The global pharmaceutical packaging market is set to grow at a CAGR of around 6% during the forecast period.
The Pharmaceutical Packaging Industry report provides in-depth analysis of the present scenario and growth prospects considering geographic regions, top vendor analysis, market size, share, dynamics, segmentation by product and application including detail list of exhibits. To calculate the market size, the report considers both the direct revenue and the indirect revenue of the vendors.
The rapid demand for pre-fillable syringes is the primary growth driver for this market. These syringes offer several advantages such as minimization of drug waste, increasing useful product life, and convenience in drug administration and are integrated with advanced delivery systems such as pens and auto-injectors. Glass is the most popular packaging material for these syringes with the significant demand arising from the US and Europe.
According to studies by the WHO, the counterfeiting rate among prescriptions sold through suspicious websites is nearly 50%. Stringent regulations are being implemented by governments globally, to counter these risks. For instance, in Europe, under the new Anti-Falsification Directive, as of 2017, drugs that have been prescribed by doctors will have to be provided with a particular and unique code number, a feature that will represent that the packaging of the drug is new and authentic. However, the growing number of counterfeit products in the market is anticipated to deter the market growth during the forecast period.
The global pharmaceutical packaging market is highly fragmented with several multinational, regional, and local vendors. The local players have been offering innovative solutions at a lower price compared to the international players, leading to price wars. The small and local vendors compete on the basis of cost, as it is difficult for them to compete with international vendors in terms of quality, features, and range of offerings. The report predicts international players to grow inorganically during the forecast period by acquiring regional or local players.
The leading vendors in the market are –
•Bemis Healthcare Packaging
•Gerresheimer
•Owens-Illinois
•West Pharmaceutical
•Westrock
The plastic pharmaceutical packaging accounted for a market share of around 61% during 2015. Plastic is the most preferred packaging material as it is available in a variety of grades, has significant barrier properties, is chemically inert, and can be used to create attractive packages with esthetic appeal, which helps in the marketing and promotional activities for the drug. The grades of plastic used for packaging include PE, PP, polyolefin, PET, and PVC.
North America dominated the market during 2015, accounting for a market share of around 35%. The pharmaceutical packaging market in North America is dominated by the US, which is a highly competitive market. The demand for innovative forms of packaging in the country is propelled by stringent regulations by agencies such as the FDA.
In the end, the report makes some important proposals for a new project of Pharmaceutical Packaging Industry before evaluating its feasibility. Overall, the report provides an in-depth insight of Global Pharmaceutical Packaging Market 2016-2020 industry covering all important parameters.
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