ROCKVILLE, Md., March 14, 2022 (GLOBE NEWSWIRE) -- Advancements in packaging technology such as smart labelling, enhanced dosing techniques, and renewable materials are propelling the pharmaceutical packaging market to grow 2.2X during the forecast period (2019-2029).
Increasing healthcare spending in developed countries and growing preference for convenient packaging solutions, especially among millennials, will propel growth. Market incumbents are investing in expansion strategies and research & development of sustainable packaging materials that comply with stringent government regulations.
In February 2019, European Union (EU) mandated the serialization of pharmaceutical drugs to improve tracking of pharmaceuticals and curb counterfeiting activities.
Global demand for pharmaceutical packaging to grow at 7.5% CAGR during the forecast period. The pharmaceutical packaging industry analysis shows that the market is set to touch 87 Bn in 2021, growing from 5.1% CAGR between 2016 and 2020.
Sensing the opportunities, pharmaceutical packaging manufacturers are relying on new product development and strategic mergers. As per Fact.MR analysis, top 5 players account for nearly 60% share.
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Asian Markets to Widen Investment Opportunities
Characterized by the presence of leading pharmaceutical companies, North America will maintain its hegemony over global sales with 38% share of total market value.
The United States, regarded as the largest pharmaceutical market of the world will propel demand from this region on the back of growing geriatric population, high per-capita income, and increasing healthcare spending.
Southeast Asia & Oceania offer lucrative growth opportunities with a double digit CAGR of more than 11% through the end of 2029.
East Asia is another region that shows double digit growth. Countries such as China, Japan, and South Korea are developing healthcare infrastructure to accommodate the increasing demand for quality healthcare from the millennial workforce.
These factors will fuel pharmaceutical packaging demand from East Asia to grow at a stellar 10.6% CAGR during the forecast period.
Global Pharmaceutical Packaging Market: In-Depth Assessment on Key Segments
The global pharmaceutical packaging market is segmented on the basis of material, product type, application and region.
Material
- Plastics & Polymers
- Polypropylene (PP)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Others
- Paper & Paperboard
- Glass
- Aluminum Foil
- Others
Product Type
- Primary Pharmaceutical Packaging
- Plastic Bottles
- Caps & Closures
- Parenteral Containers
- Blister Packs
- Prefillable Inhalers
- Pouches
- Medication Tubes
- Others
- Secondary Pharmaceutical Packaging
- Prescription Containers
- Pharmaceutical Packaging Accessories
- Tertiary Pharmaceutical Packaging
Application
Pharmaceutical Manufacturing
Retail Pharmacy
Contract Packaging
Institutional Pharmacy
Others
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Manufacturers Leveraging Sustainable Materials at Scale
Aluminum foil packaging will gain increased traction from pharmaceutical drugs such as tablets, and capsules. Excellent recyclability quotient enables broader adoption of aluminum foil packaging. Trends such as convenient dosing and increased product information will engender demand for additional product features and innovation in packaging methods of pharmaceutical drugs. Carbon footprint reduction must be a top priority, manufacturers can start recycling initiatives such as in-store recycling where consumers return used inhalers and other devices. Biologics and other customized medicine trends will propagate niche pharmaceutical packaging during the forecast period. Market players must be vigilant about development of these trends to capitalize on remunerative growth opportunities.
Leading companies from the pharmaceutical packaging market are
- Amcor Plc
- Becton Dickinson & Company
- AptarGroup Inc.
- Drug Plastics Group
- Gerresheimer AG
- Schott AG
- Owens Illinois Inc.
- West Pharmaceutical Services Inc.
- Berry Global Inc.
- WestRock Company SGD S.A.
- International Paper Company
- COMAR LLC
- CCL Industries Inc.
- Vetter Pharma International.
Key Takeaways of Pharmaceuticals Packaging Market Study
- Plastics & Polymers will grow 2X during the forecast on the back of increasing adoption of sub-segments such as polypropylene in sustainable packaging practices.
- Primary pharmaceutical packaging is going to grow two-folds between 2019 and 2029. Development of new drugs such as Apelisib (Piqray, Selinexor (Xpovio) will further generate demand for primary packaging.
- Contract packaging will show 2.4X growth through the end of forecast. This is attributable to prevalence of strategic partnership between pharmaceutical companies and packaging manufacturers.
- North American pharmaceutical packaging market exhibits 1.8X growth during the forecast period. Growing geriatric population, coupled with health conscious millennials opting for preventive care, positions this region as a majority shareholder of the total market value.
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