The research-driven pharmaceutical market with the intent of bringing new medicines to improve the quality of life around the world is a key asset to the European economy. The exports from this region in 2012 totaled 305 thousand million. Europe accounted for more than 26% of the world pharmaceutical sales.
The European pharmaceutical packaging market is estimated to grow from USD 18.73 billion in 2016 to USD 28.33 billion by the end of 2021 at a CAGR of 7.14%. Germany has the largest market share followed by the United Kingdom and Spain.
The pharmaceutical industry is seeing an exponential growth. With the changing lifestyle and more and more people being diagnosed with various diseases and increased spending on healthcare by the government of different countries world over, pharmaceutical has become a multi-billion dollar industry. Pharmaceutical manufacturers must follow stringent requirements to protect consumer safety and environmental regulations. Increasing cost pressures on pharmaceutical manufacturers is forcing them to pass on 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 is also contributing to the growth of this industry.
This growth in the pharmaceutical market has spurred the growth in the pharmaceutical packaging. Packaging is the key part of the pharmaceutical market because it helps with keeping the drugs safe from contamination and damage.
The pharmaceutical packaging market is evolving; the introduction of innovative techniques like Blow-Fill-Seal technology and the increasing need for anti-counterfeiting technologies are changing the market drastically. 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.
Europe is currently second, behind North America with more than a third of the global market. Although the emergence of China and other Asia-Pacific nations is a threat, the increasing need for faster production and enhanced shelf appeal are driving the market ahead. Some concerns to this market are the stringent regulations to pharmaceutical packaging by the governments across Europe, environmental concerns regarding the use of plastics and the rising costs of raw materials used.
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 Amcor, CCL Industries, Intrapac, Rexam Plc and Schott AG.
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