Seattle, WA -- (SBWIRE) -- 02/19/2020 -- Pharmaceutical packaging, also known as drug packaging, involves various activities ranging from pharmaceuticals production to distribution to the end users, via a number of distribution channels. Technological advancements, surging demand for devices of drug delivery, increasing demand for eco-friendly and reusable packaging, rapid development in healthcare services, and rapid urbanization, especially in the emerging economies of the world, such as India and China, are the pivotal factors responsible for the growth of the global pharmaceutical packaging market.
Generally, the price of raw materials are not fixed and varies from season to place of origin which may affect the buying potential of such items decreases. Therefore, fluctuating prices of raw materials used for the manufacturing of pharmaceutical packaging products is one of the primary factors hindering the growth of the global market. However, the impact of this restraint is expected to remain moderate throughout the forecast period. Another significant factor affecting the global market growth negatively is the increasing sale of counterfeit medicines across the globe.
Asia Pacific experiences the largest sale of counterfeit medicines. Regular packaging is used by the counterfeiters, which badly impacts the growth of the pharmaceutical packaging market in the region. Hence, stringent measures taken by regulatory bodies and media interference are likely to curb the growth of counterfeit medicines across the globe.
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Global Pharmaceutical Packaging Market Insights
With respect to material types, the plastics and polymers segment dominated the pharmaceutical packaging market in 2016, with a revenue of US$ 34.68 billion in the same year. Availability of numerous grades for plastic, easy handling due to light weight and its property of being chemically inert are some of the major factors responsible for the large market share of this segment.
Among end users, the pharmaceutical manufacturing segment dominated the market in 2016, and is expected to lead the market throughout the forecast period. However, contract packaging is expected to have rapid growth due to increasing number of manufacturing facilities, especially in the developing countries coupled with increasing efforts taken up by the manufacturers in order to minimize costs and maximize product development.
Global Pharmaceutical Packaging Market – Regional Analysis
North America dominated the pharmaceutical packaging market in 2016, accounting for a market share of over 40%, and is expected to retain its position throughout the forecast period. The U.S. is the major contributor to the growth of this market and is expected to witness magnificent growth during the forecast period, on account of frequent product launches by the leading manufacturers in the field of pharmaceutical packaging. Furthermore, the presence of major pharmaceutical companies, such as Pfizer, are creating huge opportunities for these manufacturers in the country, which in turn, is augmenting the market growth in North America.
Asia Pacific market is expected to project the highest CAGR of 10.37% during the forecast period due to growing urbanization and rising demand for healthcare services. India, Australia, China, South Korea and Japan are some major economies contributing to the growth of pharmaceutical packaging market in this region.
Global Pharmaceutical Packaging Market – Leading Players
The most prominent players involved in the global pharmaceutical packaging market include Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc, and Graphic Packaging International Inc.
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