The pharmaceutical industry is seeing an exponential growth. With changing lifestyle, more and more people are being diagnosed with various diseases. 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 a driving force of pharmaceutical packaging market. The rise in self-medication and over-the-counter products is also contributing to the growth of this industry.
The global pharmaceutical packaging market is estimated to grow from USD 57.9 billion in 2016 to USD 93.84 billion by the end of 2021 at a CAGR of 8.38%. North America and Europe lead the market followed by the Asia-Pacific market.
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.
The world revenue for pharmaceutical anti-counterfeiting technologies will cross a billion dollars by the end of 2016. The threat of counterfeiting is much more intense in the North American region where innovative drugs are produced with significant investment. Companies cannot afford to lose revenue from lost and faked products. The significant investment is a boost to the packaging industry as the major anti-counterfeiting measures like tamper evident packaging systems such as film wrappers, shrink seals and bands, breakable caps, sealed tubes are the basic first level defenses against counterfeiting.
It is necessary for packaging companies to manufacture packages which keep the product safe from the environment and vice versa. Also, there should be proper labeling of the products so that it cannot be counterfeited and it should have a longer shelf life. Some of the pharmaceutical packaging products being used to meet above objectives are ampoule, vial, dropper bottle, labels and patient information booklet.
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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