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Press Release

Key Findings of the Global Rigid Packaging Market for the Pharmaceutical Sector | Technavio

Technavio Research
Posted on: 19 Jan 18

The latest market research report by Technavio on the global rigid packaging market for the pharmaceutical sectorpredicts a CAGR of more than 7% during the period 2018-2022.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180119005749/en/

Technavio has published a new market research report on the global rigid packaging market for the pharmaceutical sector 2018-2022 under their transportation and logistics library. (Graphic: Business Wire)

The report segments the global rigid packaging market for the pharmaceutical sector by material used (rigid plastic and glass) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global rigid packaging market for the pharmaceutical sector, according to Technavio transportation and logistics researchers:

  • Growth in pharmaceutical sales: a major market driver
  • In 2017, the rigid plastics segment dominated the market by occupying almost 76% share
  • The Americas dominated the global rigid packaging market for the pharmaceutical sector with 35% share in 2017
  • Amcor, Bemis Company, Berry Global, Corning, Gerresheimer, Shandong Pharmaceutical Glass, and Westrock are the leading players in the market

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Growth in pharmaceutical sales: a major market driver

During the period of 2005-2015, the global pharmaceutical market grew at the rate of 9.5%. Due to the crucial role played by the US in the pharmaceutical industry, majority of the revenues came from the Americas. The highest sales were recorded in China. With the extensive use of glass and plastic packaging for pharmaceutical packaging, the demand for rigid pharmaceutical packaging is expected to increase. The demand for quality rigid packaging is also set to rise as the leading suppliers of pharmaceutical products have very stringent requirements regarding packaging.

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Americas: largest rigid packaging market for the pharmaceutical sector

The Americas holds the largest market share in the rigid pharmaceutical packaging for pharmaceutical sector. The rise in demand for pharmaceutical products and imports by emerging countries will challenge the growth of the pharmaceutical packaging in the Americas. As regulatory agencies such as FDA bring out new rules frequently, packaging manufacturers in the Americas need to constantly innovate.

According to Neha Noopur, a lead analyst at Technavio for research on packaging, “California’s Rigid Plastic Packaging Container aims to promote recycled plastic by limiting the amount of plastic disposed landfills. The containers are supposed to maintain a specific shape and capacity.”

Competitive vendor landscape

With the presence of many local and global players operating in different geographies, the global rigid packaging market for the pharmaceutical sector is highly fragmented. Few players enjoy a large market share in every region. Contract packaging is gaining importance in the market as the number of specialized medicine fosters the need for customizable packaging. When compared with market competitors, players with well established supply chains will have a significant advantage in gaining a considerable share of the market.

Get a sample copy of the global rigid packaging market for the pharmaceutical sector report free of cost

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180119005749/en/

Business Wire
www.businesswire.com

Last updated on: 19/01/2018

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