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A new report identifies increased adoption of pre-fillable syringes as one of the major drivers of the global pharmaceutical packaging market. According to the report, the demand for syringes is growing due to the increase in chronic diseases that require patients to self-administer drugs. This has led to innovations such as multi-chambered syringes and technology to reduce leachables and extractables.
The Research and Markets report forecasts the global pharmaceutical packaging market to grow at a CAGR of 5.9 percent from 2014 to 2019. The report expects the Parenteral Containers market to see the second highest growth among all the segments at a CAGR of 8.83 percent during the forecast period. These containers have excellent barrier properties against moisture, the report said.
The report identifies fragmentation as a key challenge of the market. It states that most of the players in the pharmaceutical packaging market are micro, small and medium-sized companies. As a result, when regional and local vendors provide substitute products at low prices, there is potential for an increase in price wars. When larger corporations attempt to copy the strategy of smaller companies, they risk a chance of lower profitability, affecting their investments in R&D and product development.