The pharmaceutical caps and closures market caters to the capsule-filling needs of pharmaceutical companies for packing prescribed drugs. Capsules made from gelatin help improve bioavailability and protect the drug from moisture, which enhances shelf life. Closures such as screw caps offer tamper evidence and ensure safety. The demand for such caps and closures is rising globally due to an aging population and growing prevalence of lifestyle diseases.
The Pharmaceutical Caps And Closures Market is estimated to be valued at US$ 6.4 Bn in 2024and is expected to exhibit a CAGR of 6.7% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the pharmaceutical caps and closures market are Aptar Pharma (AptarGroup), West Pharmaceutical Services, Datwyler Sealing Solutions (Datwyler Group), Lonstroff (Sumitomo Rubber Industries), and Ompi (Stevanato Group). Aptar Pharma and West Pharmaceutical Services collectively account for over 30% of the global market share.
The rising incidence of chronic diseases and increasing generic drug production are fueling demand for pharmaceutical capsules and closures globally. As per estimates, chronic diseases affect over 100 million people in the United States. This is prompting pharmaceutical companies to ramp up production.
Technological advancements are aiding capsule delivery systems. New gelatin compositions improve solubility and bioavailability, while innovative container closure combinations offer better tamper evidence. 3D printing technology is also being explored for high-quality capsule manufacturing.
Market Trends
Sustainability initiatives - Major market players are investing in eco-friendly closure and packaging solutions made from recycled PET and plant-based polymers to reduce plastic waste.
Digitalization - Pharma companies are digitizing packaging lines with track-and-trace solutions and integrating IoT sensors for automated inspection and quality control. This improves production efficiency.
Market Opportunities
Growth in emerging markets - With rising income levels, countries like India, Brazil and China offer lucrative opportunities for pharmaceutical supplies including caps and closures.
Personalized medicines - Tailored drugs require specialized delivery via advanced capsules, thus presenting attractive opportunities, especially in the orphan drug segment.
Impact Of COVID-19 On Pharmaceutical Caps And Closures Market
COVID-19 pandemic has disrupted all markets across the globe. The Pharmaceutical Caps And Closures market was also impacted severely due to disruptions in supply chain, trade restrictions, and lockdowns imposed by various governments. During the initial lockdown phase, production and operations were halted entirely. With restricted movement of goods, shortage of raw materials occurred which hampered manufacturing. Demand also dropped significantly from pharma companies as elective procedures and non-emergency treatments were postponed.
However, as the pandemic intensified, demand from pharmaceutical sector increased manifold for drugs, vaccines and medical supplies. Manufacturers ramped up production and worked on establishing alternative supply routes to meet the growing needs. Governments also took initiatives to support pharma industry and streamline approval processes. With vaccination drives currently underway worldwide, production of caps and closures is expected to remain high. Companies are making investments in expanding capacities and digitizing operations to ensure resilience against future crises. While short term impact was negative, COVID-19 has fast tracked industry’s overall growth trajectory in long run due to emphasis on health security.
In terms of geographical regions, North America region accounts for the largest share in Pharmaceutical Caps And Closures market in value terms currently. This is attributed to presence of major pharma companies, high healthcare spending and rapid adoption of new technologies. Asia Pacific region is expected to witness fastest growth during forecast period with rising incomes, healthcare reforms and increasing generic drug manufacturing in countries like India and China which will drive demand. Europe holds second largest regional market due to advanced pharmaceutical industry and strict quality and safety norms for packaging.
The United States accounts for majority value share within North American region for Pharmaceutical Caps And Closures market. This is because US is the largest pharmaceutical market globally and spends heavily on prescription drugs and medications. India from Asia Pacific region is poised to emerge as the fastest growing country level market during forecast period 2024-2031 backed by low cost manufacturing, government initiatives for domestic industry and changing disease patterns.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This Pharmaceutical Caps And Closures Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Pharmaceutical Caps And Closures's growth between 2024 and 2031.
:- Accurate calculation of the size of the Pharmaceutical Caps And Closures and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Pharmaceutical Caps And Closures Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Pharmaceutical Caps And Closures vendors
FAQ’s
Q.1 What are the main factors influencing the Pharmaceutical Caps And Closures?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Pharmaceutical Caps And Closures companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Pharmaceutical Caps And Closures’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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