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

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 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

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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    

  • Cap
  • Needle Shield
  • Plunger
  • Seal
  • Stopper
  • Others

Global Elastomeric Closure Components Market, by Type of Container

  • Vials
  • Cartridges
  • Syringes

Global Elastomeric Closure Components Market, by Sterilization

  • Pre-sterilized
  • Unsterilized

Global Elastomeric Closure Components Market, by End-user

  • Pharmaceutical & Biotechnology Companies
  • Contract Manufacturing Organizations
  • Others

Global Elastomeric Closure Components Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
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The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

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Elastomeric Closure Components Market