Packaging Market Report, by Material (Plastic & Polymers, Aluminum Foil, Glass, and Others), by Product Type (Plastic Bottles, Blister Packs, Pre-Fillable Syringes, and Others), By End-Use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging, and Others), By Livestock (Poultry, Porcine, Equine and Others). The pharmaceutical packaging market is expected to register a CAGR of 7.76% over the forecast period (2017-2025) to reach US$ 144.00 Billion by 2025. The major factors propelling the growth of this market at the global level include rising demand for ecofriendly and biodegradable packaging, and increasing demand for pre-fillable syringes since they are associated with various advantages such as reduced drug wastage, convenience and easy drug administration. Factors hindering the growth of the market include fluctuating prices of raw materials used for manufacturing pharmaceutical packaging products and increasing sale of counterfeit medicines.
Key Trends and Analysis of Pharmaceutical Packaging Market:
- Among materials, plastics and polymers segment held a dominant position in the global pharmaceutical packaging market in 2016 and is expected to retain its dominance in the market over the forecast period. Furthermore, paper and paperboard segment is gaining significant traction, as paper is completely recyclable, compostable, and biodegradable, and demand for eco-friendly and biodegradable packaging materials is increasing.
- Among product type, plastic bottles segment accounted for the largest market share in the pharmaceutical packaging market in 2016. However, demand for plastic bottles is expected to reduce in the near future owing to environmental issues such as plastic pollution and alternative modes of packaging by manufacturers.
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Key Takeaways of the Market:
- In 2016, North America dominated the global pharmaceutical packaging market and the regional market was valued at US$ 31.56 billion. The region is projected to witness a CAGR of 6.84% in terms of revenue during the forecast period. Furthermore, U.S. dominated the market share in 2016 and is expected to retain its dominance throughout the forecast period. In North America, low density polyethylene (LDP) is extensively used by the pharmaceutical packaging manufacturers as they are safe for the storage of non-sterile grade of pharmaceutical liquids. Furthermore, the region has various quality standards such as ISO 14001, ISO 9001 and OHSAS 18001, to ensure the quality of the materials used for the manufacturing of pharmaceutical packaging. Other factors promoting the growth of the pharmaceutical packaging market include frequent product innovations through extensive research and development by the major manufacturers operating in this field.
- Asia Pacific is projected to be the fastest growing market witnessing highest CAGR of 10.37% during the forecast period. Rapid penetration of major companies operating in the field of pharmaceutical packaging in economies such as India, Japan and China is fuelling growth of the market in Asia Pacific. Furthermore, factors such as rapid urbanization, improved health care services, the growing adoption of contract packaging in the pharmaceutical industry and stringent regulations against counterfeit medicines are expected to boost the market growth. In 2016, around 113 million counterfeit tablets were seized by the World Customs Organization (WCO), out of which 97% were manufactured in India and China. Such incidences are expected to fuel growth of the Asia Pacific pharmaceutical packaging market.
Browse 150 market data tables* and 90 figures* on “Pharmaceutical Packaging Market” – Global forecast to 2025.
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Major players operating in the market of pharmaceutical packaging include Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc., and Graphic Packaging International Inc.
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