Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) -- In 2020, the global market was estimated to be worth $81.5 billion USD. It is expected to grow at a 5.6% CAGR from 2021 to 2031. By the end of 2031, the global pharmaceutical packaging sector is estimated to be worth US$148.4 billion.
One of the key growth causes for the pharmaceutical packaging market is the massive growth of the pharmaceutical sector. Because of scientific and technological breakthroughs, the pharmaceutical industry has grown rapidly in recent years, and this trend is projected to persist over the forecast period, especially in developing countries such as China, India, and Brazil. The United States had the world's biggest pharmaceutical market.
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Throughout the recent coronavirus outbreak, there has been an exceptional need for pharmaceutical packaging. In order to improve patient outcomes during difficult times, manufacturers have been working furiously to assure a steady supply to hospitals, pharmacies, and allied healthcare facilities.
Due to the pandemic's increased focus on the healthcare sector, wealthy businesses are eager to invest in material advancements, equipment setup, and novel applications like child-resistant packaging to diversify their sources of income. Future disease outbreaks may be a factor, which is why R&D for innovative pharmaceutical packaging is gaining momentum. Before expanding into new areas, healthcare organizations make data-driven decisions. Pharmaceutical packaging makes it easier to keep pharmaceuticals safe, extend their shelf lives, and prevent microbiological contamination or development. With technological breakthroughs like packaging that is nano-enabled, stakeholders in the worldwide pharmaceutical packaging market are poised to profit handsomely.
Key Takeaways from the Market Report
- North America took over the market with a share of the market of 36% in 2022.
- Over the next few decades, Asia Pacific is predicted to have the quickest CAGR of 6%.
- The plastic bottle segment is poised to grow at a CAGR of 5.5% over the upcoming decades.
- Over the coming decades, Europe is anticipated to have a CAGR of 4.7%. The global market was valued at US$ 90.8 billion in 2022
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Pharmaceutical Packaging Market: Prominent Drivers and Trends
- The rapid growth of the worldwide medication counterfeit market, as well as the resulting growth of anti-counterfeiting drug packaging technology and items, is predicted to raise pharmaceutical packaging demand in the coming years.
- Regulatory agencies including the Healthcare Compliance Packaging Council (HCPC), National Quality Forum (NQF), and Food and Drug Administration (FDA) are anticipated to enact and enforce numerous rigorous rules and regulations for pharmaceutical packaging throughout the forecast period, fueling the market's expansion.
- The expansion of the worldwide medication counterfeit segment, as well as the subsequent advancement of anti-counterfeiting drug packaging technology and products, is predicted to raise pharmaceutical packaging demand in the coming years.
Pharmaceutical Packaging Market: Regional Analysis
- North America is expected to grow rapidly owing to pharma manufacturing, including production in-house, being the region's major end-use category. The existence of a significant number of pharmaceutical plastic bottle companies in the country, including AptarGroup Inc., Gerresheimer AG, Amcor Ltd., and Berry Plastics Group, Inc., is expected to boost the consumption of pharmaceutical plastic bottles over the projection period.
- Growing health consciousness among customers in the Asia Pacific, particularly in emerging economies such as China and India, combined with increased spending levels, is expected to boost pharmaceutical sector expansion over the forecast period, strengthening demand for its packaging.
- Europe is predicted to rise significantly as a result of increased R&D activity and the release of new medications targeted at enhancing the health of patients and their standard of life. Firms in Europe, such as BioNTech SE and CureVac, have proven effective in their vaccines in 2020, encouraging additional investments in the biotech industry in nations such as Germany, Russia, and the United Kingdom.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Pharmaceutical Packaging market report:
- Amcor
- Becton Dickinson
- Gerresheimer AG
- MeadWestvaco
- Rexam PLC
- West Pharmaceutical Services
- Tear and Tape
- 3M
- Nypro
- Schott
- Consort Medical
- Ypsomed
Pharmaceutical packaging companies are focusing on R&D, mergers, joint ventures, partnerships, and breakthrough product initiatives.
- Amcor added innovative and ecologically friendly High Shield laminates to their pharmaceutical packaging offering in April 2022. This is a low-carbon, recyclable, and moisture-resistant packaging option that meets the recyclability goals of end-use industries.
- Bormioli Pharma, a producer of glass and plastic basic packaging for pharmaceutical usage, has launched EcoPositive, an indication for all of the firm's ecologically friendly packaging options. Recycled glass and plastics, bio-based, renewable, or organic plastic solutions, and innovative polymer items are examples.
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Pharmaceutical Packaging Market: Key Segments
- Product
- Plastic Bottles
- Parenteral Containers
- Blister Packaging
- Other Primary Packaging
- Closures
- Labels
- Others
- By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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