Pharmaceutical packaging is used for storing and transporting of medicines while keeping its properties intact until it is consumed. Innovation and product development has always been among the primary driving force of the pharmaceutical industry. This is one of the reasons why the use of technology is the area of focus and investment among leading players of this market. Companies are putting in considerable effort into expanding their facilities and equipping themselves with modern technologies to stay ahead in this market. For instance, in March 2019, Gerresheimer announced its plan of investing in a new plant in Skopje, Macedonia. The plan is expected to start from the second half of 2020. However, recent developments such as Brexit and the coronavirus pandemic is expected to delay its operation.
Asia-Pacific will register the highest growth rate in this market, owing to the emerging middle class, along with the increase in investments aimed at improving the healthcare infrastructure. However, the high packaging costs, the erratic regulatory landscape, and the increasing efforts on anti-counterfeiting measures are anticipated to restrict the growth of this market to a certain extent.
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COVID-19 Impact Analysis
The global pandemic of COVID-19 will reflect adversely on the availability of raw material for the pharmaceutical market. Plastic and polymers are among the leading packaging types holding a dominant share in this market. The disruption in the supply chain of raw materials in the pharmaceutical packaging market will lead to a decrease in production. For instance, China was among the top exporters of glass bottles, which is one of the dominant end products for storing and transporting medicines. Companies will also have to experiment and speed up product innovation in tandem with a possible vaccine or drug for the coronavirus. This holds significant potential for product development and an increase in the pharmaceutical packaging market, though it will be halted for some time due to the closing of international borders and temporary loss of trade.
Pharmaceutical Packaging Market Segmentation
By Product Type
By Raw Material
By Drug Delivery Mode
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* Customer Behaviour Analysis
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