The global pharmaceutical caps and closures market is set for significant expansion, as outlined in the latest report from Future Market Insights (FMI). The market, valued at USD 2,541.5 million in 2023, is expected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 5.8% over the next decade, reaching an estimated USD 4,469.4 million by 2033.
FMI’s comprehensive analysis highlights the sustained increase in demand for pharmaceutical caps and closures, reflecting the dynamic evolution of the pharmaceutical industry and its growing global footprint. This growth trajectory underscores substantial opportunities for stakeholders across the pharmaceutical packaging landscape.
Key Drivers of Market Growth:
- Advancements in Packaging Technologies: Ongoing innovations in pharmaceutical packaging are driving the demand for advanced caps and closures.
- Regulatory Requirements: Stricter regulations are enhancing the adoption of secure and compliant packaging solutions.
- Expansion of the Pharmaceutical Industry: The continuous growth of the global pharmaceutical sector is fueling the demand for effective packaging solutions.
“The pharmaceutical caps and closures market is experiencing transformative growth, driven by innovation and an increased focus on product safety and efficacy,” said a representative from Future Market Insights. “As pharmaceutical companies seek to enhance packaging solutions for product integrity and regulatory compliance, the market is well-positioned to meet these evolving needs.”
Regional Insights and Market Dynamics:
- North America and Europe are anticipated to retain leading positions due to stringent regulatory frameworks and strong pharmaceutical manufacturing activities.
- Asia Pacific and Latin America are projected to present lucrative growth opportunities, driven by expanding healthcare infrastructure and increasing pharmaceutical production.
Unlock Comprehensive Data: Access the Complete Report on the Pharmaceutical Caps and Closures Market Now
Top Highlights from FMI’s Report:
- North America captured 29.6% of the market share in 2022, with the U.S. expected to hold over 26.5% in 2023.
- Europe held a 27.8% market share in 2022, with Germany and the U.K. showing significant growth prospects.
- Asia Pacific regions, including China and India, are projected to grow at CAGRs of 8.3% and 6.8%, respectively.
- Screw Caps are anticipated to represent 46.96% of the global market, and tamper-evident closures are expected to dominate with over 64.06% market share.
- Plastic materials are forecasted to contribute 60% to the global market.
Recent Innovations:
- Silgan Holdings acquired Albea’s dispensing business in June 2020, expanding its global presence.
- Berry Global Group’s acquisition of RPC Group in July 2020 positions the company as a global leader in protective packaging solutions.
Who is winning?
- The global market is set to expand due to the rising prevalence of chronic diseases. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
- Some of the leading players in the pharmaceutical caps and closures market include but are not limited to Berry Global Inc., Amcor Plc, Aptar Inc., Closure Systems International Inc., O.Berk Company LLC, Bericap GmbH and Co KG, UNITED CAPS, CL Smith Company, Georg MENSHEN GmbH & Co. KG, WestRock Company, West Pharmaceutical Services Inc., Drug Plastics and Glass Co Inc., Gerresheimer AG, DWK Life Sciences GmbH, Parekhplast India Limited, and Parshva Exim Limited.
Pharmaceutical Caps and Closures Services Market by Category:
Product Type:
- Screw Caps & Closure
- Snap Caps & Closure
- Push-Pull Caps & Closure
- Stopper & Seals
- Others
Functionality:
- Child Resistant
- Tamper-evident
Material type:
- Plastic
- Elastomer
- Metal
Availability:
- Prescription (Rx) Pharmaceuticals
- Over-the-Counter (OTC) Pharmaceuticals
Drug Modality:
- Small Molecule (Synthetic Drugs)
- Biopharmaceuticals
Therapeutic class:
- Anticancer Drugs
- Anti-infective Drugs
- Anti-viral Drugs
- Anti-bacterial Drugs
- Anti-fungal Drugs
- Others
- Cardiovascular Drugs
- Anti-inflammatory Drugs
- Analgesics Drugs
- Anti-diabetics
- Ophthalmic Drugs
- Neurological Drugs
- Others
End Users:
- Pharmaceutical & Biotechnology Companies
- Contract Manufacturing Organizations (CMO)
- Contract Research Organizations (CRO)
- Academic & Research Institutes
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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