According to the latest Future Market Insights (FMI) report, the demand for pharmaceutical caps and closures is expected to flourish at a rate of 5.8% CAGR. In 2023, the market is expected to be valued at USD 2,541.5 million. By the end of 2033, the market is projected to attain USD 4,469.4 million.
How are Light Weight Packaging Formats Affecting the Pharmaceutical Caps and Closures Market?
How are Investments in Product Development Influencing Growth?
| Attribute | Details |
|---|---|
| Pharmaceutical Caps and Closures Market Size (2023) | USD 2,541.5 million |
| Pharmaceutical Caps and Closures Market Size (2033) | USD 4,469.4 million |
| Pharmaceutical Caps and Closures Market CAGR (2023 to 2033) | 5.8% CAGR |
| Pharmaceutical Caps and Closures Market CAGR (2018 to 2022) | 5.1% CAGR |
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Stringent rules and regulations associated with the grade of plastics used in end-use industries, especially in the food and beverages and pharmaceuticals industries might hamper market growth.
In the United States, regulations enacted by the Food and Drug Administration (FDA) have made it compulsory to implement child-resistant closures. This is projected to create key prospects for sales in the pharmaceutical industry.
Nevertheless, small firms might find it challenging to adhere to such stringent regulations. The machinery required for ascertaining stringent guidelines is often cost-intensive, which might discourage small players. This, in turn, can adversely affect the market.
Today, consumers are searching for products that are easy to access and use, with a high preference for self-resealing offerings. These factors are creating notable opportunities for manufacturers to develop consumer-friendly products.
Increasing investments in the healthcare sector in emerging countries are anticipated to boost the demand for pharmaceutical caps & closures. Local and regional players are expanding their distribution networks and manufacturing facilities to boost their business portfolios across the globe.
Increasing government initiatives for research and development is expected to provide significant opportunities in the pharmaceutical caps & closures market.
The production of pharmaceutical caps and closures was fairly limited, until recently, owing to a lack of awareness about safety concerns. According to Future Market Insights FMI), the sales of pharmaceutical caps and closures have grown at a 5.1% CAGR between 2018 and 2022.
The market gained momentum owing to accelerating demand for easy and safe packaging, leading to many innovations in the field. The demand for child-proof packaging owing to concerns over accidental consumption is rising. This is also expected to have a positive impact on the market.
A majority of children under five years are affected by unwanted harmful drugs owing to improper closing of containers as reported by the National Health Service (NHS).
With growing economies and the expansion of health care and insurance systems, the demand for pharmaceutical products is escalating strongly. It is predicted that the global pharmaceutical industry is projected to thrive at 3.6% annually in the coming years.
The demand in the market is projected to surge due to the growing emphasis on effective packaging to reduce the spoilage of pharmaceutical products and the probability of accidents. In the United States, the spending on medicines is increasing owing to new product adoption. Medical spending in Japan exceeded USD 85 billion in 2019. The same for China touched USD 136 billion.
The usage of medicines has jumped by 24% in 2020 as compared to 2015. Developed economies are projected to continue to use a large volume of prescribed medicines. Emerging countries are expected to use many generics and over-the-counter alternatives. With pharmaceutical spending consistently rising in developed countries, the demand for pharmaceutical caps and closures is expected to rise.
Future Market Insights expects the global pharmaceuticals caps and closures market to rise at 5.8% CAGR between 2023 and 2033.
| Country | The United States |
|---|---|
| Market Share % (2022) | 26.5% |
In the United States, the spending on medicines has steadily increased over the years, in turn driving the adoption of new caps and closure offerings. The United States is anticipated to hold over 89% of the pharmaceutical caps and closures market in North America. Also, regulations implemented by the FDA to ascertain child-resistant closures in the pharmaceutical industry have contributed to growth prospects.
Implementation of such laws is boosting research and development among manufacturers in North America. Additionally, the increasing occurrence of chronic disorders like cardiovascular disorders, cancer, and others is projected to fuel demand for various medications. This, in turn, is projected to fuel the demand for effective packaging in the pharmaceutical sector, creating opportunities for pharmaceutical caps and closure sales.
| Country | The United Kingdom |
|---|---|
| CAGR % (2023 to 2033) | 7.3% |
The United Kingdom is projected to account for over 25% of Europe’s market through the assessment period ending in 2033. There are a few key factors speeding growth in the United Kingdom market for pharmaceutical caps and closures such as:
Recent acquisitions have been propelled by the need to enlarge portfolios for non-exclusive clean injectables in the United Kingdom market. For instance,
In January 2020, Cyrano Berry launched its advanced molding technology to create extremely lightweight components, deliver reliable performance, safeguard product integrity, offer ease of drug administration, and improve patient safety.
| Country | Germany |
|---|---|
| Value Share % (2022) | 4.8% |
Germany’s market is projected to exhibit a 6.7% CAGR throughout the forecast period. Regulatory guidelines are relatively strict in Germany. As a result, achieving approvals is hard. The EMA guideline covers the exact requests for packaging materials that are in direct contact with pharma products or drugs.
Guidelines need to be met for new registration applications. As a result of stringent guidelines, elastomeric closures are increasingly used in injectable pharmaceutical products and delivery systems to ensure component functionality and suitability of parenteral products.
Plastic packaging systems create concerns associated with potential safety effects with the production of drugs and biopharmaceuticals. As a result, stringent regulation for all types of closures in Germany is restraining the market. Despite such restraints, the market is set to continue expanding in the years to follow due to the continuously spreading pharma industry.
| Country | Japan |
|---|---|
| Market Share % (2022) | 6.4% |
Increasing expenditure on healthcare has enhanced the quality of healthcare while fortifying the demand for pharmaceutical products in countries like Japan. Japan’s market is expected to account for a significant share of the sales registered in the East Asia market in 2023.
In Japan, the total annual pharmaceutical spending equals USD 93 billion. Moreover, the government of Japan provides for healthcare spending around 40% via national insurance schemes. Japan’s pharmaceutical sector has been forecasted to grow considerably in the coming years, paving the way for the expansion of the pharmaceutical caps and closures market.
Increasing investments in the healthcare sector are anticipated to boost the demand for pharmaceutical caps & closures. Increasing government initiatives for research and development is expected to provide significant opportunities in Argentina.
The market for pharmaceutical caps and closures in Argentina is exhibiting a 4% CAGR and is expected to account for more than 11% of Latin America’s market throughout the projection period. Encouraged by notable prospects, several market players are likely to expand their presence in the country. For Instance,
A relatively higher adoption rate is witnessed in child resistance closures owing to their effectiveness in preventing accidental consumption. The segment is expected to account for 61% market share in 2023.
Low costs of child resistance closures result in high revenue generation in the global pharmaceuticals caps and closures market. However, tamper-resistant products are estimated to reflect a higher rate of growth owing to concerns over counterfeiting.
| Segment | Screw Caps & Closure |
|---|---|
| Value Share % (2022) | 46.96% |
Screw caps and closures are expected to continue to dominate the market during the forecast period. According to Future Market Insights, the segment is expected to hold around 46.96% of the market share through the end of 2033.
Screw caps and closures offer various benefits to manufacturers in the supply chain and are helpful in patient compliance. Besides this, they offer help in offering long shelf life and sustainability of products.
Plastic closures are lightweight, cost-effective, and easy to manufacture which is expected to enable the plastic segment to account for over 60% of the market by the end of 2033. Lightweight packaging materials have high acceptance rates among consumers.
Lightweight closure made from resins results in low plastic usage while also complying with the recent rise in demand for environment-friendly products. The manufacturing cost is also reduced due to the usage of resin in lightweight caps. Therefore, considering both economic and social benefits, offering lightweight has become a key aspect of production. This is projected to also influence the material used for manufacturing pharmaceutical caps and closures.
Many pharmaceutical and biopharmaceutical drugs for chronic diseases are available only with prescriptions. As a result, prescribed drug closures are projected to account for a market share of 74.6% by the end of 2033.
Over-the-counter (OTC) alternatives are likely to witness increasing opportunities, especially in developing countries, owing to easy access to consumers. The trend is likely to continue in the upcoming years, fueling sales in the OTC segment.
Most pharmaceutical companies are focusing on the development of small molecule and biopharmaceutical packaging with improved compatibility with container closure designs. This segment is estimated to value USD 2.33 billion by the end of 2033. Research into biopharmaceuticals is also projected to create important growth opportunities.
Most pharma and biotech companies are focusing on pharma products with high brand awareness which is particularly true in developed countries. Pharmaceutical and biotechnology companies are likely to account for over 55% of sales in the market in 2023.
Anticancer drugs currently lead the market in terms of therapeutic class, accounting for a share of over 20.5% in 2023. The increasing occurrence of cancer the world over is expected to fuel demand in the segment.
According to the IARC, by 2040, the world is expected to register 27.5 million new cancer cases and 17.3 million cancer deaths. According to the WHO, the chances of developing cancer before 75 years of age is about 20.2% and the risk of dying from cancer before the age of 75 years is about 10.6%.
The demand for cancer treatment medications is increasing at a significant speed, which is expected to create growth opportunities in the market. The demand for pharmaceutical caps and closures for anti-cancer drugs is forecasted to rise at a CAGR of 7.5% between 2023 and 2033.
Manufacturers in the pharmaceutical caps and closures market are primarily aiming to carry out strategic collaborations and research and development to consolidate growth in a competitive and fragmented market. For Instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania Middle East & Africa |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, South Africa |
| Key Segments Covered | Product Type, Functionality, Material Type, Availability, Drug Modality, Therapeutic Class, End Users, and Region |
| Key Companies Profiled | Berry Global Inc.; Amcor Plc; Aptar, Inc.; Closure Systems International, Inc.; O.Berk Company, LLC; Bericap GmbH and Co KG; UNITED CAPS; CL Smith Company; Georg MENSHEN GmbH & Co. KG; WestRock Company; West Pharmaceutical Services, Inc; Drug Plastics & Glass Co Inc.; Gerresheimer AG; DWK Life Sciences GmbH; Parekhplast India Limited; Parshva Exim Limited |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The pharmaceutical caps and closures industry is projected to reach a valuation of USD 4,469.4 million by 2033.
Berry Global Inc. and Amcor Plc are the top players in the pharmaceutical caps and closures industry.
The United States is projected to hold a sizeable market share over the forecast period.
The pharmaceutical caps and closures industry is projected to expand at a CAGR of 5.8%.
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Pharmaceutical Caps and Closures Market
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