The North American healthcare packaging market (henceforth, referred to as the market studied) was valued at USD 45. 3 billion in 2019, and it is expected to reach USD 65. 6 billion by 2025, registering a CAGR of 6.
New York, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Healthcare Packaging Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05982384/?utm_source=GNW
37%, during the period of 2020-2025. The healthcare industry has widely evolved from its traditional form of practices to its current position, where the high-tech equipment and instruments are deployed to improve efficiency, in addition to the increasing demand for sustainable packaging and processing operations.
- The increasing awareness on the environmental issues and the government regulations of the region are pressurizing the pharmaceutical companies in moving toward sustainable processes. These developments by medical devices and pharmaceutical vendors are catering to provide scope toward the expansion of the healthcare packaging market.
- Medical device packaging provides the sterile environment for the contents within, and sterility needs to be preserved until the package gets opened for use. In a region, due to the increasing number of hospitals, therapeutic equipment manufacturers, and diagnostic centers, the healthcare industry is growing with the increasing demand for microbial packing.
- New companies are innovating in terms of the economical ways and smart labeling of medical devices. For instance, CleanCut Technologies’ Vault packaging system for devices is well suited for tray-style packaging. Counterfeiting, an evident problem in medical devices, is expected to promote the usage of NFC and RFID tags on the packaging materials.
- The pharmaceutical industry is slowly moving toward contract manufacturing, and the same trend is expected to be reflected in the packaging industry. The increasing demand from consumers calls for shorter lead times, and for drug manufacturers to capture the market, it is leading to the adoption of continuous manufacturing capabilities.
- The spread of a COVID-19 negatively impacted the market to a certain extent, due to disruptions in a supply chain, as a result of extended factory closures, globally. Logistically, it has been difficult for bottles, vials, and ampoules makers to provide to the pharma companies.
Key Market Trends
Pharmaceutical Industry has Witnessed Significant Growth
- The United States dominates the North American market for pharmaceutical packaging due to the significant presence of global players, like Owens Illinois, Corning, and Gerresheimer. These companies cater to some of the largest pharmaceutical companies, like Abbott, Pfizer, Roche, and Novartis. These pharma companies provide both domestic and international customers from their North American facilities.
- The country dominates the pharmaceutical market, both in consumption and development. According to STAT, prescription drug spending in the country is considered to increase to USD 600 billion by 2023, up from an estimated USD 500 billion in 2019, which is further expected to drive the market for pharmaceutical packaging in the country.
- The increasing population under the age group of 0-9 years is estimated to drive the demand for pharmaceutical syrups, which would, in turn, reflect the growth of healthcare packaging in the region. According to the United States Census Bureau, in the United States, the population under 0-9 years age group was 40.01 million in 2019.
- The US government has placed various laws and regulations on the labeling and packaging of pharmaceutical drugs. This could lead to an increase in the demand for packaging, owing to the inability of an in-house packaging facility for few pharmaceutical companies in this country.
Rise In Medicine Counterfeiting is Leading to Advanced Packaging and Labeling
- Counterfeit drugs are increasingly infiltrating the pharmaceutical supply chain, threatening the health of patients and incurring a high cost to drug manufacturers.
- Around 19 million Americans purchase the medication outside of the secure supply chain, mostly from approximately 50,000 global online pharmacies. A comprehensive study of 11,700 online pharmacies accessible to US customers found that approximately 95% failed to fully comply with laws and industry standards to protect patients.
- Defeating the counterfeiters demands a multi-level approach, an element of which is secure packaging. Smart and anti-counterfeiting packaging solutions are the fast-developing requirements, and this technology gives a perfect fit to further extend the extensive range of closures in the pharma sector.
- Many producers and distributors are primarily seeking to gain greater visibility over their supply chain operations in order to deter counterfeiting. RFID and NFC enabled packaging can monitor the movement in real-time, which allows for quick alerts when a shipment gets diverted or tampered with.
The North America Healthcare Packaging Market is moderately competitive with the market players are benefiting from innovation, primarily due to the presence of semi-differentiated offerings among the players in the region, The major companies in the market have enabled a sustainable competitive advantage over other players with new innovation.
- March 2020- Nipro Corporation announced that Nipro Medical Corporation, its consolidated subsidiary, had taken over the dialysate manufacturing business of Dimesol USA LLC (“Dimesol”), a company that manufactures and markets dialysates in the United States, and has established a subsidiary that manufactures dialysates in Lewisberry, Pennsylvania, the United States.
- May2020- Corning Incorporated and Pfizer Inc. announced the execution of a long-term purchase and supply agreement for Corning Valor Glass. The multiyear agreement provides for the supply of Valor Glass vials to a portion of currently marketed Pfizer drug products, pending regulatory approval.
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