Developed regions have marked their presence in driving the growth in the healthcare sector. Supportive services such as packaging and labeling (health care) services in the healthcare sector in developed regions are also witnessing high growth due to significant rise in the main sector. As per the report developed by the Transparency Market Research (TMR), Europe is expected to dominate the global packaging and labeling (health care) services market in the coming years. Rising number of biotech and pharma companies in Europe is the major reason behind the rising packaging and labeling (health care) services in this region.
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On the other hand, Asia Pacific is also expected to offer various lucrative opportunities in the global packaging and labeling (health care) services market due to rising investments made in the healthcare sector. This factor is benefiting international companies operating in this market to enter in developing countries in Asia Pacific and establish firm hold in this region.
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Incremental Opportunity of Nearly US$ 51.66 Billion over Projected Tenure Opens Various New Growth Avenues
As per the analysis presented in the TMR’s report on the global packaging and labeling (health care) services market, revenue generation is expected to reach US$ 136.27 billion by the end of 2024. This created and incremental opportunity of nearly US$ 51.66 billion between the forecast period from 2015 to 2024. The estimated CAGR for this market over this period is 5.3%, which is considered to be a healthy CAGR for supportive market in the healthcare industry. Extensive investments made in the research and development and efforts made in to reduce environmental impact caused by healthcare packaging are other supportive factors driving growth in this market.
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Investments Made by Players in R&D Paved New Way for Market Growth
In every industry, companies participating and providing products play a crucial role in driving growth in the market. In the global packaging and labeling (health care) services market, key players analyzed in the report include3M Company, Bemis Company, Inc., Amcor Limited, CCL Industries, Inc., Sonoco Products Company, WestRock Company, and DuPont. Competition among these players is intense, thus driving players to get into more and more research and development activities. Innovation through research and development along with other developments taking place in pharmaceutical and medical packaging are resulting in product development and innovation. All these factors are creating high growth opportunities in the global packaging and labeling (health care) services market.
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Merger and acquisition is also one of the key strategy used by the players in this market. For example, an international label maker – CCL Industries, Inc., recently acquired shares in a Canadian manufacturer of personalized kid’s labels of Colle a Moi (CAM). With this acquisition the company will be capable of expanding its product portfolio on web-to-print technologies. With company’s innovation, the global packaging and labeling (health care) services market will also witness growth in newer area.
Anti-Counterfeiting Drug Packaging Technology – A Key Growth Driver
One of the prime factors driving growth in the global packaging and labeling (health care) services market include trends related to the growing anti-counterfeiting drug packaging products and technology. This factor is significantly augmenting growth in this market. Strict regulatory policies associated with in healthcare packaging are also playing crucial role in expanding growth in this market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Packaging and Labeling (Healthcare) Services Market (Packaging Type – Primary (Blisters, Pouches, Bottles, and Tubes); Secondary (Labeling and Cartoning); Product Type- Solid Dosage Forms (Tablets, Capsules, Granules and Powder); Semi-Solid Dosage Forms (Creams, Ointments and Suppositories); Liquid Dosage Forms (Syrups, Eye/Ear Drops and Aerosols); and Medical Devices) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2024”.
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