Gurugram, India, April 27, 2023 (GLOBE NEWSWIRE) -- Driven by the increasing focus of pharmaceutical packaging solution providers on sustainable and eco-friendly packaging along with the surging demand for easy-to-use, easy-to-dispose, and child-resistance packaging for pharmaceutical products, the Global Pharmaceutical Packaging Market is Forecasted to reach nearly US$ 180 Bn by 2028 says Ken Research Study.
Pharmaceutical packaging is the economical means of providing protection, identification information, presentation, convenience, and compliance for the product during transport, storage, display, and until the product is consumed. Different types of packaging are used for pharmaceutical products such as primary, secondary, and tertiary, and are primarily used for storing semisolid, solid, and liquid forms of formulations, including syrups, capsules, tablets, and topical drug formulations.
"Ken Research shares 5 key insights on this high opportunity market from its latest research study".
1. Pharma Industry has witnessed a Rapid Surge in Eco-Friendly and Sustainable Packaging post-2020
Pharmaceutical packaging is essential to protect drugs from any kind of damage or contamination. Sustainable and environmentally friendly pharmaceutical packaging is gaining importance owing to rising concerns related to the environment among consumers as well as manufacturers. Governmental bodies and manufacturers are taking initiatives to introduce sustainable packaging in the pharmaceutical industry to reduce carbon footprints and address environmental-related challenges. However, the shortage of raw materials and inflated prices may affect the manufacturers especially the small-scale manufacturer of pharmaceutical packaging, which is anticipated to hamper the growth of the market.
The growing usage of smart packaging for patient identification and engagement is creating immense opportunities for the growth of the global pharmaceutical packaging market. According to Ken Research estimates, the Global Pharmaceutical Packaging Market – valued at around US$ 110 Bn by 2022 – is expected to grow around US$ 180 Bn opportunity by 2028.
2. The Demand for Child Resistance Packaging is Driving the Market Growth
The increase in demand for innovative childproof pharmaceutical packaging to avoid access to drugs for children is expected to propel the growth of the market. The demand for child resistance packaging is increasing as a safety measure to prevent the unintended and harmful intake of drugs by children. Packaging manufacturers also ensure child-resistance packaging by introducing single-dose blister packaging, safety caps or closures, and other products. The increase in the cases of child death due to acute poisoning from pharmaceutical products has increased the demand for child-resistance pharmaceutical packaging. According to European Child Safety Alliance, around 3,000 children in the EU under the age of 14 die from acute poisoning each year after gaining access to pharmaceutical products.
3. Fluctuating Prices and Shortage of Raw Materials are the Most Significant Barrier to the Growth of the Pharmaceutical Packaging Market
The volatility in the raw material prices including wood pulp and others for pharmaceutical packaging may hamper the growth of the market. The shortage of raw materials such as plastic, paper, glass, and others especially due to COVID-19 restrictions has upended the manufacturing process of pharmaceutical packaging as well as elevated the prices. The COVID-19 pandemic led to the shortage of workers and the shutdown of factories which resulted in disruption in the manufacturing of raw materials as well as their transportation.
The above-mentioned factor is expected to hinder the growth of the pharmaceutical packaging market globally. In March 2022, the cost of pulp, which is a key raw material for paper and corrugated boxes, has increased by over 25% due to higher quality environmental standards, and increased fuel prices which ultimately increased the transportation cost, and scarcity of raw material.
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4. Pharma Manufacturing holds the Major Share among End-User Segments and is Expected to Maintain Dominance During the Forecast Period
Among the end-user segments, pharma manufacturing remained the dominant segment during the 2017-2022 period contributing to maximum market revenue share. Further, the Research Study found that this segment is likely to retain dominance even by 2028. Its dominance is owing to the rising population and poor medical facilities along with the rising prevalence of various diseases is further increasing the demand for pharmaceutical products and their packaging and demand for better medical facilities. Moreover, the demand for convenient and clean packaging is increasing among pharmaceutical manufacturers to promote and represent their products well as well as to store and preserve their products according to governmental guidelines. Additionally, the rising geriatric population and increase in requirement for additional medical assistance are expected to propel the growth of the segment in the Global Pharmaceutical Packaging Market.
According to World Health Organization (WHO), the proportion of the world’s population over 60 years is expected to nearly double from 12% to 22% between 2015 and 2050. As the geriatric population is more prone to diseases and requires more medical attention is expected to increase the demand for pharmaceutical products. As per the analysis, the rapid increase in the geriatric population is expected to increase the demand for pharmaceutical drugs as well as packaging which is anticipated to boost the growth of the market.
5. North America region Dominated the Market with the Majority of the Market Share
North America region holds maximum market share and dominates the industry owing to the rising adoption of advanced and smart packaging for pharmaceutical products, the strong foothold of key players in the region, and strong production capacity for pharmaceutical product packaging. The increasing demand for pharmaceutical products and rising focus on life expectancy is anticipated to augment the growth of the market in the region. Furthermore, manufacturers of pharmaceutical packaging are actively involved in strategic developments such as partnerships, acquisitions, launches, and others, which are further expected to propel the growth of the region in the Pharmaceutical Packaging Market.
In May 2020, Sharp, part of UDG Healthcare plc and a global leader in clinical supply services and contract packaging, acquired Quality Packaging Specialists International, LLC, a USA-based pharmaceutical packaging facility. The company aimed to expand its product portfolio and production capacity and offer efficient services by delivering primary and secondary pharmaceutical packaging products namely blistering, vial labeling, serialization service, bottling, and others.
Market Taxonomy
By Material
- Plastics & Polymers
- Paper & Paperboard
- Glass
- Aluminum Foil
- Others
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By Packaging Type
- Tertiary Pharmaceutical Packaging
- Secondary Pharmaceutical Packaging
- Primary Pharmaceutical Packaging
By Product Type
- Bottles
- Caps & Closures
- Pre-Fillable Inhalers
- Pre-Fillable Syringes
- Vials & Ampoules
- Blister Packs
- Bags & Pouches
- Jars & Canisters
- Cartridges
- Others
By Drug Delivery Mode
- Oral Drugs
- Injectables
- Topical
- Ocular/ Ophthalmic
- Nasal
- Pulmonary
- Transdermal
- IV Drugs
- Others
By End-User
- Pharma Manufacturing
- Contract Packaging
- Retail Pharmacy
- Institutional Pharmacy
- Others
By Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
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Asia-Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
LAMEA
- Latin America
- Middle East
- Africa
Key Companies
- Amcor plc
- Becton D
- AptarGroup, Inc.
- Gerresheimer AG
- West Pharmaceutical Services, Inc.
- WestRock Company
- CCL Industries
- Berry Global, Inc.
- Nipro Europe Group Companies
- Mondi plc
For more insights on the market intelligence, refer to below link:-
Global Pharmaceutical Packaging Market
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The industry is expected to witness a CAGR of 8.1% on the basis of revenue by 2025. Fast growing aging population is projected to positively impact the industry with median age in the country expected to hit 42.1 years by 2050. Pharmacy chains are expected to increase their presence in the future by opening new stores in the northern and central regions or acquiring small independent stores or regional chains. Seeing the opportunity in the country, pharmacy chains having large presence in South East Asia including Matsumoto Kiyoshi & Watsons have recently entered the market and more players are expected to enter into the industry and expand their presence.
The competition stage within the retail pharmacy industry has become highly fragmented with numerous unorganized chain brands present across almost every region. On the other hand, penetration of organized space is increasing over the years with top five players including Watsons Thailand, Boots Thailand, Pure Pharmacy by Big C, Fascino Drugstores and Save Drug. The players in the industry compete on the basis of parameters such as Number of Pharmacy Stores, Geographical Presence, Brand Recognition, Partnerships with Telemedicine & E-Prescription Providers, product portfolio, online deliveries & Other Value Added Services.
The Taiwan Pharmacy Retail Market witnessed a slight decline initially with the onset of Corona Virus Pandemic, however, the market recovered quickly with proactive measures taken by government for stopping the spread of the virus. The pharmacies are expected to have a makeover integrating latest technologies, collecting data for cloud storage and adding other beneficial features. Online Pharmacies will grow in future and the business model will adapt to the hybrid pharmacy. The chain pharmacies will increase their presence in the future by opening new stores or acquiring small independent stores or regional chains. The expenditure on pharmaceuticals is expected to increase as government wants to reduce their expenditure on imported drugs in the country, this will also result in the increase in demand for generic medicines.
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