Elastomeric Closure Components Market: Introduction
- Elastomeric closure is a component used for pharmaceutical packaging. It is usually made of a material which can retain its original shape and is resistant to any sort of chemical interaction, as it stays in direct contact with drugs.
- Elastomeric closure components play a vital role in pharmaceutical packaging and ensure the sterility and quality of drug products
Are you a Start-up willing to make it Big in the Business? Grab an Exclusive PDF Brochure of Elastomeric Closure Components Market Report
Key Drivers of Global Elastomeric Closure Components Market
- The global elastomeric closure components market is projected to be driven by increase in demand for pharmaceutical packaging, which creates a need of fabrication materials with high drug-closure compatibility
- Elastomeric closure component manufacturers are involved to development of novel elastomeric closure components using different materials which will be advantageous for packaging highly sensitive drugs such as parenteral containers. Development of novel elastomeric materials is anticipated to drive the global elastomeric closure components market during the forecast period.
- Benefits of elastomeric closures such as better self-sealing ability, drug packaging compatibility, and low permeability are expected to propel the global elastomeric closure components market from 2019 to 2027.
- Increase in average annual product recalls due to packaging-related concerns is likely to boost demand for elastomeric closure components. According to the U.S. FDA, till 2017, there have been around 2,000 drug and device recalls owing to packaging-related concerns.
- Pharmaceutical manufacturers are opting for packaging options which will help them to reduce the overall cost and expedite time to market
Looking for Regional Analysis or Competitive Landscape, Ask for a Customized Elastomeric Closure Components Market Report
North America to Capture Major Share of Global Elastomeric Closure Components Market
- North America is projected to lead the global elastomeric closure components market during the forecast period. The region is a leading market for elastomeric closure components, driven by high rate of adoption of elastomeric closure components for pharmaceutical packaging.
- Generic pharmaceuticals account for significant percentage of the U.S. pharmaceutical market, as nearly 88% prescriptions are for generic drugs.
- Government bodies in Europe have laid down stringent policies defining the guidelines for packaging of pharmaceutical and biotechnology products. It is mandatory for pharmaceutical and biotechnology companies to follow the packaging guidelines. Moreover, rise in the number of biotechnology companies is projected to propel the demand for elastomeric closure components in the region.
- The elastomeric closure components market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. This can be attributed to increase in the number of pharmaceutical production bases in the region.
- Middle East & Africa consists of countries with people having high purchasing power such as Saudi Arabia, the UAE, and Qatar. The pharmaceutical industry in the region is expected to witness strong growth in the near future due to large patient base. These factors are likely to drive the demand for elastomeric closure components in the region during the forecast period.
Key Players Operating in Global Elastomeric Closure Components Market
Major players operating in the global elastomeric closure components market are:
- AptarGroup, Inc.
- DWK Life Sciences
- West Pharmaceutical Services, Inc.
- Datwyler Group
Global Elastomeric Closure Components Market: Research Scope
Global Elastomeric Closure Components Market, by Type of Closure
- Needle Shield
Global Elastomeric Closure Components Market, by Type of Container
Global Elastomeric Closure Components Market, by Sterilization
Global Elastomeric Closure Components Market, by End-user
- Pharmaceutical & Biotechnology Companies
- Contract Manufacturing Organizations
Global Elastomeric Closure Components Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.