As per the latest report by IMARC Group, titled “Pharmaceutical Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global pharmaceutical contract packaging market reached a value of US$ 17.9 Billion in 2018. In order to provide an optimum pharmacological effect to the patients, drugs require to be safely packed after production. To ensure this, pharmaceutical companies outsource secondary operations such as labeling and packaging of drugs to contract firms. Pharmaceutical contract packaging is more profitable, flexible and assists in keeping up with the changing times. Contract packaging firms also provide secondary services like assembling, secondary packaging, and labelling of vials, pre-filled syringes and auto-injectors.
The implementation of strict rules and regulations by the governing agencies regarding the packaging of drugs has been the major growth-inducing factor for the market. Moreover, as opposed to drug manufacturers, pharmaceutical contract packaging vendors can undertake different types of packaging projects and can easily sort issues which arise from the complex packaging requirements. Further, these vendors are investing in research and development activities to improve the quality of their offerings. Apart from this, as these companies have a global presence, it helps the pharmaceutical companies in creating a fluid channel for the distribution of medicines and medical equipment across various regions. Additionally, the growing employment of smart packaging solutions, such as smart labels, is expected to create a positive outlook for the market. Looking forward, the market value is projected to reach US$ 27.1 Billion by 2024, expanding at a CAGR of more than 7% during 2019-2024.
- On the basis of industries, the market has been segregated into small molecule, biopharmaceutical and vaccine. At present, small molecule represents the leading industry, accounting for the majority of the market share.
- Based on types, the market has been bifurcated into sterile and non-sterile segments. Currently, the sterile segment dominates the market, holding the largest share.
- On the basis of packaging, plastic bottles account for the biggest market share, followed by caps and closures, blister packs, prefilled syringes, and parenteral vials and ampules.
- Region-wise, the market has been segmented into the United States, Europe, China, India and Latin America. Amongst these, the United States is the leading market, holding the dominant share.
- The competitive landscape of the market has also been examined in the report with the detailed profiles of the key players operating in the market.
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