Prescription Bottles Market is Estimated to Witness High Growth Owing to Opportunity for Increasing Medicine Adherence
Prescription bottles are medical packaging used for dispensing prescription drugs to patients in hospitals, pharmacies, clinics and others. Prescription bottles are made from high quality plastic to ensure protection of medicines from external damage, leakage and microbial contamination. Prescription bottles allow dose visibility, easy dispensing of tablets and capsules along with tamper evidence features to prevent counterfeiting. The global Prescription Bottles Market is estimated to be valued at US$ 4.56 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The opportunity for increasing medicine adherence presents a lucrative growth prospect for the prescription bottles market. Poor medicine adherence is a growing concern worldwide, with nearly half of patients failing to take medicines as prescribed. Non-adherence to medication can exacerbate diseases, increase hospitalization rates and mortality. Prescription bottles with advanced features such as medication reminders, dose schedules and sensor-based dosage optimization can significantly improve medication adherence. They allow tracking of dosing schedules, provide timely reminders and alerts to patients. This minimizes the risk of missed or overdosage of medicines. The ability of smart prescription bottles to enhance patient compliance presents a multi-billion dollar market opportunity for manufacturers over the forecast period. Investments towards the development of innovative prescription bottles with digital connectivity and remote monitoring can aid market players to capitalize on this opportunity. Porter's Analysis Threat of new entrants: Low requirement for huge capital investment allow new players to easily enter the market. However, established brands have strong distribution networks and supply chain management which acts as a deterrent. Bargaining power of buyers: Large healthcare facilities and pharmacy chains have significant bargaining power due to bulk purchasing. However, lack of substitutes keep companies from losing business due to price negotiations. Bargaining power of suppliers: Major raw material suppliers include plastic polymer producers and glass manufacturers who have moderate bargaining power due to availability of alternatives. Threat of new substitutes: Paper containers pose a minimal threat due to durability and sealing requirements for prescription drugs. However, shift towards digital prescriptions can impact demand in long-run. Competitive rivalry: Presence of numerous global and regional players leads to high competition. Brand reputation and reliability play a crucial role to gain market share. SWOT Analysis Strengths: Growing aging population exacerbating need for repeat prescriptions. Established compliance with global quality standards. Weaknesses: Vulnerable to fluctuations in polymer prices. Dependency on limited number of raw material suppliers. Opportunities: Expanding into developing regions with lower penetration. Growing demand for customized and aesthetically appealing containers. Threats: Stringent regulations around pharmaceutical packaging. Shift towards digital prescriptions in future. Key Takeaways The Global Prescription Bottles Market Share is expected to witness high growth over the forecast period supported by increasing burden of chronic diseases. Regional Analysis: The Asia Pacific prescription bottles market is anticipated to grow at the fastest pace during the forecast period. Factors such as rapid economic development, rising disposable incomes, increasing focus of global pharmaceutical players and growing medical facilities are expected to boost demand. Key players operating in the prescription bottles market are Kibion AB, Avanos Medical, Inc., Quest Diagnostics, Beijing Richen-Force Science & Technology Co., Ltd., Paladin Labs Inc., Beijing Binal Health Bio- Sci & Tech Co., Ltd., AB ANALITICA s.r.l., Otsuka Holdings Co., Ltd., Sercon Group, Campro Scientific GmbH, Shenzhen Zhonghe Headway Bio-Sci & Tech Co., Ltd., Avisa Diagnostics, INFAI GmbH, Meridian Bioscience, Inc., Metabolic Solutions, Inc., Laboratory Corporation of America Holdings, Gulf Coast Scientific, Inc., FAN GmbH, and Kizlon Medical. For more insights, Read- https://www.insightprobing.com/prescription-bottles-market-size-and-share/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2024
Categories |