Valley Cottage, NY -- (SBWIRE) -- 11/24/2017 -- The global blow fill seal technology market is estimated to be valued at about US$ 3,122 Mn in 2017. The market is expected to reach about US$ 7,208 Mn by the end of 2027, registering a CAGR of 8.7%. The global sales consumption of blow fill seals is estimated to be pegged at 6,645.5 Mn Units in 2017 and is expected to reach 14,143.3 Mn Units by the end of 2027.
Blow fill seal technology aids in curbing medical non-adherence issues
Over the last three decades, poor medical adherence has posed a serious challenge for the healthcare industry as it raises a risk to patient safety as well as leads to elevated healthcare costs. To deal with the issue, the healthcare industry continually makes serious efforts to improve the use of medication through the development of unique drug delivery systems as well as packaging to ensure the right dose is taken by the patient at the right time.
In the United States specifically, it has been reported that around 50% of prescribed medications are taken incorrectly by patients and in a study conducted by IMS Health, it was reported that costs amounting to more than US$ 200 Bn are incurred in the U.S. healthcare system, due to medicines not being taken by patients responsibly. This scenario has created a demand for pharmaceutical products that have accurately measured doses and provide ease of use and level of comfort to patients.
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Manufacturers are faced with the challenge of finding the optimum balance between cost and quality
Manufacturers have to deal with increased pressure to maintain cutting-edge standard manufacturing facilities and also to employ the most skilled workforce. But they are also faced with a challenge to reduce the cost of the final product. Moreover, government cost reduction strategies are generally focussed on generic drugs. Blow fill seal technology costs include labour, resins, straight line depreciation and maintenance, due to which pharmaceutical product manufacturers are reluctant to incorporate this technology in their manufacturing lines.
Balance between cost and quality is a major challenge for the pharmaceutical packaging industry. Moreover, the pharmaceutical industry in North America is being impacted by the increasing cost of research and development and by the slow development of new drugs.
Global Blow Fill Seal (BFS) Technology Market Analysis, by Region
Being a developed region, North America has a huge medical sector that is expected to support the demand for BFS technology in the region. North America is estimated to be the market leader in terms of BFS technology and is expected to register a value CAGR of 9.8%
The APEJ region is anticipated to register a CAGR of 8.3% in terms of revenue over the forecast period and represent total incremental opportunity of US$ 763 Mn
Western Europe is expected to be the second largest region in the BFS technology market as it spends hugely on the pharmaceutical sector. The region is slated to exhibit a value CAGR of 9.1%
MEA is anticipated to be the smallest contributor in the global BFS technology market over the forecast period
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Increasing demand from pharmaceutical industries is boosting the global blow fill seal technology market
The blow fill seal technology market has grown significantly over the past few years due to increasing demand from the pharmaceuticals end-use segment for unit dose packaging, and more user-friendly drug delivery systems. The shifting trend of primary packaging material from glass to plastic is further fuelling market demand for blow fill seal technology in different regions. The blow fill seal technology market is also gaining substantial footprint in the APEJ region where it aids in tackling pharmaceutical counterfeits.
With a surging demand from the pharmaceutical market, growth of blow fill seal technology products such as prefilled syringes and injectable is set to increase over the forecast period. Among the material types, polypropylene and LDPE plastic material is expected to remain the prime choice of manufacturers owing to high thermo stability and high temperature sterilisation resistance property.
One of the main highlights of the blow fill seal technology market is an increase in raw material options for product packaging and introduction of the new blow fill insert seal technology. North America, Western Europe, and Asia Pacific excluding Japan (APEJ) markets for blow fill seal technology are expected to witness high growth rates owing to their well-established pharmaceutical markets.