Global Pharmaceutical Packaging Market to Grow at 5% CAGR to 2019 Says a New Report at RnRMarketResearch.com
Dallas, Texas (PRWEB) April 27, 2015 -- The Global Pharmaceutical Packaging Market 2015 – 2019 is expected to grow at a CAGR of 5.9% during the period 2015 – 2019. Plastics will hold the greatest market share in the materials healthcare packaging market, mainly due to their cost effectiveness and high adaptability. The Global Pharmaceutical Packaging market is extremely fragmented with the presence of several global vendors. Topmost companies occupy a major portion of the market with the rest being occupied by several international and regional vendors. One key trend being witnessed in the market is the rise in demand for vials and ampules. The Parenteral Containers market is slated for the second highest growth among all the segments at a CAGR of 8.83 percent during the forecast period. These containers are popular because of the high bioavailability of the drug and fast action rates, and the drug is administered in the injectable form. They have excellent barrier properties against moisture and are sterilized using steam autoclave, gamma radiation, and peroxide sterilization.
Superior plastics such as high-density polyethylene, polyester, polypropylene, and cyclic olefins are increasingly being used as raw material in the construction of pharmaceutical packaging because of their excellent barrier properties. According to the report, one of the major drivers of the market is increased adoption of pre-fillable syringes. These syringes are growing in popularity because of the increase in chronic diseases where patients need to self-administer drugs many times a week. This is fueling innovations in syringes such as multi-chambered syringes and technology to reduce leachables and extractables. They offer several advantages such as minimization of drug waste, increasing useful product life, and convenience in drug administration. Presently, these syringes are integrated with advanced delivery systems such as pens and autoinjectors. Meanwhile, the parenteral vials and ampules submarket will continue to be the second-fastest growing market.
Being halogen-free, they are also more environmentally friendly. HDPE is also highly suited to making plastic bottles because it is flexible, lightweight, and corrosion resistant.
The booming biologics market, where injection is normally the delivery method of choice, is the main growth driver of these two markets. The Global Pharmaceutical Packaging market can be divided into nine segments based on the product type: Plastic Bottles, Caps and Closures, Blister Packs, Pre-fillable Syringes, Parenteral Containers, Pre-fillable Inhalers, Pouches, Medication Tubes, and Other Packaging. It can be divided into four categories based on the type of material used: Plastic Pharmaceutical Packaging, Paper and Paperboard Pharmaceutical Packaging, Glass Pharmaceutical Packaging, and Other Materials Packaging. The key customers of these packaging materials are pharmaceutical manufacturers.
Purchase Report at http://www.rnrmarketresearch.com/contacts/purchase?rname=336434.
Key Market Drivers: Increased Adoption of Pre-fillable Syringes, Adherence to Stringent Regulatory Standards, Increased Worldwide Consumption of Drugs, Increased Use of Disposable Medical Products, Increase in Disposable Income of People in Emerging Markets
Key Market Trends: Rise in Demand for Vials and Ampules, Integration with Protective Technologies, Popularity of Superior Plastics as Raw Material, Growth in Contract Manufacturing, Increase in Demand for Blister Packs, Growing Use of Child-resistant and Tamper-evident Packaging
The report recognizes the following companies as the key players in the Global Pharmaceutical Packaging Market: Amcor Ltd., Bemis Healthcare Packaging Inc., Gerresheimer AG, MeadWestvaco Corp., Owens-Illinois Inc. and West Pharmaceutical Services Inc.
Other Prominent Vendors in the market are: Air Packaging Technologies, Alexander, American Health Packaging, Aptargroup, Barger Packaging, Becton, Dickinson & Company, Cardinal Health, Catalent Pharma Solutions, CCL Industries, Clondalkin Group Holdings, Constantia Flexibles, CWS Packaging, Datwyler, EUROMEDEX, Global Closure Systems, Intrapac Group, Klockner Pentaplast Group, Korber, Menasha Packaging, Nampak, NNE, Nypro, RPC Group, Schott, Steripack, Vitro, West Pharmaceutical Services, Wihuri Group and Winpak.
Further, the report states that one of the key challenges of the market is the fragmentation of the market. Most of the players operating in the market are micro, small, and medium-sized enterprises. The business models of these companies are different from those of large corporations. The larger companies are capital-intensive and concerned with value-added activities such as material production, innovation in products, and high-volume supplies. This increases the unit cost of production for these companies. With regional and local vendors providing substitute products at much lower prices, there is an increase in price wars. When larger corporations try to emulate this strategy to maintain their market share, they risk the chance of lower profitability, which affects their investments in R&D and product development.
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Ritesh Tiwari, RnR Market Research, http://www.rnrmarketresearch.com/, +1 (888) 391-5441, [email protected]
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