Future Market Insights (FMI) forecasts that the Pharmaceutical Caps and Closures Market will experience substantial growth, surpassing US$ 2.27 Billion in value by the end of 2021. The pharmaceutical caps and closures industry is anticipated to reach $4 billion in sales by 2032. The pharmaceutical caps and closures market is anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
Continuous advancements in medicine supplement research and development speed up packaging developments. Modern packaging techniques focus on preserving medication stability throughout storage, delivery, and transportation.
The market will grow in the upcoming years due to the increase in chronic disease cases. Greater precision in medicine administration is made possible by the use of smart packaging, which has a direct impact on patient compliance. This will affect how manufacturers use affordable, cutting-edge packaging options. The implementation of digital manufacturing will thus be visible in the market for pharmaceutical caps and closures. With little effort and expense, this technique provides high-quality caps and closures.
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Multi-dose delivery caps have been made popular by inventors as a result of a focus on minimising user-caused product damage. By connecting a needle to the cap, the product’s user can drain liquids from the vial. The smart cap guarantees that any residual fluid is sterile. The demand for sustainable packaging has grown over the last few years as customers’ environmental consciousness has expanded. Product stability is the main concern in pharmaceutical packaging.
The usage of biodegradable material in caps and closures is driven by the need to lower the danger of product cross-contamination. Management of waste products is another important issue. Environmentally friendly materials are recyclable and generate minimal waste. In spite of this, plastics continue to be the material of choice for making caps and closures. As companies strive for greater flexibility, the market is anticipated to see a 6.4% increase in plastic usage.
Key Takeaways from Pharmaceutical caps and closures Services Market Study
- Despite restricted growth amid COVID-19, the demand for pharmaceutical caps and closures is expected to rise at nearly 5% CAGR in 2021.
- Increasing focus on light weight packaging is driving a transition towards resin-based packaging material.
- The U.K. and Germany are leading markets in Europe, accounting for more than 26% and 17% of the Europe market respectively in 2021
- The U.S. will account for a dominant share of 89% in the North America market through the forecast period.
- China is the largest and fastest growing market in East Asia, exhibiting 8% CAGR through 2031.
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“Increasing demand for smart and safe packaging solutions for pharmaceuticals, besides favorable reimbursement policies will offer lucrative growth opportunities for pharmaceutical caps and closure manufacturers through the assessment period in 2031,” says the FMI analyst.
Increase in Funding for Research Activities Offers Growth Opportunities
Leading manufacturers in the pharmaceutical caps and closures market are strengthening their market position through collaboration with various other organizations. Governments in developed and developing countries are actively taking initiatives to encourage research pharmaceutical packaging products.
For instance, Voltaren “No Mess” applicator from GSK Consumer Health was co-developed with Neopac and Nypro Healthcare.
Big drug producers are expected to benefit from the globalization of labor forces, that is, employment of skilled local labor at cheaper rates to derive larger cost savings. Furthermore, this will create room for research and development (R&D) investments.
As per data from EFPIA and PhRMA, annual pharmaceutical (R&D) expenditures increased at 2.5% p.a. in Europe as compared to 3.3% p.a. in the U.S. over the latest measurable period 2016-2020. This will also create opportunities for the expansion of the market.
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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.
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global pharmaceutical caps and closures market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the pharmaceutical caps and closures treatment market on basis of the main indication in detail, cover every aspect of the market such as product type, molecule type, application, and service provider across seven major regions.
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Phramacutical 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
Avalability
- 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
End Users
- Pharmaceutical & Biotechnology Companies
- Contract Manufacturing Organizations (CMO)
- Contract Research Organizations (CRO)
- Academic & Research Institutes
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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