According to a research report by Transparency Market Research (TMR), a leading market intelligence firm, the U.S. pharmaceutical plastic bottles market is anticipated to experience a high growth rate in the coming years. The market demonstrates a highly fragmented and competitive business landscape, with a few players, such as Gerresheimer AG, AptarGroup Inc., Berry Plastics Group Inc., AptarGroup Inc., Alpha Packaging, and Amcor Ltd., displaying intense rivalry amongst them. The leading manufacturers of pharmaceutical plastic bottles have been concentrating on launching innovative products to remain significant in the competition. Going forward, they are expected to shift their focus towards incorporating latest technologies in their product portfolios in order to gain more and more traction. They are also projected to increase their investments in this market to capture more share in the years to come, states the research report.
The research report by TMR further states that the U.S. pharmaceutical plastic bottles market will register a steady growth at a CAGR of 4.10% over the period from 2016 to 2024. The main type of products in this market are dropper bottles, liquid bottles, packer bottles. Among these, the packer bottle segment is witnessing the most significant demand across the U.S. Researchers expect this scenario to remain so over the next few years. These bottles find extensive application in the packaging of topical medication, droppers, oral care products, liquid, and e-liquid.
The oral care product and the topical medication segments report the maximum demand for pharmaceutical plastic bottles and the revenue from these segments is likely to remain high in the years to come. Pharmaceutical companies and pharmaceutical packaging companies have surfaced as the prime end users of pharmaceutical plastic bottles in the U.S., notes the market study.
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Increasing Demand from Pharmaceutical Packaging Companies to Boost Growth
“The increasing application of pharmaceutical plastic bottles for the packaging of oral medications is generating tremendous revenue in the U.S. pharmaceutical plastic bottles,” says a TMR analyst. Apart from this, the increasing focus of pharmaceutical bottle manufacturers on using recycled plastic, in a bid to minimize the harm to environment caused by plastic, is also influencing the growth in the U.S. pharmaceutical plastic bottles market positively.
Plastic bottles are highly cost efficient and cater to a number of applications in the pharmaceutical packaging industry. The ease of designing these bottles in a variety of shapes and sizes, as per their application, has fuelled their demand among pharmaceutical packaging companies, which is projected to boost the U.S. pharmaceutical plastic bottles market in the long run, states the research report.
Availability of Eco-friendly Substitutes to Hinder Growth Trajectory
Though the future of the U.S. pharmaceutical plastic bottles market looks bright, there are a few factors that may cause hindrance in its growth trajectory over the forthcoming years. Among those factors, the most important one is the easy availability of eco-friendly and viable substitutes, such as metal bottles and paper packaging products, in the market. However, the increasing applications of pharmaceutical plastic bottles for the packaging of chemical products and their rising demand in compounding pharmacies and medical and healthcare centers are projected to offer lucrative growth opportunities for the U.S. pharmaceutical plastic bottles market over the next few years. The convenience, plastic bottles offer over glass bottles, is also projected add to their demand in the pharmaceutical industry, thereby supporting the growth of the U.S. pharmaceutical plastic bottles market in the near future, states the research report.