Pharmaceutical Contract Packaging Market size is set to grow by USD 6.00 billion from 2023-2027, Amcor Plc, AmerisourceBergen Corp. and AptarGroup Inc., and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 18, 2024 /PRNewswire/ -- The global pharmaceutical contract packaging market size is estimated to grow by USD 6006.87 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 12.81% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 29%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Amcor Plc, AmerisourceBergen Corp., AptarGroup Inc., Becton Dickinson and Co., Berlin Packaging LLC, Berry Global Group Inc., Bilcare Ltd., Catalent Inc., CCL Industries Inc., Constantia Flexibles Group GmbH, Datwyler Holding Inc., FedEx Corp., Gerresheimer AG, Jabil Inc., James Alexander Corp., KP Holding GmbH and Co. KG, Pharma Packaging Solutions, Precision Concepts International, SCHOTT AG, WestRock Co.
Analyst Review
The pharmaceutical contract packaging market is booming due to rising demand for convenient, safe, and efficient packaging solutions. With the aging population and new product launches, the need for specialized packaging, like blister packaging and prefilled syringes, is growing. Sustainability and safety are priorities, with a focus on child-resistant and eco-friendly materials. As the industry evolves, consulting services, technological advancements, and strategic decision-making become crucial for success. Overall, the market offers opportunities for growth and transformation, driven by emerging trends and expert analysis.
Key Market Drivers
The pharmaceutical industry is growing, especially in research and development (R&D). Companies are investing big bucks, around 15%-20% of their revenue, in R&D to make new drugs. For example, Biogen spent 16%-17% of its revenue on R&D in 2021. This push for new medicines means more demand for contract packaging services. By hiring these services, drug companies can save money on equipment, space, and workers needed for packaging. This lets them focus more on making drugs. Plus, with more R&D, there's a need for cooler packaging ideas. So, the market for pharmaceutical contract packaging is growing fast.
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Market Overview
In the world of pharmaceuticals, contract packaging is a big deal. Companies that specialize in this service help package medicines for pharmaceutical companies. This is especially important in areas like gene and cell therapies and bioproducts, where precision is key. These packaging companies often work with various industries, from ecommerce to government agencies, ensuring that medicines are packaged safely and securely. They deal with specialized materials like silica-based packaging to maintain product integrity. Serialization, or tracking products through unique codes, is also crucial in this field. So, whether it's for generic pharmaceuticals or cutting-edge therapies, contract packaging services play a vital role in getting medicines safely to those who need them.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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