The global pharmaceutical caps and closures market is poised for significant growth, according to the latest report by Future Market Insights (FMI). With a projected Compound Annual Growth Rate (CAGR) of 5.8%, the market is expected to reach a valuation of US$ 4,469.4 million by the end of 2033.
The report, which provides comprehensive insights into market trends and forecasts, highlights a steady rise in demand for pharmaceutical caps and closures. In 2023, the market was valued at US$ 2,541.5 million, marking a substantial milestone in its trajectory.
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Factors contributing to this growth include advancements in pharmaceutical packaging technologies, increasing emphasis on product safety and integrity, and rising investments in healthcare infrastructure worldwide. As pharmaceutical companies prioritize secure and efficient packaging solutions, the demand for high-quality caps and closures continues to escalate.
“This projected growth reflects the dynamic landscape of the pharmaceutical industry and the evolving needs of consumers,” said a from Future Market Insights. “As regulatory standards become more stringent and consumer preferences evolve, pharmaceutical companies are investing in innovative packaging solutions to ensure product safety and compliance.”
Key players in the pharmaceutical caps and closures market are focusing on research and development initiatives to introduce sustainable and user-friendly packaging solutions. Additionally, strategic collaborations and mergers are anticipated to drive market expansion and enhance product portfolios.
The FMI report underscores the significance of adapting to market dynamics and embracing technological innovations to stay ahead in the competitive landscape. Pharmaceutical companies are encouraged to prioritize investments in research and development, product differentiation, and sustainability initiatives to capitalize on emerging opportunities and meet evolving consumer demands.
Top Highlights from the FMI’s Analysis of Pharmaceutical Caps and Closures Market:
- North America’s pharmaceutical caps and closures industry gained a 29.6% market share in 2022.
- The United States pharmaceutical caps and closures industry is expected to acquire more than 26.5% in 2023.
- Europe region procured a 27.8% market share in 2022. Germany’s pharmaceutical caps and closures industry obtained a 4.8% market share in the same year.
- The United Kingdom market is projected to expand at a CAGR of 7.3% in the coming decade.
- In Asia Pacific, China, and India are projected to expand at a CAGR of 8.3% and 6.8%, respectively, in the forecast period.
- Australia’s pharmaceutical caps and closures industry is anticipated to expand at a CAGR of 4.5% from 2023 to 2033.
- Japan’s pharmaceutical caps and closures industry acquired a 6.4% market share, globally.
- Based on product, screw caps, and closures are projected to constitute 46.96% of the global market.
- Based on functionality, tamper evident segment is predicted to form more than 64.06% of the global market.
- Under the material category, the plastics segment is anticipated to contribute 60% to the global market.
- Based on drug modality, small molecules (synthetic drugs) secured 59.4% of the global market in 2022.
- Based on therapeutic class, anticancer drugs acquired a share of 20.5% in 2022.
- Based on end users, the pharmaceutical & biotechnology companies segment gained 52.8% of the entire market in 2022.
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Market Update: Key Innovations Taking Place in the Market
- Silgan Holdings acquired the dispensing business of Albea, which is a packaging firm, in June 2020. The dispensing business distributes sprayers, pumps, and foam dispensing solutions to large consumer goods firms. The business is operational in Europe, Asia, North America, and South America.
- Berry Global Group obtained RPC Group in July 2020. This acquisition helped in the positioning of the company as the global leader in value-added protective solutions and a significant plastic packaging company. Furthermore, the company has widened its global footprint spanning 290 locations the world over.
Who is winning?
- The global market is set to expand due to the rising prevalence of chronic diseases. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
- Some of the leading players in the pharmaceutical caps and closures market include but are not limited to 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 and Glass Co Inc., Gerresheimer AG, DWK Life Sciences GmbH, Parekhplast India Limited, and Parshva Exim Limited.
Pharmaceutical Caps and Closures Services Market by Category
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 Organizations (CRO)
- Academic & Research Institutes
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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