LONDON--(BUSINESS WIRE)--The global pharmaceutical contract packaging market is expected to post a CAGR of more than 17% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Over the past few years, there has been a significant rise in the number of new drugs approved by the US FDA. For instance, in 2017, the FDA approved around 44 New Molecular Entities (NMEs) compared to 24 NME approvals in the previous year. The growth in the number of new drug approvals is creating strong demand for pharmaceutical contract packaging. Vendors in the market offer flexible solutions as they operate diverse packaging units for different product lines. This is enabling contract packagers to easily convert or set up their existing units for new product packaging. The increasing number of new drug approvals by FDA will have a positive impact on the growth of the global pharmaceutical contract packaging market.
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As per Technavio, opportunities due to patent expiration of drugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Pharmaceutical Contract Packaging Market: Opportunities Due to Patent Expiration of Drugs
The pharmaceutical industry is expected to witness an increase in the number of patent expiration during the forecast period. This will pave the way for the production of low-cost generic medicines of popular branded drugs. Owing to these factors, the demand for contract packaging is expected to increase during the forecast period. This will provide new growth opportunities for contract packaging vendors.
“The adoption of different growth strategies by vendors and the rising demand for sustainable packaging are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
Global Pharmaceutical Contract Packaging Market: Segmentation Analysis
This market report segments the global pharmaceutical contract packaging market by packaging (plastic bottles, blister packs, pouches, parenteral containers, and pre-filled syringes) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market due to the rise in healthcare spending and the growing geriatric population in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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