UAE – Future Market Insights, a certified consulting firm, has said the pharmaceutical caps and closure market is slated to increase, surpassing a valuation of US$ 2.27 billion by 2021-end, due to growing demand of safe and easy packaging solutions of pharmaceuticals.
Growing demand of child-proof packaging due to the rising concern of accidental consumption is among the factors expected to spur the growth.
Focus on effective packaging to lessen the spoilage of pharmaceutical drugs will improve the adoption of pharmaceutical caps and closures as well as expansion of pharmaceutical sector across developed regions such as the U.S., U.K., and Germany is enabling the growth of market.
Sustainability concerns and easy availability have increased the demand of lightweight packaging, especially plastic pharmaceutical caps and closures. However, stringent regulations associated with use of plastics within pharmaceutical and food & beverage industries might impede the market growth.
Furthermore, rising prevalence of chronic diseases such as cardiovascular disease and other diseases have increased the demand for various medications. This in turn, is enabling the demand for effective packaging solutions in the pharmaceutical sector, widening the growth opportunities for the market players.
Advancement in technology and need for smart yet cost-effective packaging is anticipated to fuel the demand of pharmaceutical caps & closures during the forecast period. Smart packaging is needed for the safety and to maintain the quality of product without any accidental consumption of drugs by children.
Considering this, demand for tamper-resistant and child-resistant pharmaceutical caps and closures will bolster the market growth throughout the forecast period. As per the FMI’s analysis, child resistance functionality segment is expected to register maximum growth in the pharmaceutical caps and closure market.
“Rising demand for smart and safe packaging solutions within the pharmaceutical sector is creating growth opportunities for market players throughout the forecast period,” says an FMI analyst.
FMI’s Pharmaceutical Caps and Closures Market Study established that child resistant closures will account for over 61% of market sales with U.S. expected to emerge as the most lucrative market of pharmaceutical caps and closures, accounting for over 89% of market share.
Screw cap and closures are leading the product type segment and will account for more than 46% of market share through 2031 with the Anti-cancer drugs segment exhibiting faster growth.
Prominent manufacturers are strengthening their market presence through strategic collaborations and acquisition of various other organizations. Increasing research & development activities carried out by the leading players will consolidate the growth in fragmented market, opines FMI.
In July 2019, Berry Global Group announced the acquisition of RPC Group for US$ 6.5 billion, making the company a leading global supplier of value-added protective solutions and one of the world’s largest plastic packaging companies. Also, the company broadened its global footprint consisting of over 290 locations worldwide, including in North America, Europe, Asia, Africa, Latin America and Australia.