Packaging And Labeling Services Market Value To Reach US$136.27 Billion By 2023
Posted by Harry Walter [13 Sep 2017] | Category: Pharmaceuticals | Business Press Releases
Spurred by the increasing demand for anti-counterfeit drug packaging technologies, TMR forecasts the market to surge at a CAGR of 5.3% between 2015 and 2023. The global packaging and labeling services market is expected to reach US$136.27 bn by 2023. TMR has pegged the market’s overall value at US$84.61 bn in 2014.
Stringent Regulations to Encourage Enterprises to Spend on R&D Activities
TMR forecasts the prevailing competition in the market to further intensify with the launch of anti-counterfeit drug packaging. “The rapid expansion of the pharmaceutical and medical devices industry will bolster scope for the growth of the packaging and labeling services market,” said a TMR analyst. “Implementation of stringent regulations mandating the adherence of high standards in pharmaceutical drugs packaging and labeling will also fuel demand from the market,” he added.
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Despite being facilitated by favorable government policies, the market witnesses challenges in the form of complicated registration and approval processes. Plastic packaging in particular is required to comply with stringent regulations to ensure the safety of drugs. This is anticipated to have an adverse impact on the growth trajectory of the market.
Nevertheless, it is expected to gain significant impetus from the increasing adoption of nano-enabled packaging in the pharma and medical devices industry. The rise in demand from developing countries will also boost opportunities for vendors operating in the global packaging and labeling services market.
Since medical devices and pharmaceuticals play a significant role in public health, stringent policies are implemented to ascertain their adherence to the highest standards. The implementation of rigorous policies has therefore encouraged leading pharma companies to spend on R&D into advanced packaging techniques.
These pharmaceutical manufacturers are also exploring bio-based and green alternatives to minimize the adverse environmental impacts. This also calls for higher R&D expenditure. Besides this, the medical devices and pharmaceutical industry deals with a wide product portfolio that further makes the chances of developing a universal packaging technique insignificant. Adherence to the highest standards of packaging and labeling is therefore considered imperative.
Packaging and Labeling Market to Witness Lucrative Prospects in Europe
The healthcare industry has been exhibiting high demand for primary packaging. The segment held over 60.7% of the market based on type in 2014. Furthermore, TMR forecasts primary packaging to continue as the leading segment in the market through the forecast period. Besides this, the secondary packaging segment is expected to report a CAGR of 5.9% during the forecast period.
Regionally, Europe has emerged as the most lucrative market for packaging and labeling due to the presence of numerous pharma and biotech companies in the region. It held over 31.3% share in the market in 2014. Besides this region, the market will also witness attractive opportunities in Asia Pacific.
With eight key companies accounting for a mere share of 20.3% in 2014, the global packaging and labeling market exhibits a highly competitive vendor landscape. Among leading enterprises in the market, WestRock Company held 5.5% of the global market in 2014, which was the largest share held by any company. The company has managed to seal its dominance in the market with a strong and diverse product portfolio in the sector of healthcare packaging and a considerable geographic presence. Amcor Limited emerged as the second leading company in the global packaging and labeling market the same year, finds TMR.
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A majority of the market is therefore held by the other players segment. This segment also includes a few prominent names in the industry such as 3M, DuPont, and CCL Industries.
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