Albany, NY -- (SBWIRE) -- 04/16/2019 -- The healthcare industry at present is burdened by the globally increasing incidence of chronic ailments. The majority of these diseases are often linked with unhealthy lifestyle choices. The changing lifestyle, coupled with increased healthcare expenditure, is thus bolstering scope for the expansion of the packaging and labeling services market in the healthcare sector.
Spurred by the increasing demand for anti-counterfeit drug packaging technologies, TMR forecasts the global packaging labelling services market to surge at a CAGR of 5.3% between 2015 and 2023. The market is expected to reach US$136.27 bn by 2023. TMR puts the market's overall value at US$84.61 bn in 2014.
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Some of the most common types of packaging techniques used in the pharma sector include blisters, bottles, pouches, vials, tubes, ampoules, and prefilled syringes. The packaging process in the healthcare industry comprises assembling of drugs and sterilizing in the final containers, and labelling the containers correctly.
Stringent Regulations Increase Demand for Quality Packaging and Labeling Services in Healthcare
Proper packaging extends the shelf-life of pharmaceutical drugs by inhibiting microbial growth. Since pharmaceutical and medical devices have a crucial role to play in ensuring public well-being, stringent policies are implemented to ascertain that the pharmaceuticals packaging comply with the highest standards of quality. The implementation of stringent policies has therefore encouraged pharma companies and medical device manufacturers to spend on R&D of advanced packaging techniques.
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Due to the increasing demand for minimizing environmental impact, pharmacies are now exploring green and bio-based alternatives. This calls for higher R&D expenditure. Besides this, the medical devices and pharmaceutical industry deals with highly diversified products that renders the likelihood for developing ubiquitous packaging techniques bleak. It is therefore imperative for the healthcare industry to oblige to the highest standards of packaging and labelling. This is also important to ensure the integrity of drugs.
Complicated Registration Process Viewed as Major Bottleneck
Despite gaining from favorable government regulations, complicated registration and approval processes are likely to impede the market's trajectory. Nevertheless, the market is expected to substantially gain from the rising adoption of nano-enabled packaging in the pharmaceutical industry. Rise in demand from developing nations will also create attractive opportunities for the global packaging and labeling services market.
The global packaging and labeling services market is witnessing a strong growth in the healthcare sector. Transparency Market Research (TMR) states that the demand for packaging and labelling in healthcare will increase in response to the growth of the pharmaceutical and medical device industry.
Demand for Primary Packaging Expected to be Highest
Demand for primary packaging in the healthcare industry is likely to increase at a robust pace. As per TMR analysis, the primary packaging segment accounted for over 60.7% of the market in 2014. Through the report's forecast period, the segment is projected to continue dominating the market. As with the secondary packaging segment, it is expected to exhibit a CAGR of 5.9% during the forecast period.
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Europe's Healthcare Industry to Exhibit Lucrative Prospects for Packaging and Labeling Services
Through the forecast period, Europe's healthcare industry is likely to exhibit opportunities for the packaging and labelling services in abundance. The region held the dominant share of 31.3% in the global market in 2014. As per TMR analysis, the market in Europe will majorly gain from the rising number of pharma and biotech companies in the region increasingly demand for packaging and labelling services. Companies offering packaging and labeling services to the healthcare industry will also get facilitated by the rising opportunities in Asia Pacific.
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