Global Pharmaceutical Packaging Market to exceed $80.0 bn by 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/08/2017 -- Zion Market Research has published a new report titled "Pharmaceutical Packaging (Plastic Bottles, Parenteral Containers, Blister Packaging, Other Primary Packaging, Closures, Labels and Others) Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, the global pharmaceutical packaging market was valued at approximately USD 52.0 billion in 2014 and is expected to reach approximately USD 80.0 billion by 2020, growing at a CAGR of around 5.2% between 2015 and 2020.
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The packaging of pharmaceutical has to be carried out for the purpose of the safety of the pharmaceutical preparations in order to provide protection, keep them free from contamination, containment and convenience for a product during storage, carriage, displays and until the product is consumed. The pharmaceutical package must ensure adequate stability of the product throughout the shelf life. Pharmaceutical packaging basically classified into three types primary, secondary, and tertiary.
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The pharmaceutical packaging market is segmented on the basis of different products such plastic bottles, parenteral containers, blister packaging, other primary packaging, closures, labels, and others. The plastic bottle is largest product segment accounted for more than 20.0% market share in 2014. Parenteral containers are second largest product segment with slightly over 16.0% share of total demand in 2014. This segment is expected to witness rapid growth on account of the introduction of better-injected therapies in the market. Blister packaging, other primary packaging, closures, labels and others are expected to witness the fastest growth over the forecast period.
Pharmaceutical packaging market was dominated by North America and accounted for over 30% share of the total market 2014. Asia Pacific is expected to witness significant growth over the forecast period due to strong demand from China and India, and Japan. The emergence of packaging companies in China and India owing to low manufacturing costs is anticipated to strengthen the Asia Pacific market in terms of production.
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Some of the key players include in pharmaceutical packaging markets such as MeadWestvaco Corporation, Schott AG, Amcor Ltd., Rexam PLC, Gerresheimer AG, Becton Dickinson, NYPRO Inc., Vitro, S.A.B. De C.V., Datwyler Holding Inc and Aptargroup, Inc.
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