NEWARK, Del, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The pharmaceutical packaging market is estimated to be worth US$ 108.9 billion in 2024 and is projected to be valued at US$ 214.7 billion in 2034. Between 2024 and 2034, the industry is expected to expand at a CAGR of 6.4%. The continuous rise in global healthcare expenditure, coupled with the growing demand for pharmaceuticals driven by aging populations and the prevalence of chronic diseases, is a primary driver. As healthcare needs escalate, pharmaceutical production increases, necessitating advanced packaging solutions.
Stringent regulatory requirements imposed by health authorities worldwide play a pivotal role in the pharmaceutical packaging market. Regulations ensure product safety, traceability, and adherence to quality standards, compelling pharmaceutical companies to invest in compliant packaging solutions. Ongoing advancements in packaging technologies contribute to market growth. Innovations such as smart packaging, track-and-trace systems, and tamper-evident features enhance product security, improve patient safety, and address counterfeiting concerns.
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The increasing production of generic drugs, prompted by patent expirations of branded medications, fuels the demand for pharmaceutical packaging. The anticipated surge in global pharmaceutical production and consumption is poised to drive significant growth in pharmaceutical packaging sales over the projected period. The growing emphasis on safeguarding drugs against spoilage, breakage, and leakage is expected to contribute to the rapid expansion of the pharmaceutical packaging market.
Key Takeaways
- From 2019 to 2023, the pharmaceutical packaging market was valued at a CAGR of 6.9%
- Based on product type, the bottles segment is expected to account for a share of 33.4% in 2024.
- Global pharmaceutical packaging demand in China is predicted to account for a CAGR of 7.5% in 2024.
- In the United States, the pharmaceutical packaging industry is expected to account for a CAGR of 5.6% in 2024.
- Germany is projected to expand by a value CAGR of 5.8% between 2024 and 2034.
- Pharmaceutical packaging market in India is anticipated to record a CAGR of 7.9% in 2024.
“The rapid growth of the pharmaceutical industry and increasing focus on ensuring the protection of drugs from spoilage, breakage, and leakage is anticipated to drive the market growth during the forecast period." says Ismail Sutaria, Principal consultant at Future Market Insights
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Competitive Landscape
The market players are investing in and adopting advanced packaging technologies, such as smart packaging, RFID (Radio-Frequency Identification), and QR codes, to enhance product security, traceability, and patient engagement.
- Amcor Plc is a global packaging company that provides a wide range of packaging solutions, including pharmaceutical packaging. Amcor focuses on sustainable packaging solutions, and has made commitments to address environmental concerns. The company invests in research and development to introduce innovative packaging technologies. Amcor often expands its product portfolio through acquisitions and partnerships.
- Ardagh Group S.A. is a multinational packaging company involved in metal and glass packaging, including pharmaceutical packaging solutions. Ardagh emphasizes sustainability in its operations and product offerings. The company explores strategic acquisitions and partnerships to expand its market presence and capabilities.
Key Players:
- Amcor Plc
- Ardagh Group S.A.
- Berry Global Group, Inc.
- Bilcare Limited
- Catalent, Inc.
- Clondalkin Group Holdings B.V.
- Constantia Flexibles Group GmbH
- Gerresheimer AG
- Klöckner Pentaplast Group
- Mondi Group
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Key Segmentations:
By Product Type:
- Bottles
- Packer Bottles
- Liquid Bottles
- Vials & Ampoules
- Blisters
- Bags & Pouches
- Prefilled Syringes & cartridges
- Sachets
- Trays
- Tubes
- Containers
- Jars
- Others
By Material Type:
- Plastics
- LDPE
- HDPE
- Polyvinyl Chloride
- Polypropylene
- Polystyrene
- Polyethylene Terephthalate
- Others (Polycarbonate)
- Glass
- Metals
- Paper
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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