The APAC pharmaceutical packaging market is estimated to grow from USD 12.18 billion in 2016 to USD 25.49 billion by the end of 2021 at a CAGR of 13.10%. China and Japan lead the market in terms of revenue, followed by South Korea and India. This region's high population, coupled with the steady economic growth, is helping the market grow. The GDP growth for 2016-2017 is forecasted to be more than 5%, which is helped by the growth in economies, robust credit growth, and good labor markets. The Chinese pharmaceutical market is growing at more than 15%. This growth in the pharmaceutical market has spurred the growth in the pharmaceutical packaging as well. Packaging is an integral part of the overall drug as maintaining the quality and safety of the drug is imperative for its functioning.
It is necessary for packaging companies to manufacture such packages that meet the objectives of keeping the product safe from the environment and vice-versa. Also, there should be proper labeling of the products so that they cannot be counterfeited and at the same time have a longer shelf-life. Some of the pharmaceutical packaging products being used to meet the above objectives are ampoule, vial, dropper bottle, labels, and patient information booklet.
Asia-Pacific Pharmaceutical Packaging Market-Market Dynamics
The increasing globalization has resulted in the setting up of manufacturing plants all across the world, thereby changing the raw materials used and lengthening the supply chains. These factors are driving innovations in the pharmaceutical packaging industry over fears of contamination from the packaging into the drug. Alternative techniques like RFID tags, self-destructive labels, and holographic labels are being used to counter the malaise of counterfeiting. Increasing cost pressures on pharmaceutical manufacturers are forcing them to pass this cost on to packaging companies, which have become one of the driving forces of pharmaceutical packaging market. The rise in self-medication and over-the-counter products are also contributing to the growth of this industry.
Some of the factors driving the market include:
There are, however, some factors restraining the market as well. These include:
These problems can be allayed by the fact that the governments in this region are opening the markets to companies from abroad. Policies are being changed by the governments to attract more investment. Also, they are implementing new projects to help the infrastructure to support the supply chain.
The report provides a comprehensive analysis of the market segmented on the basis of packaging material used and the end-user industry. Detailed estimates for the next five years are included along with the analysis of the major players and their strategies.
Some of the major vendors are:
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