Precedence Research’s latest report on the global pharmaceutical contract packaging market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global pharmaceutical contract packaging market size was valued at US$ 27.9 Billion in 2019 and is projected to reach US$ 47.5 Billion by 2027, rising at a market growth (CAGR) of 6.8% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for pharmaceutical contract packaging market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Contract packaging can be a compositeor easy process as it is adaptedas perexplicit scope of the packaging product, which differs significantly across the commercial retail, or trade sectors. Contract packaging and co-packaging playersoffer contract packaging services to product manufacturers and frequently act as an extension of the organization. Pharmaceutical contract packaging means sub contracting of secondary operations such as drug labelling and packaging third parties. A contract pharmaceutical packager offers services that include designing drug packing and testing of the packed drug. Foremost pharmaceutical players are now authorizing the operation of packaging of product to those service providers who are skillful and devoted in handling packaging of medicines.
Global pharmaceutical industry is shifting at an unparalleled pace. Novel biological treatments for cancer, and a substantial upsurge of prevalent diseases like diabetes generates demand for processing and packaging and solutions to realize the several requirements across the globe. Revolutionary changes are happening in the sector of biological therapies concerning the cancer treatment and autoimmune diseases, also rare illnesses that only distress a very small number of patients. Subsequently, numerous global drug manufacturers are presently concentrating on the growth of novel formulations and have sub contracted their closing, filling, and packing tasks of leading products to contract manufacturers, which are founded in the markets such as India and China. All manufacturers need extremely flexible equipment that can adjust to new-fangled products and packing formats rapidly.
Snowballing strict quality necessities and subcontracting of pharmaceutical packaging to contract packagers in emergent nations are anticipated to support the market during years to come. Pharmaceutical players are subcontracting the packaging operations to contract packagers to decrease the total speed and cost of production to market. This is predicted to subsidize to the market expansion during next few years. Additionally, deficiency of in-house packaging competences, proficiency, and budget restrictions are the few crucial problems confronted by small pharmaceutical firms in the market. Contract packaging service providers are considered as an operative way to limit such problems of the small companies due to the affordable service offering.Deficiency of resources and finances has encouraged several small pharmaceutical players to recognized mutually advantageous associations with CDMOs and CPOs.
North America dominates the global in pharmaceutical contract packaging marketplace on account of U.S. been global front-runner in drug manufacturing for numerous diseases. Asia Pacific is probable to eyewitness the rapid over next few years because of the occurrence of a great number of contract packaging service providers in the region. These companies are concentrating on escalating their services to cater the rising requirements of pharmaceuticals players. Further, snowballing the subcontracting pharmaceutical packaging to developing nations like India is further thriving the growth of the market in the APAC.
Escalating health awareness and swelling stress on the pharma players for reduction of the cost is added reason to further reinforce the growth of the pharmaceutical contract packaging market. Pharmaceutical drugs such as allopathic, antibiotic and alternative have huge request from consumers from APEJ nations. The development of pharmaceutical players in APEJ region will lift the market of pharmaceutical contract packaging as most of these players doesn’t engross itself in packingand wrapping of medicine. Western Europe nations including France, Germany, and U.K. are also progressing with a decent speed towards pharmaceutical contract packaging to curbadded operational expenditures of packaging for pharmaceutical firms.
- Asia Pacific expected to record fastest growth rate due to the intensifying requirement for medicines amongst COVID-19 epidemic and snowballing dependence on contract manufacturing organizations owed to better-quality competence and output
- The primary packaging segment grasp the major market revenue share due to the upsurge in sub contracting of primary wrapping tasks to CPOs
- The glass segment held the considerable revenue share of more than 35% in 2019 owing to mid sized and small pharmaceutical companies who do not possess glass wrapping abilities
- North America hit largest revenue share of the global pharmaceutical contract packaging market in 2019
Key Players of the global pharmaceutical contract packaging market are:
- AmerisourceBergen Corp.
- SCHOTT AG
- WestRock Co.
- Becton, Dickinson and Co.
- Constantia Flexibles Group GmbH
- Bilcare Ltd.
- CCL Industries Inc.
- Berlin Packaging
- FedEx Corp.
Segments Covered in the Report:
- Primary Packaging
- Blister Packs
- Secondary Packaging
- Tertiary Packaging
- Paper & Paperboard
- Plastics & Polymers
- Aluminum Foil
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina