The healthcare industry at present is burdened by the globally increasing incidence of chronic ailments. The majority of these diseases are often linked with unhealthy lifestyle choices. The changing lifestyle, coupled with increased healthcare expenditure, is thus bolstering scope for the expansion of the packaging and labeling services market in the healthcare sector.
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Spurred by the increasing demand for anti-counterfeit drug packaging technologies, TMR forecasts the global packaging labelling services market to surge at a CAGR of 5.3% between 2015 and 2023. The market is expected to reach US$136.27 bn by 2023. TMR puts the market’s overall value at US$84.61 bn in 2014.
Stringent Policies to Maintain Quality and Standard Packaging Driving Growth Prospects
As per the lead author of this report, “the rising incidences of chronic ailments worldwide is boosting the growth of this market. Sedentary lifestyle is one of the key reasons behind the rise in chronic ailments.” Rise in the health care spending will also support the growth of packaging and labelling (Health Care) Services Market. As pharmaceutical products and medical devices play a crucial role in ensuring public well-being, stringent policies and regulations are being implemented. This has forced that biopharma and pharmaceutical packaging companies to comply with the highest possible standards of quality. These strict regulations are expected to boost quality packaging and in turn will bode well for the global packaging and labelling services market in the healthcare domain.
Need for Enhancing Shelf Life and Repress Development of Microbial Activity Pushes Demand for Packaging and Labelling Services in Healthcare
Good packaging leads to enhanced shelf life of pharmaceuticals, repressing the development of microbes. With growing interest in reducing the environmental impact, pharmaceutical companies are currently investigating bio-based as well as green options. They are doing so by investing extensively on research and development.
Complicated Registration Process and Lengthy Approval Time to Pose Challenge
On the other hand, complicated registration process is expected to hinder the growth of the packaging and labelling services market in the healthcare domain. The lengthy approval processes will also be a factor that will restrict the growth of the market. Nevertheless, the growing adoption of Nano enabled packaging within the pharmaceutical sector will drive the growth prospects of the global packaging and labelling services market. An increase in the demand from emerging nations will also be a growth opportunity for market players to tap on.