The Asia Pacific Pharmaceutical Packaging Market would witness market growth of 12.3% CAGR during the forecast period (2020-2026). The process of packaging is a very crucial part of pharmaceutical products. These packaging mostly include dosing, dispensing, and the usage of pharmaceutical products. Many drugs are reactive to unstable exposure of moisture, air, and light, thus it is highly crucial to package these drugs well to maintain the effectiveness & safety of the pharmaceutical products.
This packaging helps in securing medicinal products from any contamination and provides them safety & convenience for handling and delivering the products. This is why pharmaceutical packaging needs to be managed properly in order to balance various complex considerations. Although, the increasing cost of packaging due to the strict rules and anti-counterfeiting efforts, is anticipated to hamper the growth of the market. Therefore, controlling these rising costs of packaging becomes a major challenge for the manufacturers of pharmaceuticals products.
The pharmaceutical packaging market is estimated to record a significant growth rate over the forecast period. It is because of the factors like developments in the manufacturing process to create biodegradable & sustainable packaging solutions, the rising product developments, and mergers & acquisitions to cater changing demands & requirements of the market. Moreover, the increasing demand for generic drugs, serialized tracking & tracing of the products, significant rise in drug delivery market, the growing investment in the R&D department, and the advancement in the packaging technology will propel the pharmaceutical packaging market.
Based on Material, the market is segmented into Plastics & Polymers, Paper & Paperboard, Glass, Surveillance & Monitoring, and Others. Based on Product, the market is segmented into Plastic Bottle, Specialty Bags, Labels, Blister packing, Parenteral Container, Closures, and Other Products. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The China market dominated the Asia Pacific Labels Pharmaceutical Packaging Market by Country 2019, thereby, achieving a market value of $1,439.8 million by 2026. The India market is anticipated to witness a CAGR of 14.2% during (2020 - 2026). Additionally, The Japan market is showcasing a CAGR of 15.5% during (2020 - 2026).
Free Valuable Insights: Pharmaceutical Packaging Market in Asia Pacific is expected to register a CAGR of 12.3% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Becton, Dickinson and Company, CCL Industries Ltd., Amcor PLC, AptarGroup, Inc., O-I Glass, Inc. (Owens Illinois, Inc.), West Pharmaceutical Services, Inc., Berry Global Group, Inc., WestRock Company, International Paper Company, and Comar, LLC.
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