The global smart medication packaging market is segmented by technology into modified atmosphere packaging, active packaging and intelligent packaging; by functionality into RFID tracking, temperature monitoring and controlling, security, logging and others and by regions. World Bank has recorded 10% World’s GDP expenditure on health which is projected to increase the Smart Medication Packaging Market to anticipate at a significant CAGR during the forecast period i.e. 2019-2027.
The global smart medication packaging market is observing vibrant growth on the back of increasing issues of pharmaceutical counterfeits in the market. Advancements in packaging industry in the past few years and growing technological explorations is projected to drive smart medication packaging market besides the wide range of functions of smart medication packaging in dosage control, medication composition specification and others during the forecast period.
North America is panned to observe substantial growth in Smart Medication Packaging market on the back of rising smart medication packaging usage for unique brand projection. North America is expected to be followed by Asia Pacific in terms of utility on the back of increasing issues of pharmaceutical product counterfeiting across the region. Europe is estimated to drive demand and optimistically impact the smart medication packaging market growth over the forecast period on account of increasing smart medication packaging application for product package temperature control and efficient tracking purposes.
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Increasing Applications on Account of Rise in Product Counterfeiting Issues
The rising demand for counterfeited product tracking technologies is expected to result in rapid growth of smart medication packaging market over the forecast period. Increasing use of smart packaging is aiding to combat the problem of medicine counterfeiting.
Increasing Consumer Awareness Regarding Medication Safety
Application of smart medication packaging for improved safety and authenticity of medications, with information on medication compositions, dosages and expiry is estimated to drive the smart medication packaging market across the globe. Rapid economic development with increasing consumer awareness regarding medication safety and restraining use of counterfeited products is expected to boost the smart medication packaging market in the developed and the developing regions during the forecast period.
However, cost constraints associated to smart packaging of medications per unit is very high which is expected to serve as a major limiting factor in the growth of the smart medication packaging market. Furthermore, issues related to smart pack technology use at the point of patient care, and which pharmacists will be closely involved with is predicted to raise further concerns resulting in slowing down the adoption rate of the smart medication packaging market over the forecast period.
The report titled “Global Smart Medication Packaging Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Smart Medication Packaging market in terms of market segmentation by technology, by functionality and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Smart Medication Packaging market which includes company profiling of 3M, TempTime Corporation, PakSense, American Thermal Instruments, Avery Dennison, R.R. Donnelly Sons & Company, BASF SE, International Paper, Stora Enso and Smartrac N.V. and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Smart Medication Packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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