The fastest growth in the pharma packaging market is expected to come from prefillable syringes and parenteral vials, which will continue to expand as advances in biotechnology lead to the introduction of new therapies that must be injected.
(PRWEB) October 21, 2012
Packaging is one of the largest industry sectors in the world, worth several billions. Pharmaceutical packaging represents a meager percentage of this colossal market. The global healthcare industry has seen a shift in paradigm and is now skewed toward effective and meaningful packaging. Packaging was considered as an afterthought which was required merely in the final stages of manufacturing for many pharmaceutical companies about a decade ago. But of late, pharmaceutical packaging has quickly become an essential part of the drug delivery system as well as a core element of the marketing mix, through which manufacturers can differentiate their products from those of their competitors. As drug manufacturers approach the 21st century, they face a number of challenges that packaging can help them meet. The demand for pharmaceutical packaging is increasing and will continue to increase as companies rely more on packaging and labeling as media to protect and promote their products, increase patient compliance, and meet new regulations.
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The global pharmaceutical packaging market is expected to witness a CAGR of 8% (2012-17) in the coming five years to reach a value of $85 billion by 2017. The market is expected to be fueled by off-patenting of drugs and expanding the generics market. The global pharmaceutical industry is presently undergoing swift expansion, a lot of technology innovations and rapid advancements in manufacturing processes and integrations. These factors are auguring growth of the pharmaceutical packaging industry globally. Due to increasing generic and contract manufacturing activities in Asian countries especially India and China, the emerging geographies are expected to register maximum growth.
The global pharmaceutical packaging market is expected to witness significant push due to incessantly rising demand of biologics. Advances in biotechnology often lead to the introduction of new therapies that must be injected; the pharmaceutical packaging market is expected to witness fastest growth from prefillable syringes and parenteral vials. Availability of raw materials and price volatility coupled with changing health regulations are the major deterrents which is curbing the growth of this market.
The fastest growth in the pharma packaging market is expected to come from prefillable syringes and parenteral vials, which will continue to expand as advances in biotechnology lead to the introduction of new therapies that must be injected. The increasing demand for biologics will strengthen demand for innovative product packaging solutions in the global pharmaceutical packaging market. All these factors, along with the growing pharma industry, will continue to drive demand for packaging. However, the packaging industry will have to overcome challenges, such as the availability and price volatility of raw materials and changing health regulations, in order to meet increasing demand from the growing pharma industry.
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