Medication Adherence Packaging Market Size of USD 619.8 Mn, High CAGR of ~6.11%, Growth, Segments and Industry Forecast by 2023 | Multi-Med Adherence Packaging Market by Material (Plastic, Paper and Aluminum Foil), By Product (Blister Card and Pouches), by End User (Retail Pharmacies, Hospital, and Long Term Care Facilities) and By Region - Global Forecast To 2023
Medication Adherence Packaging Market Synopsis
Market Research Future (MRFR) in its “Medication Adherence Packaging Market” report asserts that the market is likely to thrive at about 6.11% CAGR across the forecast period of 2018 to 2025. The size of the Medication Adherence Packaging Market is anticipated to increase at nearly USD 619.8 million over the evaluation period.
Improvement in medication adherence and the upscaling pharmaceutical industry are major forces that casting a positive impact on the Medication Adherence Packaging Market. Additional factors that are likely to surge the market are; growing old populace demanding at home delivery of medicines and increase in need for untampered packaging while shipping. However, the lack of awareness about the packaging technique and variation in prices of raw materials are can deter the growth of the worldwide market of multi-med adherence packaging.
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Multi-Med Adherence Packaging Market Key Players
The important key players of the global Medication Adherence Packaging Market are
Manrex Limited (Canada)
Omnicell, Inc. (US)
Cardinal Health, Inc. (US)
Rx Systems, Inc. (US)
Global Factories Group (Netherlands)
Jones Packaging Inc. (US)
The worldwide market is rising to be highly competitive due to the presence of strong contenders of the market. These players are adopting strategies that are likely to contribute to the robust growth of the market and can wind in considerable revenue. In addition, these key players focusing on the improving product quality and enhanced cost-effectiveness, which, in turn, is leading to strategic partnerships and collaborations. These are expected to induce growth for the global medication packaging market.
The global Medication Adherence Packaging Market is segmented by product, material, and end user.
By material, the market is classified into paper, plastic, and aluminum foil. The plastic segment is anticipated to hold command on the global market. Plastic is lightweight and offers high barrier, better cost, malleability, transparency, enhanced resistance to temperature, and better durability in packaging. These factors are surging the demand for plastics in the packaging industry, which, in turn, is expected to escalate the Medication Adherence Packaging Market.
By product, the market is divided into pouches and blister card. The blister cards segment accounted for the major share of the market. Blister packs are used in the pharmaceutical industry for packaging of medicines and other small medical devices. Better safeguard from oxygen and moisture offered by blister packaging prevent spoilage of contents and restores to their shelf lives. Blister packaging also aids in handling temperature fluctuations while shipping. These factors are likely to gain sizable profit for the global market.
By end-user, the market is categorized into hospital, retail pharmacies, and other long-term care facilities. The retail pharmacies segment is exhibit the highest growth rate during the assessment period. The rise in need for prevention of dispensing errors, which, in turn will improve the operational capacity is rising the adoption rate of multi-med adherence packed items by retail pharmacies across the world. This is expected to cast a positive influence on the blister packs for elderly market.
Regional Analysis of Medication Pouch Packaging Market
The global market in North America in 2018, held the lion’s share of the global market. MRFR reveals that the market is poised to retain its dominance across the evaluation period. The US is expected to contribute largely to the rapidly growing North America market. The pharmaceutical industry in the United States is driving the market growth of medicines packaging. The hike in number of research and development activities related to the pharmaceutics and biotechnology that are taking place in the US is leading to the launch of new medicines. This is surging the adoption of Medication Adherence Packaging Market in the region.
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Related Report : https://www.marketwatch.com/press-release/medical-packaging-market-2019-top-manufacturers-global-analysis-by-top-players-industry-size-segmentation-financial-overview-share-business-challenges-and-forecast-to-2023-2019-10-03