Global Pharmaceutical Contract Packaging Market Value Projected to Reach US$ 16 Billion by 2023

Over the past few years, the global pharmaceutical contract packaging market has witnessed a healthy growth. This can be accredited to factors like rigid government policies, increasing investment in R&D activities and rising popularity of smart labels.

As per the latest report by IMARC Group, titled “Pharmaceutical Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global pharmaceutical contract packaging market reached a value of more than US$ 10 Billion in 2017. In order to provide an optimum pharmacological effect to the patients, drugs require to be safely packed after production. To ensure this, pharmaceutical companies outsource secondary operations such as labeling and packaging of drugs to contract firms. Pharmaceutical contract packaging is more profitable, flexible and assists in keeping up with the changing times. Contract packaging firms also provide secondary services like assembling, secondary packaging, and labelling of vials, pre-filled syringes and auto-injectors.

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Market Trends:

The implementation of strict rules and regulations by the governing agencies regarding the packaging of drugs has been the major growth-inducing factor for the market. Moreover, as opposed to drug manufacturers, pharmaceutical contract packaging vendors can undertake different types of packaging projects and can easily sort issues which arise from the complex packaging requirements. Further, these vendors are investing in research and development activities to improve the quality of their offerings. Apart from this, as these companies have a global presence, it helps the pharmaceutical companies in creating a fluid channel for the distribution of medicines and medical equipment across various regions. Additionally, the growing employment of smart packaging solutions, such as smart labels, is expected to create a positive outlook for the market. Looking forward, the market value is projected to reach US$ 16 Billion by 2023, expanding at a CAGR of 7% during 2018-2023.

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Global Pharmaceutical Contract Packaging Market Segmentation:

Market Breakup by Industry:

1. Small Molecule

2. Biopharmaceutical

3. Vaccine

On the basis of industries, the market has been segregated into small molecule, biopharmaceutical and vaccine. At present, small molecule represents the leading industry, accounting for the majority of the total market share.

Market Breakup by Type:

1. Sterile

2. Non-Sterile

Based on types, the market has been bifurcated into sterile and non-sterile segments. Currently, the sterile segment dominates the market, holding the largest share.

Market Breakup by Packaging:

1. Plastic Bottles

2. Caps and Closures

3. Blister Packs

4. Prefilled Syringes

5. Parenteral Vials and Ampules

On the basis of packaging, plastic bottles account for the biggest market share, followed by caps and closures, blister packs, prefilled syringes, and parenteral vials and ampules.

Market Breakup by Region:

1. United States

2. Europe

3. China

4. India

5. Latin America

6. Others

Region-wise, the market has been segmented into the United States, Europe, China, India and Latin America. Amongst these, the United States is the leading market, holding the dominant share.

Competitive Landscape:

The competitive landscape of the market has also been examined in the report with the detailed profiles of the key players operating in the market.

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This release was published on openPR.