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U.S. Pharmaceutical Packaging Market to Expand with Significant CAGR by 2020
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The U.S. market is driving the growth of North American market for pharmaceutical packaging due to presence of health conscious people and their high spending power. The U.S. market is expected to maintain moderate growth due to increasing aging population, robust innovations and increasing consumer demand for sophisticated packaging.
Technological innovation in packaging and integration and advanced manufacturing process are some of the driving factors responsible for the growth of pharmaceutical packaging market in the U.S. In addition, regulation implemented by authorized agencies such as Food and Drug Administration (FDA), National Quality Forum (NQF) and Healthcare Compliance Packaging Council (HCPC) for packaging is also driving the growth of the pharmaceutical packaging market. However, price volatility, availability of raw material and changing health regulation are some major restraints inhibiting the growth of the pharmaceuticals packaging market.
Nano enabled pharmaceutical packaging open new opportunities for the growth of pharmaceutical packaging market. Nanotechnology, biotechnology and electronics plays important role in enhancing functionality of packaging. Availability of raw material for packaging is expected to be the challenge for the growth of the pharmaceutical packaging market. Some of the recent market trends in the field of pharmaceutical packaging market are advancement in packaging technologies and emergence of new medicinal products. In addition, eco-friendly packaging and child resistant packaging is also gaining popularity due to special blister packs and cardboard packaging.
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Some of the leading market players are MeadWestvaco Corporation, Alexander (James) Corporation, Baxter International Incorporated, Amcor Limited, Centor and Lilly (Eli) Company. Unilife Corporation, SCHOTT AG and Plastube Incorporated.
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