Analysis on New Product Launches in COVID-19 Related Markets - Pharmaceutical Contract Packaging Market 2020-2024| Rising R&D...
03 Julio 2020 - 7:30PM
Business Wire
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.
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Technavio has announced its latest market
research report titled Global Pharmaceutical Contract Packaging
Market 2020-2024 (Graphic: Business Wire)
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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.
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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
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Fortune 500 companies. This growing client base relies on
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and potential markets and assess their competitive positions within
changing market scenarios.
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Technavio Research Jesse Maida Media & Marketing Executive
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Email: media@technavio.com
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