Hike in Healthcare Budget to Prompt pharmaceutical packaging market value :
Market Research Future has published a Cooked Research Report on the Global pharmaceutical packaging market value.
Market Overview
The pharmaceutical packaging market value is set to grow at a CAGR of 6.51% during the forecast period 2020-2027. As per the market research report, the market will witness healthy growth till 2027. The market growth will be driven by the growing demand for lightweight and easily transportable packaging. Based on the research report, a well developed logistics sector will accelerate growth in the market till 2027. Although the unorganized nature of the retail sector will have a negative impact on the global pharmaceutical packaging market value’s growth during this period. Concerns related to the cost are predicted to be a key challenge which could become a strong threat from 2020-2027 to companies.
The market report published by expert analysts includes primary and secondary data and suggests that material, type, and packaging segments are anticipated to witness tremendous growth till 2027. Factors such as the fast and efficient transport facilities will become key growth drivers during the forecast period and automation in industries is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by supply and demand gap which could negatively affect activities taking place across the market. The easy availability of substitutes is another challenge the market could face till 2027.
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Market Segmentation
The pharmaceutical packaging market value is segregated into different market segments based on material, type, and packaging. For a comprehensive analysis of the market, the material, type, and packaging segments are further split into smaller segments. The type segment is categorized into aerosol packs, blister packs, bottles, caps and closures, parenteral vials & ampoules, prefilled syringes, sachets, tubes, and others. Furthermore, based on packaging, the global market is also segmented into flexible packaging, rigid packaging, and semi-rigid packaging. Based on the market segmentation analysis, the report covers market forecasts. On the basis of material, the global market is split into sub segments including branded drugs, generic drugs, medical tools & equipment, nutraceuticals, test kits, and others.
The population growth will support the market growth from 2020-2027. As per the market research report, the global market for pharmaceutical packaging is anticipated to grow at a healthy rate across all the material, type, and packaging segments. However, the presence of active threats such as the growing penetration of alternatives in the market could hamper the market growth. Business activities across packaging solutions have also been examined and studied by packaging solutions industry’s experienced analysts. The pharmaceutical packaging market value research report covers findings with predictions and forecasts till 2027.
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Regional Overview
The pharmaceutical packaging market value, with its product and service related segments, is spread across the world. Packaging solutions based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Consumers aiming for more convenience in terms of product packaging is anticipated to be a major factor for growth across the packaging solutions space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The packaging solutions sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. packaging solutions based businesses in these regional markets are anticipated to grow due to technological advances during the forecast period 2020-2027. Although the market’s growth could be affected by the low demand from developing countries. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.
Competitive Landscape
Packaging solutions based organizations are profiled in the market research report. The pharmaceutical packaging market value along with companies and segments has been studied. The analysis of packaging solutions based business is also done to identify key challenges and strengths of these companies. The global pharmaceutical packaging market value research report covers SWOT analysis, Porter’s Five Force analysis of major packaging solutions related organizations. The strategy and other key details of these companies for the forecast period 2020-2027 are covered in the report. The increasing demand from manufacturers across different sectors is anticipated to support the market growth as the market is set to grow at a CAGR of 6.51% and reach a positive value by 2027.
Industry News
Sharp, a division of UDG Healthcare plc, has purchased a prescription packaging plant from Premium Packaging Specialists International, LLC. Sharp is part of UDG Healthcare plc, a world pioneer in contract packaging and medicinal procurement services (QPSI). The facility in Macungie, Pennsylvania, will provide primary and secondary pharmaceutical packaging supplies, such as bottling, blistering, vial marking, medical product kitting, and serialisation. The Macungie facility, which is just 6 miles from Sharp's Allentown campus, provides the corporation with increased resources in response to rising customer volume demands, as well as space to expand further.