The pharmaceutical packaging market is projected to reach USD 94.93 billion by 2021, pharmaceutical packaging market at a CAGR of 6.4% during the forecast period, 2016 to 2021.
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Improvement in healthcare systems and increased access to healthcare services in the Asia-Pacific region could offer new opportunities to pharmaceutical packaging providers for growth in the region. The Asia-Pacific pharmaceutical packaging market is projected to grow at the highest CAGR during the forecast period, owing to increase in the number of initiatives taken by various governments to promote manufacturing of pharmaceuticals in the region and continuously aging population.
The pre-fillable syringes segment of the pharmaceutical packaging market is projected to grow at the highest CAGR from 2016 to 2021.
Traditional vials and syringes are prone to dosing errors and as such, it is relatively difficult to achieve better patient compliance rates by using them. Pre-fillable syringes are gaining popularity across the globe, owing to increase in the number of people resorting to self-medication.
These syringes are for one-time use and allow easy drug administration. Growing elderly population across the globe, who need regular treatment via dosing, is one of the key drivers for the growth of the pharmaceutical packaging market.
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The growth of the pharmaceutical packaging market can be attributed to increased demand from the emerging economies for improved healthcare services and increase in the aging population in developed economies, such as the U.S., the U.K., and Japan, among others. Other key factors driving the growth of the pharmaceutical packaging market are growing urbanization, increasing acceptance of oral administration of drugs, and technological advancements in the field of pharmaceutical packaging such as nano technology.
However, factors such as, increase in overall packaging costs owing to dynamic regulatory measures, and stringent regulations set by various governing bodies to curb manufacturing of counterfeit medicines in several countries, are expected to restrain the growth of the pharmaceutical packaging market during the forecast period. Owing to relatively long shelf-life and stringent safety standards set for pharmaceutical packaging, the effort put in by pharmaceutical packaging suppliers and their raw material suppliers needs to be thorough and error-free.
Moreover, it is required to be child and leakage proof. These factors are expected to restrain the growth of the pharmaceutical packaging market during the forecast period.
In addition, counterfeit medicines are a major concern and an important challenge for the pharmaceutical industry.
The stakeholders in the pharmaceutical packaging market are:
- Pharmaceutical Packaging Manufacturers, Dealers, and Suppliers
- Drug Manufacturers
- Research Organizations
- Government and Other Regulatory Bodies
- End-Use Companies
- Industry Associations
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The market sizes estimated in this study have been validated through primary interviews conducted with various industry experts, globally.
These primary sources have been divided into three categories:
- By Company Type- Tier 1-40%, Tier 2-40%, and Tier 3-20%
- By Designation- C Level-10%, Director Level-50%, and Others-40%
- By Region- Asia-Pacific-30%, North America-20%, Europe-40%, South America-5%, and Middle East & Africa-5%
The report provides profiles of major market players, such as Amcor Ltd. (Australia), Schott AG (Germany), AptarGroup, Inc.
(U.S.), Gerresheimer AG (Germany), Becton, Dickinson and Company (U.S.), and Capsugel Inc. (U.S.),among others and competitive strategies adopted by them to strengthen their position in the market.