According to ESOMAR-certified consulting firm Future Market Insights, the global Pharmaceutical Caps and Closure Market is slated to increase, expanding at a CAGR of 5% in 2021.
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The market is anticipated to surpass a valuation of US$ 2.27 billion by 2021-end on the back of growing demand of safe and easy packaging solutions of pharmaceuticals. Growing demand of child-proof packaging due to the rising concern of accidental consumption will spur the growth.
Expansion of pharmaceutical sector across developed regions such as the U.S., U.K., and Germany is enabling the growth of market. Also, focus on effective packaging to lessen the spoilage of pharmaceutical drugs will improve the adoption of pharmaceutical caps and closures.
Sustainability concerns and easy availability have increased the demand of lightweight packaging, especially plastic pharmaceutical caps and closures. However, stringent regulations associated with use of plastics within pharmaceutical and food & beverage industries might impede the market growth.
Furthermore, rising prevalence of chronic diseases such as cardiovascular disease and other diseases have increased the demand for various medications. This in turn, is enabling the demand for effective packaging solutions in the pharmaceutical sector, widening the growth opportunities for the market players.
Advancement in technology and need for smart yet cost-effective packaging is anticipated to fuel the demand of pharmaceutical caps & closures during the forecast period. Smart packaging is needed for the safety and to maintain the quality of product without any accidental consumption of drugs by children.
Considering this, demand for tamper-resistant and child-resistant pharmaceutical caps and closures will bolster the market growth throughout the forecast period. As per the FMI’s analysis, child resistance functionality segment is expected to register maximum growth in the pharmaceutical caps and closure market.
“Rising demand for smart and safe packaging solutions within the pharmaceutical sector is creating growth opportunities for market players throughout the forecast period,” says the FMI analyst.
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Key Takeaways from FMI’s Pharmaceutical Caps and Closures Market Study
- In terms of functionality, child resistance closures is anticipated to be one of the most lucrative segment, accounting for over 61% market sales
- Screw cap and closures are leading the product type segment and will account for more than 46% of market share through 2031
- By material, plastic caps and closure account for maximum sales of over 64% during the forecast period
- Anti-cancer drugs segment will exhibit faster growth, registering a CAGR of around 7.5% over the forecast period
- Small molecule drug modalities segment will witness a steady growth and will account for 60% of global market share
- The U.S. will emerge as the most lucrative market of pharmaceutical caps and closures, accounting for over 89% of market share
- Heavy presence of leading players and improvement in production capacities across U.K. will bolster the market growth
- Germany will emerge as potential market, registering a growth of 6.7% throughout the forecast period
- Increased healthcare and pharmaceutical expenditure in Japan will stimulate the sales of pharmaceutical caps and closure within the country
- China will lead the pharmaceutical caps and closure market in East Asia, exhibiting a growth of 8% CAGR through 2021
Some of the prominent market players profiled by Future Market Insights operating in pharmaceutical caps and closure market include:
- Berry Global Inc.
- Amcor Plc
- Aptar, Inc.
- Closure Systems International, Inc.
- O.Berk Company, LLC
- Bericap GmbH and Co KG
- UNITED CAPS
- CL Smith Company
- Georg MENSHEN GmbH & Co. KG
- WestRock Company
- West Pharmaceutical Services, Inc
- Drug Plastics & Glass Co Inc.
- Gerresheimer AG
- DWK Life Sciences GmbH
- Parekhplast India Limited
- Parshva Exim Limited
- Others
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More Insights on the Global Pharmaceutical Caps and Closures Market
In its latest report on global pharmaceutical caps and closure market, FMI provides deeper insights on the key trends of the market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Product type
- Screw Caps & Closure
- Snap Caps & Closure
- Push-Pull Caps & Closure
- Stopper & Seals
- Others
Functionality
- Child Resistant
- Tamper-evident
Material type
- Plastic
- Elastomer
- Metal
Availability
- Prescription (Rx) Pharmaceuticals
- “Over-the-Counter (OTC) Pharmaceuticals”
Drug Modality
- Small Molecule (Synthetic Drugs)
- Biopharmaceuticals
Therapeutic Class
- Anticancer Drugs
- Anti-Infective Drugs
- Anti-viral Drugs
- Anti-bacterial Drugs
- Anti-fungal Drugs
- Others
- Cardiovascular Drugs
- Anti-inflammatory Drugs
- Analgesics Drugs
- Anti-diabetics
- Ophthalmic Drugs
- Neurological Drugs
- Others
End Users
- Pharmaceutical & Biotechnology Companies
- Contract Manufacturing Organizations (CMO)
- Contract Research Organization (CRO)
- Academic & Research Institutes
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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