Elastomeric Closure Components Market: Introduction
· Elastomeric closure is a component used for pharmaceutical packaging. It is usually made of a material which can retain its original shape and is resistant to any sort of chemical interaction, as it stays in direct contact with drugs.
· Elastomeric closure components play a vital role in pharmaceutical packaging and ensure the sterility and quality of drug products
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Key Drivers of Global Elastomeric Closure Components Market
· The global elastomeric closure components market is projected to be driven by increase in demand for pharmaceutical packaging, which creates a need of fabrication materials with high drug-closure compatibility
· Elastomeric closure component manufacturers are involved to development of novel elastomeric closure components using different materials which will be advantageous for packaging highly sensitive drugs such as parenteral containers. Development of novel elastomeric materials is anticipated to drive the global elastomeric closure components market during the forecast period.
· Benefits of elastomeric closures such as better self-sealing ability, drug packaging compatibility, and low permeability are expected to propel the global elastomeric closure components market from 2019 to 2027.
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· Increase in average annual product recalls due to packaging-related concerns is likely to boost demand for elastomeric closure components. According to the U.S. FDA, till 2017, there have been around 2,000 drug and device recalls owing to packaging-related concerns.
· Pharmaceutical manufacturers are opting for packaging options which will help them to reduce the overall cost and expedite time to market
North America to Capture Major Share of Global Elastomeric Closure Components Market
· North America is projected to lead the global elastomeric closure components market during the forecast period. The region is a leading market for elastomeric closure components, driven by high rate of adoption of elastomeric closure components for pharmaceutical packaging.
· Generic pharmaceuticals account for significant percentage of the U.S. pharmaceutical market, as nearly 88% prescriptions are for generic drugs.
· Government bodies in Europe have laid down stringent policies defining the guidelines for packaging of pharmaceutical and biotechnology products. It is mandatory for pharmaceutical and biotechnology companies to follow the packaging guidelines. Moreover, rise in the number of biotechnology companies is projected to propel the demand for elastomeric closure components in the region.
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· The elastomeric closure components market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. This can be attributed to increase in the number of pharmaceutical production bases in the region.
· Middle East & Africa consists of countries with people having high purchasing power such as Saudi Arabia, the UAE, and Qatar. The pharmaceutical industry in the region is expected to witness strong growth in the near future due to large patient base. These factors are likely to drive the demand for elastomeric closure components in the region during the forecast period.
Key Players Operating in Global Elastomeric Closure Components Market
Major players operating in the global elastomeric closure components market are:
· AptarGroup, Inc.
· DWK Life Sciences
· West Pharmaceutical Services, Inc.
· Datwyler Group
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