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Elastomeric Closures Market Strategies and Driving Demand to 2027

 

Elastomeric Closures Market: Definition

·         An elastomeric closure is employed to close a piece of packaging. An elastomeric closure is able to regain its original shape when removed from the packaging. It can be in direct contact with the drug enclosed in the pack. Use of pharmaceutical closures greatly reduces the amount of interaction between the drug and the closure. Elastomeric closures offer low adsorption, chemical inactivity, enhanced drug/closure compatibility, gas permeation resistance, low moisture absorption, and lubricity for excellent machinability. In the pharmaceutical industry, elastomeric closures are used in various applications such as lyophilization preparations, powdered preparations, liquid preparations, and infusion preparations.

Key Drivers of Global Elastomeric Closures Market

·         Increase in health concerns has a significant positive impact on the global pharmaceutical industry. Demand for health care products has increased due to growth of elderly population.

·         Demand for improved medication and health supplements for every age group has risen across the globe. The middle class in both developing and developed economies is growing. It has more disposable income and it expects better health care solutions. Cases of chronic diseases have increased in number. This has made people more dependent on medications and health supplements.

·         Growth of population worldwide, which leads to increase in health concerns, is fueling the demand for pharmaceutical elastomeric closures

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Plungers Type Segment Held a Major Share in 2018

·         Among types, the plungers segment is expected to hold a major share of the global elastomeric closures market during the forecast period. Plungers are used in the pharmaceutical industry to improve shelf life of a packaged drug; to reduce visible and sub-visible particulates; and to improve compatibility of the closure with the drug. Stoppers are used for injectable medicines to reduce particulates; to mitigate patient safety risks; and to reduce variability. Stoppers can also help to streamline preparations. Needle shields are designed to fit the most standard pre-fillable syringes and impart added safety to inserts.

Asia Pacific to Hold a Major Share of Global Elastomeric Closures Market

·         In terms of region, the global elastomeric closures market can be segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold a key share of the global elastomeric closures market from 2019 to 2027. The pharmaceutical industry in Asia Pacific is expanding rapidly, due to factors such as growing elderly population and impending expiry of patented drugs in the region.

·         The pharmaceutical industry in Europe is prominent across the globe, with Germany, France, Italy, the U.K., and Spain being among the top five countries in the industry in the region. Rising demand from the pharmaceutical industry in Europe is driving the market for elastomeric closures in the region.

·         The pharmaceutical industry in Europe was valued at US$ 208.1 Mn in 2018, making the region the second-largest pharmaceutical industry in the world. The pharmaceutical industry in Germany was valued at US$ 54.5 Mn. The country accounts for 24% share of the pharmaceutical industry in the region.

·         Europe accounted for 22% share of total global pharmaceutical sales from 2012 to 2017 and 18% of total sales of new drugs across the world. The total volume of medicinal products consumed globally is estimated to rise by about 3% annually by 2021 and at a compounded annual growth rate (CAGR) of 4% by 2022.

·         North America is a large market for pharmaceutical companies. The pharmaceutical industry in North America is driven by access to high-value drugs, awareness about health care, high per capita expenditure on health care, and high GDP. This, in turn, boosts the elastomeric closures market in North America.

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Key Players Operating in Global Market

The global elastomeric closures market is highly fragmented, with the top manufacturers accounting for approximately 45%–50% share of the global market. Key players operating in the global elastomeric closures market are:

·         Daikyo Seiko, Ltd.

·         Desheng Group Co., Ltd.

·         Datwyler Holding AG

·         DWK Life Sciences

·         AptarGroup, Inc.

·         West Pharmaceutical Services, Inc.

·         Stevanato Group

·         Sumitomo Rubber Industries, Ltd.

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