Global Pharmaceutical Contract Packaging Market 2019-2023
About this market
Growing demand for sustainable packaging to drive market growth. The growing environmental concerns are increasing the demand for sustainable packaging solutions among the pharmaceutical manufacturers. Plastic films and plastic materials are mostly derived from petroleum feedstock. Their adverse effects on the environment have encouraged the vendors to provide eco-friendly packaging to their consumers. Technavio’s analysts have predicted that the pharmaceutical contract packaging market will register a CAGR of over 17% by 2023.
Rising R&D spending in pharmaceutical industry
Many pharmaceutical companies are investing in R&D to be successful in their businesses for long term. The high R&D spending by the pharmaceutical manufacturers are expected to bring more pharmaceutical products in the market. This has increased the demand for pharmaceutical contract packaging. By adopting contract packaging, the pharmaceutical manufacturers can reduce their capital expenditure and operating cost associated with the purchase of packaging machineries, space for setting up packaging units, and labor cost for the same.
High cost of anti-counterfeit packaging technology
The risk of counterfeit is higher in the supply chain of pharmaceutical products. The counterfeit of pharmaceutical products can be a threat to consumers' lives. It can also financially impact pharmaceutical vendors and contract packaging vendors. In addition, the after-effects of counterfeit drugs can adversely impact the reputation of the brand.
For the detailed list of factors that will drive and challenge the growth of the pharmaceutical contract packaging market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including FedEx and Sharp the competitive environment is quite intense. Factors such as the rising R&D spending in pharmaceutical industry and the growing demand for sustainable packaging, will provide considerable growth opportunities to pharmaceutical contract packaging manufactures. CCL Industries, Co-Pak, FedEx, Sharp, and TricorBraun are some of the major companies covered in this report.
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