According to TMR, the global packaging and labelling services market in the healthcare domain will be worth US$136.27 bn by 2023. On the basis of packaging tape, the primary packaging activities is likely to dominate in the market. On the basis of geography, it is anticipated that Europe will prove to be lucrative market for packaging and labelling services. The rising number of Biotech and pharmaceutical companies in Europe is behind the growth in the region. By 2023, estimated to account for 31.3% of the total market. Asia Pacific is also expected to be a lucrative market with several growth opportunities.
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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.
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