Pharmaceutical Packaging Market to Grow at 6% CAGR During 2016-2020

ReportsnReports.com adds Global Pharmaceutical Packaging Market 2016-2020 a new research report in its store. The global pharmaceutical packaging market to grow at a CAGR of around 6% during the forecast period

One of the major trend is the rise in demand for ampules and vials. These containers are popular owing to the high bioavailability and fast action rates of the drug, and the drug is administered in the injectable form. In addition, trends that will keep on pushing the market are integration with protective technologies, popularity of superior plastics as a raw material, and growth in contract manufacturing will further fuel the growth of pharmaceutical packaging market.

Complete report on pharmaceutical packaging market spread across 77 pages, profiling 5 companies and supported with 46 data exhibits is now available at http://www.reportsnreports.com/reports/453104-global-pharmaceutical-packaging-market-2016-2020.html.

According to the pharmaceutical packaging market report, increased adoption of prefillable syringes is a major driver, which is expected to propel the growth of the market during the forecast period. These syringes are gaining popularity because of the rise in chronic diseases where patients need to self-administer drugs multiple times in a week. This is fueling innovations in syringes such as multi-chambered syringes and technology to minimize leachables and extractables, thus driving the growth of global market.

However, the growing number of counterfeit products in the market is anticipated to deter the market growth during the forecast period. According to studies by the WHO, the counterfeiting rate among prescriptions sold through suspicious websites is nearly 50%. Stringent regulations are being implemented by governments globally, to counter these risks. For instance, in Europe, under the new Anti-Falsification Directive, as of 2017, drugs that have been prescribed by doctors will have to be provided with a particular and unique code number, a feature that will represent that the packaging of the drug is new and authentic.

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Packaging material segmentation and analysis of the pharmaceutical packaging market -Glass pharmaceutical packaging, Paper and paperboard pharmaceutical packaging and Plastic pharmaceutical packaging

Plastic pharmaceutical packaging accounted for a market share of around 61% during 2015. Plastic is the most preferred packaging material as it is available in a variety of grades, has significant barrier properties, is chemically inert, and can be used to create attractive packages with esthetic appeal, which helps in the marketing and promotional activities for the drug. The grades of plastic used for packaging include PE, PP, polyolefin, PET, and PVC.

Geographical segmentation and analysis of the pharmaceutical packaging market – APAC, North America, ROW and Western Europe

North America dominated the market during 2015, accounting for a market share of around 35%. The pharmaceutical packaging market in North America is dominated by the US, which is a highly competitive market. The demand for innovative forms of packaging in the country is propelled by stringent regulations by agencies such as the FDA.

Competitive landscape and key vendors

The global pharmaceutical packaging market is highly fragmented with several multinational, regional, and local vendors. The local players have been offering innovative solutions at a lower price compared to the international players, leading to price wars. The small and local vendors compete on the basis of cost, as it is difficult for them to compete with international vendors in terms of quality, features, and range of offerings. The report predicts international players to grow inorganically during the forecast period by acquiring regional or local players.

The following companies are the key players in the Global Pharmaceutical Packaging Market: Bemis Healthcare Packaging, Gerresheimer, Owens-Illinois, West Pharmaceutical and Westrock

The other prominent vendors in the market include Air Packaging Technologies, Alexander, American Health Packaging, Aptargroup, Barger Packaging, Becton, Dickinson & Company, Cardinal Health, Catalent Pharma Solutions, CCL Industries, Clondalkin Group Holdings, Constantia Flexibles, CWS Packaging, Datwyler Pharma Packaging, EUROMEDEX, Global Closure Systems, Intrapac Group, Klockner Pentaplast Group, Korber, Menasha Packaging, Nampak, NNE, Nypro Packaging, RPC Group, Schott, Steripack, Vitro, and Winpak.

Further, pharmaceutical packaging market report states that one of the key challenges is the fragmentation of the market. Most of the players operating in the market are micro, small, and medium-sized enterprises (MSMEs). The business models of large corporations are different from the business models of these small companies.

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