Market Trends of North America Healthcare Packaging Industry
This section covers the major market trends shaping the North America Healthcare Packaging Market according to our research experts:
Pharmaceutical Industry has Witnessed Significant Growth
- The United States dominates the North American market for pharmaceutical packaging due to the significant presence of global players, like Owens Illinois, Corning, and Gerresheimer. These companies cater to some of the largest pharmaceutical companies, like Abbott, Pfizer, Roche, and Novartis. These pharma companies provide both domestic and international customers from their North American facilities.
- The country dominates the pharmaceutical market, both in consumption and development. According to STAT, prescription drug spending in the country is considered to increase to USD 600 billion by 2023, up from an estimated USD 500 billion in 2019, which is further expected to drive the market for pharmaceutical packaging in the country.
- The increasing population under the age group of 0-9 years is estimated to drive the demand for pharmaceutical syrups, which would, in turn, reflect the growth of healthcare packaging in the region. According to the United States Census Bureau, in the United States, the population under 0-9 years age group was 40.01 million in 2019.
- The US government has placed various laws and regulations on the labeling and packaging of pharmaceutical drugs. This could lead to an increase in the demand for packaging, owing to the inability of an in-house packaging facility for few pharmaceutical companies in this country.
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Rise In Medicine Counterfeiting is Leading to Advanced Packaging and Labeling
- Counterfeit drugs are increasingly infiltrating the pharmaceutical supply chain, threatening the health of patients and incurring a high cost to drug manufacturers.
- Around 19 million Americans purchase the medication outside of the secure supply chain, mostly from approximately 50,000 global online pharmacies. A comprehensive study of 11,700 online pharmacies accessible to US customers found that approximately 95% failed to fully comply with laws and industry standards to protect patients.
- Defeating the counterfeiters demands a multi-level approach, an element of which is secure packaging. Smart and anti-counterfeiting packaging solutions are the fast-developing requirements, and this technology gives a perfect fit to further extend the extensive range of closures in the pharma sector.
- Many producers and distributors are primarily seeking to gain greater visibility over their supply chain operations in order to deter counterfeiting. RFID and NFC enabled packaging can monitor the movement in real-time, which allows for quick alerts when a shipment gets diverted or tampered with.
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