LOS ANGELES, June 18, 2019 (GLOBE NEWSWIRE) -- The global pharmaceutical packaging market to attain valuation around USD 112 billion by and will grow at CAGR above 7.9 % from period 2019 to 2026.
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Due to increasing R&D, fresh developments in packaging products, development in the generic industry and an increasing contracting trend, this industry is anticipated to be experiencing remarkable development in the next years. The market is also anticipated to drive the growth in demand for reusable and environmentally friendly packaging. The company in the pharmaceutical industry has begun adopting environmental-friendly pharmaceutical packages.
In order to enhance packaging norms, technological sophisticated pharmaceutical and biopharmaceutical solutions provide enormous and advanced applications to the pharmaceutical and biotechnology sectors. The consequences of this driver will improve considerably as awareness of multiple illnesses, an increase in auto-medication and an increase in the use of OTC medicines is increased. With progress in technology and eco-friendly packings, the price of pharmaceutical packaging will be reduced. It is expected that the implementation of nano-enabled products will have a beneficial effect on this industry.
Market Dynamics
In the worldwide pharmaceutical packaging industry the sophisticated production procedures used to create pharmaceutical packaging play a key role. Environmentally friendly materials are used to create advanced procedures for manufacturing of pharmaceutical packaging including green packaging techniques which cause minimal environmental harm. The designs of these biodegradable and environmentally friendly packaging products replace the standard packaging products already in use. Paper, carton and maize starch form the basic products for eco-friendly packaging. The use of biodegradables promotes sustainability in all pharmaceutical product lifecycle phases, thereby increasing the need for sustainable packaging for producers of pharmaceutical products.
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The volatility in prices of raw materials used in pharmaceutical packaging curbs the market development. The cost of raw materials and packaging in recent years has risen considerably and overall prices and shifts in ecological actions are also anticipated to rise.
Regional Stance
The highest market share of North America in 2018 was over 35 percent. The increased production of child-resistant packaging products is one of the variables contributing to this. Moreover, the growing production of branded medicines requiring increased packaging material input to safeguard the drug against the external environment reinforces demand for the regional product.
Asia Pacific will increase by 12.2 per cent during the forecast period at the highest CAGR. The expected development is due to the growing popularity of rigid plastics. The growing demand is expected to boost the local market for Polyethylene teraphthalates (PET) and Polyethylene (PE). The development of public drug safety legislation has enhanced the development of the regional economy. In order to safeguard drugs from outside environmental variables, use of pharmaceutical packaging is crucial and vice versa in some instances.
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Key Players & Strategies
Major market players are Gerresheimer AG; West Pharmaceutical Service Inc.; Amcor Ltd.; Schott AG; BD; and Aptar Group. The market is highly fragmented with several players operating at both local and regional levels. Other prominent players are Owens Illinois Inc.; Bemis Company; Capsugel; Berry Global; COMAR LLC; SGD SA; and International Paper Company.
Competition is anticipated to improve with the diversification approach to provide information services together with the existing product portfolio. The manufacture of high-value products from materials such as bioplastics and recyclable paper should assist businesses to differentiate products.
Fusions and acquisitions were found to be one of the main methods used by important players to compete in the industry. Companies strive to attain product management in certain categories because of the anticipated rise in merger valuations over the forecast period. In order to concentrate on lucrative corporate sections, industry members participate in reorganization. Companies are seeking a equilibrium between investing in and keeping price levels by focusing ever more on durability packaging.
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