Global Pharmaceutical Packaging Market 2019-2023
About this market
Many pharmaceutical companies are investing heavily in R&D. Increased R&D spending by pharmaceutical manufacturers are expected to increase the number of pharmaceutical products in the market, thereby driving the demand for pharmaceutical packaging. By outsourcing packaging operation to third-party players. pharmaceutical manufacturers can reduce their capital expenditure and operating cost associated with the purchase of packaging machinery. space for setting up packaging unit. and labor cost. Pharmaceutical manufacturers can also concentrate on their core business by outsourcing packaging services. The rising R&D spending by the pharmaceutical manufacturers are expected to increase the demand for innovative packaging. as they are focusing on convenient packaging to differentiate the products in the market. Technavio’s analysts have predicted that the pharmaceutical packaging market will register a CAGR of almost 7% by 2023.
Increase in number of new drugs approved by FDA
The growth in new drugs approval is expected to increase the demand for pharmaceutical packaging. The pharmaceutical packaging vendors are naturally flexible to accommodate new product packaging as they are operating diverse packaging units for different product lines. Hence, the packagers can easily convert or set up their existing packaging unit for new product packaging based on the requirement of pharmaceutical manufacturers due to the sudden increase in the drug approvals by the FDA.
Risk of counterfeiting in pharmaceutical packaging
The risk of counterfeit is higher in the supply chain of pharmaceutical products. The counterfeit drugs can be a threat to consumers' life. They can also financially impact the pharmaceutical vendors and packaging vendors. In addition, the after-effects of counterfeit drugs can affect the brand reputation.
For the detailed list of factors that will drive and challenge the growth of the pharmaceutical packaging market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Pharmaceutical Packaging Market 2019-2023
Technavio recognizes the following companies as the key players in the global pharmaceutical packaging market: Amcor, Gerresheimer, O-I, West Pharmaceutical Services, WestRock Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing number of patent expiration in the pharmaceutical industry which is expected to increase during our forecast period.”
According to the report, one of the major drivers for this market is the growth in pharmaceutical sales is expected to increase the demand for pharmaceutical packaging.
Further, the report states that one of the major factors hindering the growth of this market is the stringent regulations for pharmaceutical packaging.
West Pharmaceutical Services
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