Market Research Future added New Report Named "Global Pharmaceutical Packaging Market Research Report- Forecast 2023" to its Database
Online PR News – 05-August-2019 – pune – Global Pharmaceutical Packaging Market Research Report: Information by Material (Plastic, Paper & Paperboard, Glass), Type (Bottle, Aerosol Pack, Tubes, Blister Pack, Sachets), Packaging (Rigid, Flexible, Semi-rigid), Application (Generic Drugs, Branded Drugs, Medical Tools & Equipment, Test Kits, Nutraceuticals), and Region - Forecast till 2023
The global pharmaceutical packaging market is expected to gain an unprecedented value of USD 194.58 million by 2023 with a CAGR of 4.43% during the forecast period (2018-2023). The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Pharmaceutical packaging is used for protecting, identifying, and presenting necessary information regarding the contents and compliance of a drug. This type of packaging helps control the degradation of the drug by oxygen, moisture, and heat and prevent microbial contamination and sterility. This ensures the adequate stability of the product throughout its shelf life.
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On the basis of region, the market is segmented in to North America, Europe, Asia-Pacific, and the rest of the world. North America is anticipated to lead the pharmaceutical packaging market during the forecast period, followed by Asia-Pacific. The region has high demand for lightweight and easily transportable packaging. US, followed by the Canada, are countries that are expected to dominate the pharmaceutical packaging market in Asia-Pacific.
The global pharmaceutical packaging market is expected to reach USD 1,06,202.1 million at a CAGR of over 6.51% by the end of the forecast period.
Taste the market data and market information presented through more than 390 market data tables and 76 figures spread over 260 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on "The Global Pharmaceutical Packaging Market Research Report- Forecast to 2023."
The global pharmaceutical packaging market is segmented based on material, type, packaging, and application.
On the basis of material, the global pharmaceutical packaging market is segmented into into plastic, paper & paperboard, glass, and others. The plastic segment is expected to dominate the market, owing to its barrier properties and chemical inertness. They can be used to create attractive packages with aesthetic appeal, which helps in the promotion and marketing of the pharmaceutical products.
The plastic segment dominated the market and was valued at USD 29,899.98 million in 2017. This value can reach USD 39,785.86 million by 2023. Meanwhile, the paper & paperboard segment is witnessing significant growth and is expected to attain 8.76% CAGR during the forecast period.
On the basis of type, the global pharmaceutical packaging market is segmented into bottles, aerosol packs, tubes, blister packs, sachets, parenteral vials & ampoules, prefilled syringes, caps and closures, and others. In 2017, the bottles segment held the maximum market share and was valued at USD 20,917.80 million. This value can rise to USD 30,469.66 million by 2023. This segment is expected to grow with the fastest CAGR of 5.50% during the forecast period.
On the basis of packaging, the global pharmaceutical packaging market is segmented into rigid packaging, flexible packaging, and semi-rigid packaging. In 2017, the rigid packaging segment held the maximum market share and was valued at USD 34,196.91 million. This value can rise to USD 51,858.77 million by 2023. This segment is expected to grow with the fastest CAGR of 7.67% during the forecast period.
On the basis of application, the global pharmaceutical packaging market is segmented into generic drugs, branded drugs, medical tools & equipment, test kits, nutraceuticals, and others. In 2017, the generic drugs segment held the maximum market share and was valued at USD 25,295.51 million. This value can rise to USD 33,634.15 million by 2023. This segment is expected to grow with the fastest CAGR of 5.31% during the forecast period.
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Some of the prominent players operating in the global pharmaceutical packaging market report are Amcor Limited (Australia) SCHOTT AG (Germany), Owens-Illinois Inc. (US), Sonoco Products Company (US), West Pharmaceutical Services, Inc. (US), WestRock Company (US), Berry Global Inc. (US), CCL Industries, Inc. (Canada), AVERY DENNISON CORPORATION (US) International Paper (US), Comar, LLC (US), Gerresheimer AG (Germany).
Owens-Illinois Inc. focus on providing innovative and competitively priced solutions to its customers. It aims to be the most cost-effective glass packaging solutions provider and the dominant player in the global pharmaceutical packaging market. The company focuses on growing its shareholders wealth and enabling the success of its employees. It is continuously working on improving the quality of its products.
Sonoco Products Company strategizes to expand its presence through strategic acquisitions, across the globe. It concentrates on offering quality products to the right customers in the right markets, which results in customer satisfaction and high manufacturing productivity. It also focuses on research and development activities to develop innovative products that meet the changing requirements and standards of the industry.
Key Questions Addressed by the Report
What was the historic market size (2017)?
Which segmentation (material /type/ packaging is driving market?
What will be the growth rate by 2023?
How are the key players in this market?
What are the strategies adopted by key players?
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