Pharmaceutical Packaging Market Growing at a CAGR of 6.4% During 2016 to 2021
The pharmaceutical packaging market is projected to reach USD 94.93 billion by 2021, at a CAGR of 6.4% during the forecast period, 2016 to 2021 while pre-fillable syringes segment is projected to grow at the highest CAGR during forecast period, 2016 to 2021
Pune, India – March 10, 2017 /MarketersMedia/ —
The growth of the pharmaceutical packaging market can be attributed to increased demand from the emerging economies for improved healthcare services and increase in the aging population in developed economies, such as the U.S., the U.K., and Japan, among others. Other key factors driving the growth of the pharmaceutical packaging market are growing urbanization, increasing acceptance of oral administration of drugs, and technological advancements in the field of pharmaceutical packaging such as Nano technology. However, factors such as, increase in overall packaging costs owing to dynamic regulatory measures, and stringent regulations set by various governing bodies to curb manufacturing of counterfeit medicines in several countries, are expected to restrain the growth of the pharmaceutical packaging market during the forecast period.
Complete report on pharmaceutical packaging market spread across 189 pages, profiling 12 companies and supported with 94 tables and 44 figures is now available at http://www.rnrmarketresearch.com/pharmaceutical-packaging-market-by-packaging-type-plastic-bottles-blister-packs-caps-closures-ampoules-vials-and-others-raw-material-plastics-paper-paperboard-glass-aluminum-foils-and-market-report.html .
Owing to relatively long shelf-life and stringent safety standards set for pharmaceutical packaging, the effort put in by pharmaceutical packaging suppliers and their raw material suppliers needs to be thorough and error-free. Moreover, it is required to be child and leakage proof. These factors are expected to restrain the growth of the pharmaceutical packaging market during the forecast period. In addition, counterfeit medicines are a major concern and an important challenge for the pharmaceutical industry.
The pre-fillable syringes segment of the pharmaceutical packaging market is projected to grow at the highest CAGR from 2016 to 2021. Traditional vials and syringes are prone to dosing errors and as such, it is relatively difficult to achieve better patient compliance rates by using them. Pre-fillable syringes are gaining popularity across the globe, owing to increase in the number of people resorting to self-medication. These syringes are for one-time use and allow easy drug administration. Growing elderly population across the globe, who need regular treatment via dosing, is one of the key drivers for the growth of the pharmaceutical packaging market.
Among veterinary vaccines, the livestock segment is projected to lead the pharmaceutical packaging market during the forecast period. Livestock is mainly bred for food, such as meat and dairy products. Hence, prevention of diseases in livestock is a major concern to obtain healthy food products from these animals.
The report provides profiles of major market players, such as Amcor Ltd. (Australia), Schott AG (Germany), AptarGroup, Inc. (U.S.), Gerresheimer AG (Germany), Becton, Dickinson and Company (U.S.), and Capsugel Inc. (U.S.),among others and competitive strategies adopted by them to strengthen their position in the market. Order a copy of Pharmaceutical Packaging Market by Type (Plastic Bottles, Blister Packs, Vials), Veterinary Vaccine Packaging (Livestock, Aquaculture, Porcine), Drug Delivery (Oral, Pulmonary, Topical), Raw Material (HDPE, LDPE), and Region – Global Forecast to 2021 research report at http://www.rnrmarketresearch.com/contacts/purchase?rname=147862 ,
Improvement in healthcare systems and increased access to healthcare services in the Asia-Pacific region could offer new opportunities to pharmaceutical packaging providers for growth in the region. The Asia-Pacific pharmaceutical packaging market is projected to grow at the highest CAGR during the forecast period, owing to increase in the number of initiatives taken by various governments to promote manufacturing of pharmaceuticals in the region and continuously aging population.
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