Multi-Med Adherence Packaging Market is Estimated to Exhibit 6.11% CAGR Increasing Demand Industry Growth Forecast 2025
According to Market Research Future (MRFR), the global multi-med adherence packaging market is estimated to be valued at USD 619.8 million with a CAGR of 6.11% from 2019 to 2025 (forecast period). The research report provides a brief overview of the impact of COVID-19 on current/future market situations. The report describes some of the significant market factors that will affect the growth of this sector, such as market share, main regions, and key players.
Multi-med adherence packaging allows the patient to take the right pills and the right dosage at the right time. This packaging simplifies medication programs.
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Market Dynamics
The global multi-med adherence packaging market has seen significant growth in recent years. Factors such as improving medication adherence, continued growth in the pharmaceutical industry, and an increase in the aging population are propelling the multi-med adherence packaging market. Nevertheless, a lack of awareness/marketing and fluctuations in the price of raw materials can hinder the multi-med adherence packaging market's growth.
Market Segmentation
The global market for multi-med adherence packaging has been segmented based on material, product, and end-user.
Based on material, the global multi-med adherence packaging market has been classified as plastic, paper, and aluminum foil. The plastic segment is predicted to register high growth as this material offers high barriers, cost efficiency, transparency, malleability, lightweight, temperature tolerance, and long-lasting packaging options.
Based on the product, the global multi-med adherence packaging market has been segregated into blister cards and pouches. Blister cards held the largest share of the market. Blister pack is a commonly used product in multi-med adherence packaging. Blister packaging protects medicines and small medical devices from oxygen, moisture, and odor and improves their shelf life. Blistering materials can also aid with temperature fluctuations that may occur during shipping. Even in tropical climates, there is an assurance of stability.
Based on end-user, the global multi-med adherence packaging market has been categorized as retail pharmacies, hospitals, and long-term care facilities. The retail pharmacies segment captured the largest market share and is expected to maintain its dominance during the forecast period. The growing need to avoid errors in dispensing and thus boost operational capacity are factors pushing the adoption of adherence packaging in retail pharmacies. In addition, there is a continuous rise in retail pharmacies across the globe, which also positively affects the growth of the industry.
Regional Analysis
By region, the global multi-med adherence packaging market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America held the largest market share in 2018 and is projected to remain dominant by the end of 2025. The US held the largest share in the North America multi-med adherence packaging market. The US pharmaceutical industry, being significant and diversified, is one of the most important and competitive sectors of the economy. The pharmaceutical industry has always been one of the most R&D intensive industries in the US.
Europe is the fastest-growing multi-med adherence packaging market. Market growth across the European region is driven mainly by the availability of substantial government funding for R&D, the involvement of leading packaging firms, the rise in the prevalence of cardiovascular diseases, and the rise in the aging population.
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Key Players
The key players in the global multi-med adherence packaging market are Omnicell, Inc. (US), Jones Packaging Inc. (US), Manrex Limited (Canada), Rx Systems, Inc. (US), Cardinal Health, Inc. (US), Global Factories Group (Netherlands), Drug Package LLC (US), TCGRx (US), Parata Systems, and LLC (US).
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