Packaging and Labeling Services Market – Global Industry Insights, Trends, Outlook, 2016–2024
Posted: Jun 01, 2018
Packaging is the process of assembling and filling of the product, sterilization, and finally placing the necessary labels on the container. It helps in protecting and preserving the products from any kind of damage. The package and labelling services find wide application across diverse industries, including healthcare. Packaging plays an important role in marketing a product, ensuring protection, enhancing usability, brand promotion, and reducing environmental impact.
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Rampant growth of the pharmaceutical and medical devices industries is the major driver for growth of the packaging and labeling (healthcare) services market. Certain medical devices are very delicate and require utmost care when handling, such as microscope slides, glass pipettes and test tubes, syringes, and several other products. These tools must sometimes travel long distances using various forms of transport. For example, Solid Bleach Sulfate (SBS) box partitions are one way to keep devices safe during transit. Packaging plays a pivotal role in ensuring proper use of the device without causing any damage to it.
Growing demand for anti-counterfeiting drug packaging technology and products is another major factor fueling market growth. Microbial growth is effectively inhibited by proper packaging that extends the shelf life of pharmaceutical drugs. As pharmaceutical and medical devices have to play crucial role in ensuring public health, strict policies are executed, to determine that the pharmaceuticals packaging fulfil with the highest standards of quality. Packaging and labelling industry has been affected by many governmental decisions, from the original Food and Drug Act of 1906 [that banned interstate commerce in misbranded and adulterated foods, drinks and drugs] to the Dietary Supplement Health and Education Act of 1994 (DSHEA), which established specific labeling requirements for dietary supplements. The execution of stringent policies has therefore, encouraged pharma companies and medical device manufacturers to invest on R&D of advanced packaging techniques. Good manufacturing practices (GMP), good clinical practices (GCP) and good laboratory practices (GLP) and the responsibility on the regulatory bodies to ensure a healthy supply of quality drugs at affordable prices to the Indian masses.
Despite being facilitated by favorable government regulations, complicated registration and approval processes are some of the expected factors which hamper packaging and labeling market growth. For example, under the Poison Prevention Packaging Act in 1970, the Consumer Product Safety Commission (CPSC) has the authority to require that packaging for possibly dangerous products including oral forms of most prescription and over the counter (OTC) drugs and iron containing dietary supplements incorporate child strong features to prevent serious personal injury.
This market is expected to extensively gain from the rising adoption of nano-enabled packaging in the pharmaceutical industry. Nano-enabled packaging uses nano-materials with diameter less than 100 nanometers, for manufacturing packaging materials. Nano-enabled packaging is widely engaged in food & beverage and pharmaceutical packaging which also has shown strong acceptance in the market. It has been found to improve features such as taste, color, texture and consistency of the packaged food. It also increases absorption and the bio availability of nutrients in foodstuffs. Rampant growth of the pharmaceuticals industry in emerging economies is expected to change the dynamics of the global packaging and labeling services market in the near future, with players looking to capitalize on highly lucrative opportunities in these densely populated regions.
Key players operating in the global packaging and labeling services market are 3M Company, Bemis Company, Inc., Sonoco Products Company, WestRock Company, Schott AG, Amcor Limited, Owens-Illinois, Inc., CCL Industries, Inc., DuPont, and Gerresheimer AG.
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