Packaging and Labeling Services Market in Healthcare will be Worth US$ 136.27 Billion by 2023
Added: (Thu Mar 01 2018)
Pressbox (Press Release) -
The healthcare industry at present is burdened by the globally increasing incidence of chronic ailments. The majority of these diseases are often linked with unhealthy lifestyle choices. The changing lifestyle, coupled with increased healthcare expenditure, is thus bolstering scope for the expansion of the packaging and labeling services market in the healthcare sector.
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Spurred by the increasing demand for anti-counterfeit drug packaging technologies, TMR forecasts the global packaging labelling services market to surge at a CAGR of 5.3% between 2015 and 2023. The market is expected to reach US$136.27 bn by 2023. TMR puts the marketís overall value at US$84.61 bn in 2014.
Some of the most common types of packaging techniques used in the pharma sector include blisters, bottles, pouches, vials, tubes, ampoules, and prefilled syringes. The packaging process in the healthcare industry comprises assembling of drugs and sterilizing in the final containers, and labelling the containers correctly.
Proper packaging extends the shelf-life of pharmaceutical drugs by inhibiting microbial growth. Since pharmaceutical and medical devices have a crucial role to play in ensuring public well-being, stringent policies are implemented to ascertain that the pharmaceuticals packaging comply with the highest standards of quality. The implementation of stringent policies has therefore encouraged pharma companies and medical device manufacturers to spend on R&D of advanced packaging techniques.
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Due to the increasing demand for minimizing environmental impact, pharmacies are now exploring green and bio-based alternatives. This calls for higher R&D expenditure. Besides this, the medical devices and pharmaceutical industry deals with highly diversified products that renders the likelihood for developing ubiquitous packaging techniques bleak. It is therefore imperative for the healthcare industry to oblige to the highest standards of packaging and labelling. This is also important to ensure the integrity of drugs.
Despite gaining from favorable government regulations, complicated registration and approval processes are likely to impede the marketís trajectory. Nevertheless, the market is expected to substantially gain from the rising adoption of nano-enabled packaging in the pharmaceutical industry. Rise in demand from developing nations will also create attractive opportunities for the global packaging and labeling services market.
The global packaging and labeling services market is witnessing a strong growth in the healthcare sector. Transparency Market Research (TMR) states that the demand for packaging and labelling in healthcare will increase in response to the growth of the pharmaceutical and medical device industry.
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Demand for primary packaging in the healthcare industry is likely to increase at a robust pace. As per TMR analysis, the primary packaging segment accounted for over 60.7% of the market in 2014. Through the reportís forecast period, the segment is projected to continue dominating the market. As with the secondary packaging segment, it is expected to exhibit a CAGR of 5.9% during the forecast period.
Through the forecast period, Europeís healthcare industry is likely to exhibit opportunities for the packaging and labelling services in abundance. The region held the dominant share of 31.3% in the global market in 2014. As per TMR analysis, the market in Europe will majorly gain from the rising number of pharma and biotech companies in the region increasingly demand for packaging and labelling services. Companies offering packaging and labeling services to the healthcare industry will also get facilitated by the rising opportunities in Asia Pacific.
The top players operating in the global packaging and labeling services market include Amcor Limited, 3M Company, CCL Industries, Inc., Bemis Company, Inc., E. I. du Pont de Nemours and Company (DuPont), Sonoco Products Company, Gerresheimer AG, and WestRock Company.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMRís experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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