Newark, June 29, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global pharmaceutical packaging market is anticipated to grow from 108.0 billion in 2020 to USD 160.12 billion by 2028 at a CAGR of 4.49% during the forecast period 2021-2028.
Increasing pharmaceutical demand due to increased healthcare coverage, increasing ageing population, rise in non-communicable disease in emerging economies are the key factors for the pharmaceutical packaging market. In addition, increasing emphasis on sustainability by pharmaceutical packaging manufacturers with the adoption of biodegradable and recyclable materials is likely to drive the growth further.
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In addition, growing demand for convenient types of packaging, such as prefilled syringes and auto injectors, is projected to generate growth opportunities for the companies operating in the market. However, increasing overall packaging costs may hamper the market growth.Pharmaceutical packaging is built to safeguard the product from environmental, mechanical, and human and natural hazards. At the same time, it needs to be leakage proof. Meeting all such criteria involves high pharmaceutical packaging manufacturing costs.
Packaging is one of pharmaceutical industry's most important components. The packaging ensures the drug is protected during selling, storage, and usage. Packaging goals involve product storage, physical and chemical protection, portion control, and security of drug. Packaging is done at different levels in the pharmaceutical packaging companies i.e. primary, secondary and tertiary.
As the number of drugs approved by the FDA increases, so does the market for pharmaceutical packaging. The vendors are flexible enough to accommodate new pharmaceutical packaging owing to the FDA's rapid rise in drug approvals. Such companies operate various packaging units for different product lines and are able to quickly convert their current packaging setup for new items, thereby, driving the growth of the global pharmaceutical packaging market.
Key players operating in the global pharmaceutical packaging market include Amcor plc, AptarGroup, Inc., Becton, Dickinson, and Company, Berry Global, Inc., Catalent, Inc., CCL Industries Inc., Comar LLC, Gerresheimer AG, International Paper Company, Nipro Corporation, Schott AG, Vetter Pharma International, West Pharmaceutical Services, Inc. and WestRock Company among others.The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global pharmaceutical packaging industry.
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The pre-filled syringes segment is anticipated to be the fastest-growing type with a CAGR of around 6.7% over the forecast period.
The type segment is divided into plastic bottles, labels & accessories, blister packs, caps & closures, vials, pre-filled syringes and ampoules. Due to the growth in the elderly population, the rise in non-communicable diseases like diabetes, demand for pre-filled syringes is anticipated to rise. Therefore, the pre-filled syringes segment is anticipated to be the fastest-growing type with a CAGR of around 6.7% over the forecast period. Moreover, pre-filled syringes represent a substitute for conventional syringes and vials.The prefilled syringes aim to reduce waste by delivering a self-administered metered dose, maintaining patient compliance. The presence of the above-mentioned properties, easy handling, and reduced breakage risk offered by such syringes, boosts the market for prefilled syringes.
The plastics & polymers segment held the largest market share of around 30.4% and a market value of around USD 32.83 billion in 2020.
The raw material segment includes plastics & polymers, glass, paper & paperboards, metals and others. Plastics are the material that are often used in pharmaceutical packaging. Due to properties such as moisture barrier, high impact power, high dimensional stability, strain resistance, transparency, low water absorption, heat and flammability, etc., Plastics have become increasingly essential in the packaging of pharmaceutical products. Therefore, the plastics & polymers segment held the largest market share of 30.4% and a market value of around USD 32.83 billion in 2020.
Also, nanotechnology, the science of very small materials, has a major effect on pharmaceutical packaging, because it enables innovative and new-gen packaging solutions to be brought into the market, thereby accelerating growth. Improved barrier properties in plastics and increasing nanotechnology capabilities promote the growth of the market for pharmaceutical packaging. Hence, innovations in nanotechnology drive the growth and expansion of the plastic pharmaceutical packaging segment.
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Regional Segment Analysis of the Pharmaceutical Packaging Market
• North America (Canada, U.S., Mexico)
• Europe (France, Germany, U.K., Italy, Spain, Rest of Europe)
• South America (Brazil and Rest of South America)
• Asia-Pacific (Japan, China, India, Rest of APAC)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is known for its technological development and product innovation, which motivates manufacturers to deliver high-class pharmaceutical packaging solutions. Therefore, the North America region led the global pharmaceutical packaging market with a market share of around 34.6% and a market value of USD 37.36 billion in 2020. The key factors driving the growth of the pharmaceutical packaging industry in North America include the contribution of nanotechnology advancement in production processes and technological advancement, rising demand for drug delivery devices and blister packaging. China, Japan, India and South Korea are prominent regional markets in the Asia Pacific. Steady economic growth, coupled with high population growth in the region, is expected to fuel demand for the product in the years to come. There is also hope of rising government drug safety regulations to help stimulate regional growth.
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About the report:
The global pharmaceutical packaging market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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