Packaging is described as a systematic and coordinated system used to prepare products or goods for logistics, warehousing, sale, and end use. Packaging helps in preserving and protecting the products from any kind of damage. The process comprises assembling and filling of the product, sterilization, and finally placing the essential labels on the container. The global packaging and labeling services market are in high demand across diverse industries worldwide. Healthcare is one of the major industries that extensively make use of the packaging and labeling services for their wide range of products.
In 2014, the global market for packaging and labeling (healthcare) services was worth US$84.6 bn and is estimated to reach a value of US$136.2 bn by the end of 2023. This market is projected to register a healthy 5.30% CAGR between 2015 and 2023.
Technological Advancement in Machineries to Drive Global Packaging and Labeling (Healthcare) Services Market
The rising demand for anti-counterfeiting drug packaging technologies and products and developing pharmaceutical and medical device industry are some of the key factors projected to bolster the growth of the global packaging and labeling (healthcare) services market in the next few years.
Moreover, the growing adoption of nano-enabled pharmaceutical packaging is considered as one of the potential growth opportunities for the market players. The growing demand from developing economies is also estimated to augment the growth of the overall market in the near future. However, complicated registration procedures are curtailing the growth of the global packaging and labeling (healthcare) services market.
By packaging type, the global market for packaging and labeling (healthcare) services can be classified on the basis of type into primary packaging and secondary packaging. In 2014, the primary segment accounted for the largest share in the overall market, thanks to the significant contribution from bottles packaging segment. This segment is anticipated to exhibit a high growth rate in the near future. On the basis of packaged product type, the market can be categorized into semi-solid dosage form, solid dosage form, and liquid dosage form. Among these, in 2014, the solid dosage form segment accounted for the around 1/4th share of the global packaging and labeling (healthcare) services market.
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Increasing Number of Manufacturing Units to Propel Packaging and Labeling (Healthcare) Services Market in Europe
By geography, the packaging and labeling (healthcare) services market can be divided into Latin America, North America, Europe, Asia Pacific, and Rest of the World. In 2014, Europe accounted for the largest share in the global market and is estimated to remain in the leading position in the next few years. The rapid growth of this region can be attributed to the well-established health care infrastructure, technological advancements in the machinery, and rising number of pharmaceutical production units. Europe is followed by North America, Latin America, and Asia Pacific. Among these regions, Asia Pacific market for packaging and labeling (healthcare) services is projected to register significant growth in the next few years.
The prominent players active in the global market for packaging and labeling (healthcare) services include WestRock Company, Schott AG, 3M Company, CCL Industries, Inc., Owens-Illinois, Inc., Amcor Limited, Bemis Company, Inc., Sonoco Products Company, E. I. du Pont de Nemours and Company, and Gerresheimer AG.