Analysis on New Product Launches in COVID-19 Related Markets - Pharmaceutical Contract Packaging Market 2020-2024| Rising R&D Spending in Pharmaceutical Industry to Boost the Market Growth | TechnavioJuly 4, 2020 12:30am

LONDON--(BUSINESS WIRE)--Jul 3, 2020--

The pharmaceutical contract packaging market is expected to grow by USD 7.07 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200703005233/en/

Technavio has announced its latest market research report titled Global Pharmaceutical Contract Packaging Market 2020-2024 (Graphic: Business Wire)

Request challenges and opportunities influenced by COVID-19 pandemic -Request a Free Sample Report on COVID-19 Impacts

Pharmaceutical companies spend a lot of money on R&D focusing on long term business goals. On average, a pharmaceutical company spends around 15%-20% of its revenue on R&D activities. For instance, in 2018, Biogen spent around 16%-17% of its revenue on R&D and F. Hoffmann La Roche spent about 19.49% of its revenue in R&D. The growing expenditure on R&D is increasing the demand for pharmaceutical contract packaging. Contract packaging helps pharmaceutical companies reduce their capital expenditure and operating costs associated with the purchase of packaging machinery, space for setting up packaging units, and labor costs. Also, it allows pharmaceutical companies to concentrate more on their core competencies. Therefore, the rising R&D spending in the pharmaceutical industry is expected to drive the growth of the global pharmaceutical contract market.

To learn more about the global trends impacting the future of market research, download a free sample:https://www.technavio.com/talk-to-us?report=IRTNTR43108

As per Technavio, the opportunities due to patent expiration of drugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Pharmaceutical Contract Packaging Market: Opportunities Due to Patent Expiration Of Drugs

The pharmaceutical industry is expected to witness a significant number of patent expiration during the forecast period. This will result in the production of low-cost generic medicines of original branded drugs. This in turn, will compel pharmaceutical manufacturers to increase their investment in R&D activities to create new and innovative drugs, thereby fueling the demand for pharmaceutical contract packaging.

“Adoption of organic and inorganic growth strategies by vendors and the growing demand for sustainable packaging will further boost market growth during the forecast period,” says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Pharmaceutical Contract Packaging Market: Segmentation Analysis

This market research report segments the pharmaceutical contract packaging market by Packaging (Plastic bottles, Blister packs, Pouches, Parenteral containers, and Pre-filled syringes) and Geography (North America, APAC, Europe, MEA, and South America).

The North America region led the pharmaceutical contract packaging market in 2019, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increasing healthcare spending and rising aging population.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200703005233/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/ 

KEYWORD:

INDUSTRY KEYWORD: PACKAGING PHARMACEUTICAL HEALTH MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 07/03/2020 08:30 PM/DISC: 07/03/2020 08:30 PM

http://www.businesswire.com/news/home/20200703005233/en

Page 1 of 1
This component is currently unavailable.
AdChoices

Related Searches

Related Searches

AdChoices