Stringent Regulations Implemented to Ensure Highest Standards of Packaging and Labeling Services in Healthcare Industry

With eight key companies accounting for a mere share of 20.3% in 2014, the global packaging and labeling market exhibits a highly competitive vendor landscape. Among leading enterprises in the market, WestRock Company held 5.5% of the global market in 2014, which was the largest share held by any company. The company has managed to seal its dominance in the market with a strong and diverse product portfolio in the sector of healthcare packaging and a considerable geographic presence. Amcor Limited emerged as the second leading company in the global packaging and labeling market the same year, finds TMR.

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A majority of the market is therefore held by the other players segment. This segment also includes a few prominent names in the industry such as 3M, DuPont, and CCL Industries.

Stringent Regulations to Encourage Enterprises to Spend on R&D Activities

TMR forecasts the prevailing competition in the market to further intensify with the launch of anti-counterfeit drug packaging. “The rapid expansion of the pharmaceutical and medical devices industry will bolster scope for the growth of the packaging and labeling services market,” said a TMR analyst. “Implementation of stringent regulations mandating the adherence of high standards in pharmaceutical drugs packaging and labeling will also fuel demand from the market,” he added.

Despite being facilitated by favorable government policies, the market witnesses challenges in the form of complicated registration and approval processes. Plastic packaging in particular is required to comply with stringent regulations to ensure the safety of drugs. This is anticipated to have an adverse impact on the growth trajectory of the market.

Nevertheless, it is expected to gain significant impetus from the increasing adoption of nano-enabled packaging in the pharma and medical devices industry. The rise in...