The global pharmaceutical contract packaging market size is expected to reach USD 47.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.1%, over the forecast period. The access to advanced technologies, cost-saving, and focus on core competencies are anticipated to propel market growth over the forecast period.
The
growing pharmaceutical industry with high competition within the market is the
major factor driving the market. Pharmaceutical companies are outsourcing the
packaging activities to third parties, mainly in emerging nations such as
China, India, and Brazil. Further, rising pricing pressure on pharmaceutical
companies is boosting the demand for contract packaging services in the
industry. The stringent regulatory scenario in developed countries and changing
regulations in emerging countries are driving the market.
Moreover,
the large Contract Packaging Organizations (CPOs) and Contract Development and
Manufacturing Organizations (CDMOs) are continually acquiring small contract
service providers to fill any gaps in the value chain or expand their existing
portfolios. As smaller service provider have customer bases which comprise of
small and mid-sized pharmaceutical companies, it allows larger CPOs and CDMOs
to better compete with small service providers. Thus, maintaining the threat of
new entrants at a moderate level for larger CPOs and CDMOs.
In
addition, lack of in-house wrapping capabilities, expertise, and budget
constraints are the major issues faced by small pharmaceutical companies in the
industry. Contract packaging service providers are recognized as an effective
approach to curb such issues of the small companies owing to the low-cost
service offering. Lack of resources and budgets has prompted many small
pharmaceutical companies to established mutually beneficial relationships with
CPOs and CDMOs. Contract service providers are making significant attempts to
meet their client’s expectations and provide highly sophisticated wrapping
facilities.
The
stringent regulations in developed regions such as North America and Europe are
expected to drive the market over the forecast period. For instance, compulsory
barcodes system for the pharmaceutical wrapping and the transfer of large
volumes of data related to the supply of medicines under serialization
legislation.
Full Research Report On Pharmaceutical Contract Packaging Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/pharmaceutical-contract-packaging-market
Pharmaceutical
Contract Packaging Market Report Highlights
- By type, the
primary packaging segment held the largest market share in 2019 owing to
the increase in outsourcing of primary wrapping activities to CPOs
- Bottles
primary packaging segment held the largest market share of 29.7% in 2019
owing to the lack of internal wrapping capabilities
- The glass
segment held the largest segment in 2019 as it is suitable for the most
parenteral and non-parenteral preparations in the industry
- Asia Pacific
is expected to witness the fastest growth over the forecast period owing
to the presence of a large number of contract service providers in the
region
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/pharmaceutical-contract-packaging-market/request/rs1
Pharmaceutical
Contract Packaging Market Segmentation
Grand View Research has
segmented the global pharmaceutical contract packaging market based on type,
material, and region:
Pharmaceutical
Contract Packaging Type Outlook (Revenue, USD Million, 2016 - 2027)
- Primary
- Bottles
- Vials
- Ampoules
- Blister Packs
- Others
- Secondary
- Tertiary
Pharmaceutical
Contract Packaging Material Outlook (Revenue, USD Million, 2016 - 2027)
- Plastics & Polymers
- Paper & Paperboard
- Glass
- Aluminum Foil
- Others
Pharmaceutical
Contract Packaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Belgium
- Russia
- Sweden
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Malaysia
- Philippines
- Thailand
- Singapore
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Egypt
List of Key
Players of Pharmaceutical Contract Packaging Market
- Amcor plc
- BALL CORPORATION
- Nipro Corporation
- Daito Pharmaceutical Co., Ltd.
- Pfizer CentreOne
- West Pharmaceutical Services, Inc.
- WestRock Company
- Patheon (Thermo Fisher Scientific Inc.)
- Catalent, Inc.
- Baxter BioPharma Solutions
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment