Pharmaceutical Contract Packaging Market Size Worth $47.7 Billion By 2027: Grand View Research, Inc.

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Aug 26, 2020, 04:35 ET

SAN FRANCISCO, Aug. 26, 2020 /PRNewswire/ -- The global pharmaceutical contract packaging market size is expected to reach USD 47.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.1%, over the forecast period. 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.

Key suggestions from the report:

By type, the primary packaging segment held the largest market share in 2019 owing to the increase in outsourcing of primary wrapping activities to CPOs
Bottles primary packaging segment held the largest market share of 29.7% in 2019 owing to the lack of internal wrapping capabilities
The glass segment held the largest segment in 2019 as it is suitable for the most parenteral and non-parenteral preparations in the industry
Asia Pacific is expected to witness the fastest growth over the forecast period owing to the presence of a large number of contract service providers in the region.

Read 105 page research report with ToC on "Pharmaceutical Contract Packaging Market Size, Share & Trends Analysis Report By Type (Primary, Secondary, Tertiary), By Material (Plastic & Polymer, Glass), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/pharmaceutical-contract-packaging-market

Moreover, the large Contract Packaging Organizations (CPOs) and Contract Development and Manufacturing Organizations (CDMOs) are continually acquiring small contract service providers to fill any gaps in the value chain or expand their existing portfolios. As smaller service provider have customer bases which comprise of small and mid-sized pharmaceutical companies, it allows larger CPOs and CDMOs to better compete with small service providers. Thus, maintaining the threat of new entrants at a moderate level for larger CPOs and CDMOs.

In addition, lack of in-house wrapping capabilities, expertise, and budget constraints are the major issues faced by small pharmaceutical companies in the industry. Contract packaging service providers are recognized as an effective approach to curb such issues of the small companies owing to the low-cost service offering. Lack of resources and budgets has prompted many small pharmaceutical companies to established mutually beneficial relationships with CPOs and CDMOs. Contract service providers are making significant attempts to meet their client's expectations and provide highly sophisticated wrapping facilities.

The stringent regulations in developed regions such as North America and Europe are expected to drive the market over the forecast period. For instance, compulsory barcodes system for the pharmaceutical wrapping and the transfer of large volumes of data related to the supply of medicines under serialization legislation.

Grand View Research has segmented the global pharmaceutical contract packaging market based on type, material, and region:

Pharmaceutical Contract Packaging Type Outlook (Revenue, USD Million, 2016 - 2027)

Primary

Bottles
Vials
Ampoules
Blister Packs
Others

Secondary
Tertiary

Pharmaceutical Contract Packaging Material Outlook (Revenue, USD Million, 2016 - 2027)

Plastics & Polymers
Paper & Paperboard
Glass
Aluminum Foil
Others

Pharmaceutical Contract Packaging Regional Outlook (Revenue, USD Million, 2016 - 2027)

North America

The U.S.
Canada

Europe

The U.K.
Germany
France
Italy
Spain
Netherlands
Switzerland
Belgium
Russia
Sweden

Asia Pacific

China
India
Japan
South Korea
Australia
Malaysia
Philippines
Thailand
Singapore
Indonesia

Latin America

Brazil
Mexico
Argentina
Colombia
Chile

Middle East & Africa

South Africa
Saudi Arabia
UAE
Israel
Egypt

List of Key Players of Pharmaceutical Contract Packaging Market

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.

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

Medical Flexible Packaging Market – The global medical flexible packaging market size was valued at USD 20.14 billion in 2016 and pharmaceuticals and medical device manufacturing industries are driving the market growth.
High Potency Active Pharmaceutical Ingredients Market – The global high potency active pharmaceutical ingredients market was valued at USD 14.4 billion in 2016 and is expected to grow at a CAGR of 10.3% over the forecast period.
Superdisintegrants Market – The global superdisintegrants market size was valued at around USD 258.6 million in 2016 and is expected to grow at a CAGR of 7.2% over the forecast period. Market is expected to witness rapid growth owing to Factors such as growing generic drug market, geriatric and pediatric population.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.