NEWARK, DE / ACCESSWIRE / June 15, 2023 / The pharmaceutical caps and closures market is predicted to expand at 5.8% CAGR over the estimated period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 2,541.5 Million in 2023.
In the pharmaceutical industry, closures that constitute the container-closure system, are considered important in the packaging of sterile products. Pharmaceutical closures, variously called bungs or stoppers, are an important element of the final packaging of pharmaceutical preparations.
The use of pharmaceutical caps and closures ensures parenteral pharmaceuticals' sterility. These also avert the entrance of contamination upon the insertion of a needle into a vial. Packaging solutions safeguard the drug from physical damage and even from biological degradation.
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Drugs sensitive to water, light, and sometimes proximity to another sensitive substance, require effective caps and closures solutions. Increasing cases of chronic disorders and increasing administration of drugs are fueling the demand for caps and closures in pharmaceuticals. Moreover, favorable government policies and accelerating healthcare infrastructure are also fueling the market growth.
Growing demand for packaging in the pharmaceutical industry to protect the drugs from any external influences is projected to spur market growth. Companies active in the industry are offering an array of packaging solutions that cater to the needs of the pharmaceutical and healthcare industry while complying with strict industry standards.
Top Highlights from the FMI's Analysis:
- North America's pharmaceutical caps and closures industry gained a 29.6% market share in 2022.
- The United States pharmaceutical caps and closures industry is expected to acquire more than 26.5% in 2023.
- Europe region procured a 27.8% market share in 2022. Germany's pharmaceutical caps and closures industry obtained a 4.8% market share in the same year.
- The United Kingdom market is projected to expand at a CAGR of 7.3% in the coming decade.
- In Asia Pacific, China, and India are projected to expand at a CAGR of 8.3% and 6.8%, respectively, in the forecast period.
- Australia's pharmaceutical caps and closures industry is anticipated to expand at a CAGR of 4.5% from 2023 to 2033.
- Japan's pharmaceutical caps and closures industry acquired a 6.4% market share, globally.
- Based on product, screw caps, and closures are projected to constitute 46.96% of the global market.
- Based on functionality, tamper evident segment is predicted to form more than 64.06% of the global market.
- Under the material category, the plastics segment is anticipated to contribute 60% to the global market.
- Based on drug modality, small molecules (synthetic drugs) secured 59.4% of the global market in 2022.
- Based on therapeutic class, anticancer drugs acquired a share of 20.5% in 2022.
- Based on end users, the pharmaceutical & biotechnology companies segment gained 52.8% of the entire market in 2022.
Market Update: Key Innovations Taking Place in this Market:
- Silgan Holdings acquired the dispensing business of Albea, which is a packaging firm, in June 2020. The dispensing business distributes sprayers, pumps, and foam dispensing solutions to large consumer goods firms. The business is operational in Europe, Asia, North America, and South America.
- Berry Global Group obtained RPC Group in July 2020. This acquisition helped in the positioning of the company as the global leader in value-added protective solutions and a significant plastic packaging company. Furthermore, the company has widened its global footprint spanning 290 locations the world over.
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Key Players are:
- 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
Market by Categorization:
By Product Type:
- Screw Caps & Closure
- Snap Caps & Closure
- Push-Pull Caps & Closure
- Stopper & Seals
- Others
By Functionality:
- Child Resistant
- Tamper-evident
By Material type:
- Plastic
- Elastomer
- Metal
by availability:
- Prescription (Rx) Pharmaceuticals
- Over-the-Counter (OTC) Pharmaceuticals
By Drug Modality:
- Small Molecule (Synthetic Drugs)
- Biopharmaceuticals
By 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
By End Users:
- Pharmaceutical & Biotechnology Companies
- Contract Manufacturing Organizations (CMO)
- Contract Research Organizations (CROs)
- Academic & Research Institutes
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SOURCE: Future Market Insights, Inc.