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Pharmaceutical Caps and Closures Market | Development of Child-resistant and Tamper-evident Packaging to Boost Growth | Technavio

·4-min read

The pharmaceutical caps and closures market is set to grow by USD 2.43 billion accelerating at a CAGR of about 10%, during the period spanning over 2020-2024. One of the key factors driving growth is the development of child-resistant and tamper-evident packaging. Child-resistant packaging reduces the risk of children ingesting hazardous materials. Growing global sales of pharmaceuticals is a significant trend that will further stimulate market growth. The ongoing COVID-19 pandemic has increased the demand for pharmaceuticals across the world.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021006037/en/

Technavio has announced its latest market research report titled Global Pharmaceutical Caps and Closures Market 2020-2024 (Graphic: Business Wire)

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Parent Market Analysis

Technavio categorizes the global pharmaceutical caps and closures market as a part of the global metal and glass containers market within the overall global containers and packaging market. The global metal and glass containers market includes products of metal, glass, or plastic containers, including corks and caps. The global containers and packaging products market includes the combined revenue generated by manufacturers/providers of metal, glass, and plastic containers and paper packaging.

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Pharmaceutical Caps and Closures Market: Geographic segmentation

The report segments the market by geography: APAC, North America, Europe, South America, and MEA. About 41% of the market’s growth will originate from APAC during the forecast period. Expanding population and the rise in the sale of self-medication and OTC drugs will fuel market growth in the region. China and Japan are the key markets for pharmaceutical caps and closures in APAC.

Pharmaceutical Caps and Closures Market: Segmentation by Material

The plastic material segment was leading the market in 2019. Many companies prefer plastic packaging over metal and glass because of its lightweight and durable characteristics. Besides, the increasing demand for PET containers across the world is fueling the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the pharmaceutical caps and closures market size.

Pharmaceutical Caps and Closures Market: Growth Drivers

The market is driven by the development of child-resistant and tamper-evident packaging. The rising number of incidences of children opening and ingesting hazardous pharmaceutical materials has led regulatory bodies across the world to pass several regulations. For example, according to the US FDA, the packaging of OTC drug products must be tamper-evident. This is increasing the demand for pharmaceutical caps and closures, which is driving market growth.

Pharmaceutical Caps and Closures Market: Challenges to overcome

The non-biodegradable property of plastics is limiting the use of certain plastic products such as caps and closures. This has prompted many organizations to opt for alternatives such as glass, metal, and rubber. The environmental risks caused by the use of plastics is expected to hinder the growth of the market during the forecast period.

Pharmaceutical Caps and Closures Market: Vendor landscape

This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading pharmaceutical caps and closures companies, including:

  • Amcor Plc

  • Berry Global Group Inc.

  • Caps & Closures Pty Ltd.

  • Closure Systems International Inc.

  • O.Berk

  • Phoenix Closures Inc.

  • Röchling SE & Co. KG

  • Saudi Basic Industries Corp.

  • Silgan Holdings Inc.

  • Tecnocap SpA

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View market snapshot before purchasing

Technavio reports cover the following key research areas:

  • Detailed Analysis of Market Eco System

  • Market favorability index

  • Market opportunity by segments

  • Customer Landscape

    • Analysis of drivers of price sensitivity

    • Key purchase criteria

    • Customer purchase basket

  • Impact of drivers and Challenges

  • Vendor landscape

    • Factors of differentiation

    • Landscape disruption

    • Key industry risks

    • Market position of vendors

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201021006037/en/

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