Industry Organizations May 23, 2018
Global Multi-Med Adherence Packaging Market Trends, Demand and Forecast to 2023
On the basis of regions, North America dominates the global multi-med adherence packaging market. North America accounted for the largest market share of 41.10% in 2016, with a market value of USD 149.9 million and is projected to grow at a CAGR of 6.09% during the forecast period. In North America the market is driven by various factors such as growing pharmaceuticals market, high rate of medication non adherence, and increase in funding by government agencies. U.S. is dominating the multi-med adherence packaging market in North America with a market share of 80.6% in 2016. Europe was the second-largest market and valued at USD 118.9 million in 2016. The growth of the market across the European region is primarily driven by the availability of significant government funding for R&D, presence of leading adherence packaging companies, increasing prevalence of cardiovascular diseases, and growth in aging population.
Asia-Pacific is also the major region for the market. Rising awareness among the consumers, growing urbanization, and increasing affluence in the Asia-Pacific region are the factors expected to fuel the demand for market during the forecast period. China, India, and Japan, are some of the key countries in the region that are significantly contributing towards the growth of the Asia-Pacific multi-med adherence packaging market.
Globalmulti-med adherence packaging market has been segmented based on materials, product, end users and regions. On the basis of material, the market is segmented as plastic, paper and aluminum foil. Plastic accounted for the largest market share of 57.70% in 2016, with a market value of USD 210.5 million and is projected to grow at the highest CAGR of 6.48% during the forecast period. Different types of plastics such as polyethylene (PE), Polypropylene (PP), and polyvinyl chloride (PVC), are used. Plastic offers good visibility to the product and provides secure & attractive packaging. Additionally, it is durable, clean, lightweight, transparent, and cost-effective. Aluminum Foil was the second-largest market in 2016, valued at USD 93.4 million in 2016; it is projected to grow at a CAGR of 5.42%. Based on product, Blister Cards accounted for the largest market share of 86.60% in 2016, with a market value of USD 315.9 million. Blister packaging safeguards medicines and small medical devices from oxygen, moisture, odor and also increases their shelf life. Blistering materials can also help with temperature fluctuations that can occur during shipping.
On the basis of end user, the market is segmented as retail pharmacies, hospital, and long term care facility. Retail Pharmacies accounted for the largest market share of 42.60% in 2016, with a market value of USD 155.4 million. Growing need to prevent dispensing errors, and thereby improving the operational capacity, are the factors driving the adoption of adherence packaging in retail pharmacies. Long-term care facilities includes nursing homes, skilled nursing facilities, and assisted living facilities. These long-term care facilities are increasing continuously across the world due to increasing aging population. Hence, long-term care facilities segment is expected to grow at a highest CAGR of 6.29%.
In multi-med adherence packaging, pharmacies or hospitals put multiple doses into prefilled medicine packs and each pack is labelled with the date, day of the week and time of administration. This helps people with complicated prescription regimens, take their prescriptions properly.
The prominent players in the global multi-med adherence packaging market include Omnicell, Inc. (U.S.), Manrex Limited (Canada), Rx Systems, Inc. (U.S.), Cardinal Health, Inc. (U.S.), Jones Packaging Inc. (U.S.), Global Factories Group (The Netherlands), Drug Package LLC (U.S.), TCGRx (U.S.), Parata Systems, LLC (U.S.) and others.
Hence, global multi-med adherence packaging market is expected to grow at a CAGR of 5.96% during the forecast period.
The report for Global Multi-Med Adherence Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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