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Pharmaceutical Contract Packaging Market to Reach USD 47.5 Bn by 2027

Press release from the issuing company

The global pharmaceutical contract packaging market size is forecasted to reach USD 47.5 billion by 2027 from USD 28 billion in 2020 and is expected to grow at a CAGR of 7% over forecast period 2020 to 2027.

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.

Report Highlights
The primary packaging segment accounted for the largest revenue share of 40% and anticipated to witness higher growth in 2019. The segment is anticipated to dominate the pharmaceutical contract packaging market over the forecast period owing to the increasing outsourcing of primary packaging activities due to a lack of in-house capacities and capabilities.

The bottles segment is the largest segment in the primary packaging market owing to the growing requirement of pharmaceutical bottles market worldwide and increasing adoption of pharmaceutical bottles for unit dose packaging particularly from high demand regions such as the Asia Pacific.

The glass segment held the largest revenue share of 37.6% in 2019 as most of the midsized and small pharmaceutical companies do not have the glass wrapping capabilities.

The plastics and polymers segment is anticipated to witness a CAGR 8.0% over the forecast period owing to the growing demand for the plastic packaging industry in pharmaceuticals for the storage and delivery of medicines. In addition, the increasing complexity of plastic packaging requirements as more innovative products are brought to market is increasing the partnerships between pharmaceutical companies and CPOs in the industry. This segment is also expected to witness the highest innovation index, owing to numerous researches on biodegradable plastics.

North America accounted for the largest revenue share of 32.7% in 2019 owing to the quality service offerings by the CPOs and CDMOs based in the U.S. In addition, most of the pharmaceutical companies outsource their wrapping activities to contract packagers North America to simplify entry into the U.S. markets.

However, Asia Pacific is expected to witness the fastest growth over the forecast period due to the presence of a large number of contract packaging service providers in the region.

Ask here for sample copy of [email protected] https://www.visionresearchreports.com/report/sample/35470 

Key Players
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

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