Pharmaceutical Packaging Market Demand and Supply Dynamics, Industry Processes and Cost Structures by 2022
The prominent players operating in the market include Amcor Ltd, Berry Plastics Corporation, Gerresheimer AG, Becton Dickinson and Company, MeadWestvaco Corporation, Graphic Packaging Group, RPC Group, Owen-Illinois Inc., Schott Pharmaceutical Packaging, and West Pharmaceutical Services Inc.
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Technological advancements and stringent regulations by governments for conventional packaging facilitate the market growth. Moreover, different technologies including temper-evident packs, RFIDs, labels, holograms, and special inks for combating counterfeit medicines supplements the market growth. On the other hand, patent expiration of various medicated drugs would create new opportunities during the forecast period.
Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84% and 8.45%, respectively, during the forecast period. This is because packaging companies are constantly focusing on eco-friendly packaging materials, techniques, and technologies to overcome the increasing environmental concerns.
Key Findings of Pharmaceutical Packaging Market
• Asia-Pacific is expected to continue to dominate the market during the forecast period, followed by Europe.
• Plastic bottles and parenteral containers together occupy two-fifths of the total share, in terms of revenue.
• Middle East is expected to witness a CAGR of 7.2% from 2016 to 2022.
• South Korea grows at a faster rate in Asia-Pacific pharmaceutical packaging market, registering a CAGR of 7.4%.
• In Europe, France is expected to occupy the highest CAGR of 6.3%.
In 2015, Europe and North America together occupied approximately two-thirds of the total market share, by volume. India has adopted the growing need for environmental concerns by advancement in technologies; the pharmaceutical packaging market is expected to expand with a CAGR of 7.36%.
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