Published: Nov, 2016
An extremely scattered global packaging and labelling market for healthcare holds an intense level of competition for all player types. In 2014, WestRock Company, Amcor Limited, and E.I. DuPont de Nemours and Company – the three market leaders – took up merely 12.3% of the market in terms of value. With close to 80% of the market held by a fragmented bunch of regional players, the global packaging and labelling market for healthcare is expected to remain so for the coming years.
According to a research report released by Transparency Market Research, the players in the global packaging and labelling market for healthcare are rising up to the challenge of providing advanced packaging products and enhanced labelling services. The degree of competition in the market is expected to remain high throughout the report’s forecast period.
The global packaging and labelling market for healthcare is expected to reach US$136,277 mn by the end of 2023. This revenue is expanding at a CAGR of 5.3% within a forecast period from 2015 to 2023. By the end of 2016, this market is slated to reach US$101,099 mn.
Governments and Companies Look for Ways to Bust Counterfeiting with Innovative Packaging
“The pharmaceutical industry is plagued by the large number of counterfeiters that exist around the world. The number of counterfeit drugs and even vaccines are on the rise and both governments and pharma companies are taking steps to try and maintain the authenticity of their products. It will not only help maintain the credibility of each product and player, but can also help consumers make informed judgment when trying to ascertain whether a drug is fake, adulterated, or real. The packaging industry is at the forefront of this anti-counterfeiting force as it is the packaging that consumers will see first. They can therefore use certain packaging traits and special certification visible to make sure they buy the right product,” states a TMR analyst.
As much as 7% of the total international trade of pharma products is damaged due to the use of counterfeit products. The manufacturers of counterfeit drugs not only create and package their products in likeness of the originals, but are also often manufacture their drugs with harmful chemicals or dilute the proportions of an existing one. This is putting a great deal of pressure on pharma companies to ramp up their use of packaging materials that can help ensure product originality.
Cumbersome Registration Procedures Continue to Hamper Demand for Packaging and Labelling in Healthcare
Both the industries of pharmaceutical and medical devices are extremely diversified when it comes to the types of packaging required and the safety level that each packaging type can offer. This high level of diversity is making it difficult for players in the global packaging and labelling market for the healthcare sector, as it involves a myriad methods of gaining approval for each type of packaging. This also applies to the registration process and labelling procedure for each item that needs it, thus forming a very complicated procedure for players to follow.
“A lot the globally prominent players in the global packaging and labelling market for healthcare are looking towards emerging economies for their upcoming expansion plans. Asia Pacific and Latin America are especially hotspots for healthcare activities, providing ample opportunities for even regional players and new entrants,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Packaging and Labeling - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
Key Segments of the Global Packaging and Labeling (Healthcare) Services Market
Packaging and Labeling (Health Care) Services Market, by Packaging Type
- Primary Packaging
- Secondary Packaging
Packaging and Labeling (Health Care) Services Market, by Product Type
- Solid Dosage Forms
- Semi-solid Dosage Forms
- Liquid Dosage Forms
- Eye/Ear Drops
- Medical Devices
Packaging and Labeling (Health Care) Services Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
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