“The report covers the North America pharmaceutical packaging market. It further divides the market on the basis of type, material, and geography. The market data for these materials is given with respect to volume (LBS MN) and value (USD MN). The market was valued at $20,604.7 million in 2014 and is projected to grow at a CAGR of 4.7% from 2014 to 2020.
The market in the U.S. accounted for the largest share of 86.96% in the North America pharmaceutical packaging market in 2014.
Factors such as advancement in manufacturing processes and technological innovation, growing demand for drug delivery devices & blister packaging, contribution of nanotechnology to the pharmaceutical packaging market, and implementation of new health law in the U.S. are driving the growth of the market. Increasing packaging cost and stringent health regulatory standards and norms are hindering the growth of this market.
The North America pharmaceutical packaging market is also classified based on different packaging types. The important applications industries include plastic bottles, blister packs, labels & accessories, caps & closures, medical specialty bags, dropper bottles, temperature controlled packaging, vials, medication tubes, containers, among many others. The temperature controlled packaging segment is expected to show rapid growth in the future.
The key companies operating in this market are MeadWestvaco Corporation (U.S.), Amcor Ltd. (Australia), Becton, Dickinson & Company (U.S.), Comar Inc. (U.S.), Convergence Packaging (U.S.), and West Pharmaceutical Services (U.S.), among others. These companies are consistently focusing on expanding their production capacity to achieve a competitive advantage and thereby serving the customers more effectively. Investments in expansion of plant capacities, followed by acquisitions were the most preferred strategies by the top players in the year 2012 & 2013 that are driving the demand of pharmaceutical packaging. Their strategy to capture the market in developing economies includes expansions and agreements.
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