The report covers forecast and analysis for the contract pharmaceutical packaging market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the contract pharmaceutical packaging market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the contract pharmaceutical packaging market on a global level.
The global contract pharmaceutical packaging market was valued at USD 18.01 billion in 2018 and is anticipated to be valued at around USD 28 billion in 2025, growing at a CAGR of 7.25% during 2019-2025.
The outsourcing of operations such as drug packing is referred contract pharmaceutical packaging. A pharmaceutical packaging contractor offers services, facilities, and equipment. Many pharmaceutical companies have recognized that profits can be increased by outsourcing the commercial and clinical packaging to a pharmaceutical contractor.
The cost of R&D is steadily increasing, but the useful results of R&D processes are getting less profitable. Many firms have realized that it is an effective way to reduce their costs by moving this part of the business to pharmaceutical contractors. This has been a major driving factor for global contract pharmaceutical packaging market around the world. Additionally, contract pharmaceutical packaging market is growing significantly because pharmaceutical packaging contractor offers early development support and after installation services of the equipment because of this pharmaceutical companies are opting for pharmaceutical packaging contractor. Packaging of pharmaceutical drugs is an important aspect when it comes to safety of medicines, thus many companies are skeptical to give the packaging control to outside vendors. This will be a challenge faced by contract pharmaceutical packaging market.
The global contract pharmaceutical packaging market has been divided into product type, drug type, and drug form. The global contract pharmaceutical packaging market by product type has been segmented into flexible packaging, plastic containers, glass containers, and caps/closures. Due to wide applications of flexible packaging in pharmaceutical industry, lightweight and convenient manufacturing of flexible packaged products, the flexible packaging segment is set to have the largest share in this segment.
The global contract pharmaceutical packaging market by drug type has been segmented into autacoids & related drugs, contraceptives, hormone replacement, cardiovascular medicines, cancer therapies, and others. Increase in population and urbanization has led to a significant increase in demand for pharmaceutical drugs because of this each segment from drug type is probable to witness significant growth in the coming years. The global contract pharmaceutical packaging market by drug form has been segmented into oil and injectable. Increased expenditure on drugs for chronic diseases is expected to drive the demand for oil and injectable drugs; it is probable that both oil and injectable drug form market are anticipated to drive the demand for contract pharmaceutical packaging market.
North America is the largest contract pharmaceutical packaging market globally. Increasing investment in research and development of pharmaceutical drugs and presence of major players of pharmaceutical industry in the region has increased the growth of contract pharmaceutical packaging market. Asia Pacific is the second largest contract pharmaceutical packaging market. Strong demand for pharmaceutical drugs in Asia Pacific region due to increase in the population is a major driving force for contract pharmaceutical packaging market.
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Europe contract pharmaceutical packaging market is expected to witness significant growth because pharmaceutical companies are taking measures in order to cut down prices. Pharmaceutical contract packaging market in Latin America and the Middle East is anticipated to witness increasing growth rate because of increasing investment by major pharmaceutical companies in outsourcing to face the rising cost and profit pressures.
Some of the major players identified in the global contract pharmaceutical packaging market are Catalent Pharma Solutions, Patheon, Baxter BioPharma Solutions, AbbVie Contract Manufacturing, Pfizer CentreSource, Daito Pharmaceutical, and Nipro Corporation.