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Packaging and Labeling (Healthcare) Services Market to Surge at a CAGR of 5.3% between 2015 and 2023
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According to TMR, the global packaging and labelling services market in the healthcare domain will be worth US$136.27 bn by 2023. On the basis of packaging tape, the primary packaging activities is likely to dominate in the market. On the basis of geography, it is anticipated that Europe will prove to be lucrative market for packaging and labelling services. The rising number of Biotech and pharmaceutical companies in Europe is behind the growth in the region. By 2023, estimated to account for 31.3% of the total market. Asia Pacific is also expected to be a lucrative market with several growth opportunities.
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As per the lead author of this report, "the rising incidences of chronic ailments worldwide is boosting the growth of this market. Sedentary lifestyle is one of the key reasons behind the rise in chronic ailments." Rise in the health care spending will also support the growth of packaging and labelling (Health Care) Services Market. As pharmaceutical products and medical devices play a crucial role in ensuring public well-being, stringent policies and regulations are being implemented. This has forced that biopharma and pharmaceutical packaging companies to comply with the highest possible standards of quality. These strict regulations are expected to boost quality packaging and in turn will bode well for the global packaging and labelling services market in the healthcare domain.
Good packaging leads to enhanced shelf life of pharmaceuticals, repressing the development of microbes. With growing interest in reducing the environmental impact, pharmaceutical companies are currently investigating bio-based as well as green options. They are doing so by investing extensively on research and development.
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On the other hand, complicated registration process is expected to hinder the growth of the packaging and labelling services market in the healthcare domain. The lengthy approval processes will also be a factor that will restrict the growth of the market. Nevertheless, the growing adoption of Nano enabled packaging within the pharmaceutical sector will drive the growth prospects of the global packaging and labelling services market. An increase in the demand from emerging nations will also be a growth opportunity for market players to tap on.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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