North America and Europe expected to lead followed by the Asia Pacific market.
Mordor Intelligence estimates that the pharmaceutical packaging was $57.99 billion in 2014 and expects the market to witness compound annual growth rate of 8.38% during the forecasted period 2014-2019, to reach total market value of $86.70 billion by the end of forecast period. The material prices play an important role, the benefits offered by plastics as a packaging material in terms of cost and sterility has led to its widespread usage in pharmaceutical packaging industry, constituting 66% of the market, followed by plastics and glass.
West European countries spend 8 to 12 percent of their GDP on healthcare. This is considerably higher than the rest of the world, especially the developing world. Europe is currently second behind North America with more than a third of the Global Market. Although the emergence of China and other Asia-Pacific nations is expected to the change the market share equation, the increasing need for faster production and enhanced shelf appeal are driving the market ahead.
The pressure on companies to comply with stringent regulatory compliances while simultaneously increasing patient comfort and increasing the brand appeal of the product is the sweet spot for the packaging industry. The expiry of patents and increasing production of generics will multiply the production thereby creating an enormous increase in the need for packaging. However, the increasing use of plastics is a factor of concern and is set to increase costs as environmentalists are pushing for a greener approach which will need significant investment in eco-friendly plastics.
The report includes the market estimates by Type of Primary Packaging Material (Plastic, Glass, Paper, and Metal), Type of Packaging (Ampules, Blister Packs, Bottles, Canisters, Cartridges, IV Bags, Mini-jars, Pouches, Syringes, Tubes, Vials, and Sachets). The report also provides an in-depth analysis of the Global Pharmaceutical Packaging Market across different Geographical regions namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa (MEA) in addition to further segment country-wise under each region.
Some of the companies in this market such as, Amcor, CCL Industries, Intrapac, Rexam Plc, Schott AG, Meadwestvaco Corporation, AptarGroup, Wihuri Group, Nypro, Gerresheimer AG, Klockner Pentaplast, West Pharmaceutical Services and others have been covered and their strategies analysed.
About Mordor Intelligence
Mordor Intelligence is a global market research and consulting firm offering in-depth market analysis reports and consulting services.