Smart packaging is define as a combination of intelligent, active, and modified atmosphere packaging technologies specifically aimed to monitor and increase shelf life. Smart packaging is a packaging phase where components have been added in the packaging headspace or packaging material to develop the presentation of the package system. Smart medication packaging is an advanced packaging that helps a purpose other than protection and containment. Smart Medication Packaging is a packaging that actively improves the product or its potential use, and also transmits or gathers data or information about the product. Smart medication packaging is also known as interactive packaging intelligent packaging, or active packaging, or combinations of these. Smart medication packaging has the wide range of advantages especially in the realm of patient interaction and patient compliance.
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Smart Medication PackagingMarket: Drivers & Restraints
The major factors which are boosting the growth of smart medication packaging market are high demand for improved safety, health, and authenticity, technological advancement in the packaging industry, and brief data requirement. Smart medication packaging can also offer pharmacists, patients, and healthcare professionals with valuable information about composition expiry dates, and dosages. Moreover, use of smart technologies in any packaging impacts package printers and converters in a variety of ways. The emergence of brand protection as an important market for package printers is one area that impacts those who print pharmaceutical labels or packaging. In the pharmaceutical supply chain, smart medication packaging devices monitor the condition of products and track their progress such as small electronic boxes can record and monitor the temperature of shipping containers and multipacks during storage and transit. Further, radio frequency identification (RFID) tags are used to track containers and crates by scanning at a range of hundreds of meters. Moreover, smart medication packagingpermits to increase the brand uniqueness of the particular item which enormously supports to stand alone in the mass. In addition, innovation and advancement in pharmaceutical packaging technologies is boosting the manufactures to make modified packages as per the client requirement, which permits to generate market opportunity for smart medication packaging market. On the other hand, the factor hindering the growth of the smart medication packaging market is the high price range per packaging product items. The major opportunity for smart medication packaging market is to increase the various type of pharmaceutical product categories in diverse end-user application segment in the pharmaceutical packaging industry.
Smart Medication Packaging Market: Market Segmentation
The smart medication packaging market is segmented into three parts based on the technology types, application type, and geography.
Based on the technology type smart medication packaging market is segmented into:
- Modified Atmosphere Packaging
- Active Packaging
- Intelligent Packaging
- Tracking Devices
Based on the application type smart medication packaging market is segmented into:
- RFID tracking
- Temperature monitoring and controlling
Smart Medication Packaging Market: Regional Outlook
Regarding geography, smart medication packaging market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Smart medication packaging market is expected to register healthy CAGR during the forecast period due to high demand of smart application technology in wide range of application such as RFID tracking, temperature monitoring and controlling, security, logging, and others. In terms of regions, North America accounts for significant share for smart medication packaging market, owing to the high growth and demand for smart packaging in the region as compared to other developed regions. Moreover, the North America region accounts for healthy share in terms of the requirement to supply products for considerate use, minimize costs for developing markets, and compete with other competitors products on the market in the region is anticipated to further add value to the smart medication packaging market in the region. In terms of developing region of Asia-Pacific, the growth of the smart medication packaging is significantly high and with comparatively high CAGR in forecast period owed to factors such as rapid economic development with high investment in healthcare sector, globalization and increasing demand of the smart medication packaging in product tracking, and technological innovation and advancement in packaging industry. In addition, Over the forecast period, Asia-Pacific market for is anticipated to grow significantly owing to the growth of packaging industry in the region. Overall, the global market for smart medication packaging is expected to grow significantly by the end of forecast period. The smart medication packaging market is growing at faster rate and is expected to grow at high CAGR in forecast year.
Smart Medication Packaging Market: Few Players
Few players identified in smart medication packaging market are:-
- TempTime Corporation
- American Thermal Instruments
- Avery Dennison
- R.R. Donnelly Sons & Company
- BASF SE
- International Paper
- Stora Enso
- Thin Film Electronics ASA
- Huhtamaki Group
- Smartrac N.V.