Packaging and Labeling Services Market is expected to reach US$136.27 bn by 2023
Healthcare packaging calls for well-laid out directives and can be manufactured economically if only a holistic approach is employed. To attain this, medical devices and their packaging need to be developed simultaneously for the optimal use of guidance package that is provided by regulatory bodies for the quality control of these devices. In this context, the device center of the U.S. Food and Drug Administration produces the largest number of guidance documents for medical device manufacturers due to the large variety of medical devices and their specific packaging.
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The occurrence of industry events also provides guidance for industry players for product development. The PACK EXPO and Pharma EXPO, 2015 held in Las Vegas witnesses a record-breaking industry participation, wherein industry experts provided valuable insights on employing technology for counteracting imitation issues.
At present, the healthcare industry is grappling with the increasing incidence of chronic ailments worldwide. This has necessitated healthcare regulatory bodies to undertake strict quality control of products at every stage right from R&D to production to packaging. On the other hand, pharmaceuticals companies and medical device manufacturers are focused on extending the shelf life of products and need to abide by stringent policies that are in place to counter imitation drug packaging and improper labeling for patient safety. On account of these factors, the global packaging and labeling services market will display a CAGR of 5.3% from 2015 to 2023, says a report by Transparency Market Research.
Q. What lies ahead for the growth of the packaging and labeling services market for healthcare?
A. Though complicated registration and approval processes for the packaging and labeling of pharma products are slowing this market’s growth, this industry is in progression mode due to certain favorable factors. The increasing adoption of nano-enabled packaging will lead to significant growth of this industry. Moreover, increasing adoption of newer packaging techniques in developing countries will open attractive opportunities for the growth of the global packaging and labeling services market for healthcare.
Q. Are pharmaceuticals companies and medical device manufacturers vigilant about their role in public health?
A. Yes. Firstly, pharma companies adhere to stringent policies that are laid out for the production of pharmaceuticals due to their close association with public well-being. In addition, pharma companies are spending heftily on R&D for advanced packaging techniques to counter issues pertaining to imitation drug packaging. Medical device manufacturers and pharmaceutical companies are also exploring bio-based and green packaging options to minimize the adverse effect of conventional packaging on the environment.
While a universal packaging technique is not viable for the wide product portfolio of the medical devices and pharmaceuticals industry, industry participants comply with the highest standards of packaging and labeling that are laid out for the same.
Q. How is packaging and labeling services industry for healthcare faring in Europe?
A. Currently, Europe stands as the most lucrative regional market for the packaging and labeling services due to the presence of a large number of pharma and biotech companies. The region held the largest 31.3% of the global market in 2014. Europe is expected to display abundant opportunities for the packaging and labeling services market for healthcare in future as well.
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