Brazil leads the market in terms of revenue followed by Argentina. This growth is attributed to the growing economies of Latin American nations.
The Latin America pharmaceutical market is estimated to grow from USD 5.51 billion in 2016 to USD 10.80 billion by the end of 2021 at a CAGR of 11.87%. The economy of Latin America has grown from 2.9% in 2014 to 3.7% in 2016. The steady growth in this region for some years and economic policies has improved the lives of millions. The poverty rate has also declined from 42% in 2000 to 25% in 2012 and the middle class has increased from 22% to 34% in the same time.
This huge growth has increased the demand for medicines. The pharmaceutical market in this region is valued at more than USD 65 billion. This growth in the pharmaceutical market has spurred the growth in the pharmaceutical packaging also. Packaging is the key part of the pharmaceutical market because it helps with keeping the drugs safe from contamination and damage.
The pharmaceutical industry is seeing an exponential growth. With changing lifestyle, more and more people being diagnosed with various diseases and with 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.
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.
It is necessary for packaging companies to manufacture such packages which meet the objectives of keeping the product safe from the environment and vice versa. Some of the pharmaceutical packaging products being used to meet above objectives are ampoule, vial, dropper bottle, labels and patient information booklet.
The major problem with this market is the striking socio-economic differences. The regions close to the urban areas have high GDP per capita which is very much different from the other regions. Also, Brazil, Mexico and Argentina are the major driving forces of the region and the other countries are still not the key drivers in terms of economy and FDI. With this region getting a lot of investment and support from countries like the USA, the economic situation will improve and create more economic hubs across the region.
The report provides a comprehensive analysis of the market segmented on the basis of packaging material used and the end-user industry. The various products used in pharmaceutical packaging are explained along with their market shares and forecasts. 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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