Pharmaceutical Inks Global Market Expected to Reach Around US$ 4,760.3 Million by 2026 Says Report
The global pharmaceutical inks market size is projected to value US$ 4,760.3 Million by 2026, this market is anticipated to grow with 6.3% CAGR during the forecast period. Rise in demand for pharmaceutical inks in printing the information on medicines is expected to drive the growth of the global pharmaceutical inks market.
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The pharmaceutical printing industry consist of wide range of high-quality inks that are available in various forms for different application in the global pharmaceutical inks market. However, availability of wide range of inks can create confusion among pharmaceutical manufacturers. Besides, the pharmaceutical inks are dried quickly after the application on packaging or medicine in order to send the medicines the end users on time. Therefore, manufacturers of pharmaceutical inks are using aggressive solvents in the pharmaceutical inks that takes less time to dry. This aggressive solvents can have a negative impact on the patient health and can also affect the quality of pharmaceutical inks. This low quality solvents can have an adverse effect on the growth of pharmaceutical inks market.
Increasing health awareness among consumers has considerably boosted the demand for pharmaceuticals, which, in turn boosted the growth of pharmaceutical inks hence the major expansion of agriculture and manufacturing sectors fuelled the demand for pharmaceutical inks across the globe. Moreover, the advancement in manufacturing process and wider application of pharmaceutical inks on exterior packaging is driving the growth of pharmaceutical inks market. The rising access to pharmaceuticals has increased considerably across the globe in the last few decades. Also, rise in disposable income and heath awareness in developing countries has propelled the demand for pharmaceuticals which directly boost the demand for pharmaceutical inks market. Pharmaceutical inks are used for printing on capsules or interior and exterior packaging of the pharmaceuticals. Therefore, the increase in usage of pharmaceuticals is driving the demand for pharmaceutical inks.
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The global pharmaceutical inks market is segmented into four major segment named product type, pharmaceutical type, application and region. On the basis of product type, the global pharmaceutical inks market is segmented into edible inks, solvent-based inks, water-based inks, and others. On the basis of pharmaceutical type, the global pharmaceutical inks market is segmented into solids, semi-solids, and liquids. On the basis of application, the global pharmaceutical inks market is segmented into capsules, exterior packaging, and interior packaging. On the basis of region, the global pharmaceutical inks market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East amp; Africa. Based on application, the global pharmaceutical inks market can majorly be segmented into three sub-segment, which are capsules, exterior packaging, and interior packaging. The exterior packaging segment is expected to dominate the global pharmaceutical inks market as the large amount of content is printed on the exterior part of medicine which requires huge amount of pharmaceutical inks.
Asia Pacific is anticipated to grow at a decent CAGR of over the forecast period. Rapid urbanization and increase in government regulations may be attributed to high growth in the region. Favourable government norms related to the materials used in pharmaceutical inks and packaging is anticipated to drive growth in the regional market over the coming years.
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Europe is expected to dominate the global pharmaceutical inks market and accounted for major share in the total revenue in 2017. The pharmaceutical inks market in emerging economies is anticipated to lose share to high growth economies of Asia Pacific. Extensive usage of pharmaceutical inks for various application such capsules, exterior packaging, and interior packaging can be attributed to high penetration in the region. The application of pharmaceutical inks in exterior packaging has been expanding remarkably due to the increasing usage of inks for printing content on the exterior portion of medicines is expected to drive the market growth in this region over next few years.
The prominent players catering to the global pharmaceutical inks market are Sun Chemicals, Videojet Technologies Inc., Koel Colours Pvt. Ltd., Markem-Imaje, Toyo Ink SC Holdings Co. Ltd. and others. The pharmaceutical inks market is highly fragmented as there are large number of local players operating in this market. Important strategic initiatives undertaken by global companies include partnerships, new product launch, acquisitions, and mergers. Increasing Ramp;D investments coupled with technological advancements in manufacturing process are anticipated to offer lucrative opportunities for industry participants.
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