Chicago, March 19, 2024 (GLOBE NEWSWIRE) -- The Global Pharmaceutical Packaging Market size is projected to reach USD 269.9 billion by 2028 from USD 132.0 billion in 2023, at a CAGR of 15.4% during the forecast period, as per the recent study by MarketsandMarkets™. The growing trend of rising consumer awareness for safe and secure packaging solutions is driving the market. The prevalence of chronic diseases, growth in the biology market, and technological advancements are driving the market for drug delivery and related packaging systems.
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Browse in-depth TOC on "Pharmaceutical Packaging Market”.
269- Market Data Tables
57- Figures
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List of Key Players in Pharmaceutical Packaging Market:
- Berry Global Group, Inc. (US)
- Gerresheimer AG (Germany)
- Amcor Plc (Switzerland)
- Schott AG (Germany)
- AptarGroup, Inc. (US)
- Others
Drivers, Restraints, Opportunities and Challenges in Pharmaceutical Packaging Market:
- Drivers: Growing healthcare expenditure and the pharmaceuticals industry in emerging economies drive the market
- Restraints: Lack of access to proper healthcare in emerging economies.
- Opportunity: Growing demand for primary pharmaceutical packaging
- Challenge: Protecting against counterfeit products
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Key Findings of the Study:
- Plastic bottles is the largest growing segment on the basis of type, in terms of value, during the forecast period.
- Primary packaging form is the largest growing segment based on packaging type, in terms of value, during the forecast period.
- Plastic is the largest growing segment based on raw materials, in terms of value, during the forecast period.
- Oral drug delivery is the largest growing segment based on drug delivery, in terms of value, during the forecast period.
- North America is the largest growing segment based on region, in terms of value, during the forecast period.
Based on raw material, the plastics raw material segment is expected to lead the market in terms of value in 2023. The market for this segment is driven by the wide use of plastics in OTC drugs, blister packaging, prefilled syringes, and the oral drug delivery mode. Plastic containers, including bottles, blister packs, and prefilled syringes, are widely used due to their lightweight nature, cost-effectiveness, and ease of manufacturing. Plastics are permeable to moisture, oxygen, and carbon dioxide, and they allow the penetration of light rays unless the plastic container is pigmented. The pharmaceutical industry is increasingly exploring sustainable and recyclable packaging materials to reduce waste and improve environmental impact.
Based on type, plastic bottles accounted for the largest share of the pharmaceutical packaging market in the forecast period. The pharmaceutical packaging market is influenced by advancements in biologics and biosimilars, contributing to an increased demand for prefilled syringes and vial packaging. Key factors fueling market growth include the availability and price volatility of raw materials and the evolving landscape of health regulations. Plastic bottles play a crucial role in pharmaceutical packaging due to their desirable characteristics, including shatter resistance, rigidity, strength, lightweight properties, and moldability. A significant trend boosting the demand for plastic bottles in pharmaceutical packaging is the incorporation of child-proof and tamper-evident features. Plastic bottles prove to be versatile for packaging liquid, solid, and oral care medications.
Based on packaging type, primary packaging type is the largest segment in the pharmaceutical packaging market during the forecast period. The demand for both primary and secondary packaging in the pharmaceutical packaging market is increasing due to several factors including safety, and regulatory compliance, which helps to protect the product from contamination or tampering. The primary packaging segment in the pharmaceutical packaging market is influenced by various factors, including the rising prevalence of diseases, advancements in biotechnology & novel therapies, innovation in materials, increasing healthcare expenditures, diversification of product portfolios, adherence to regulatory standards & quality assurance, and consumer preferences.
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Based on drug delivery, oral drug delivery will be the leading segment in the pharmaceutical packaging market in 2023. The oral drug delivery packaging segment is driven by the rising preference for blister packaging and plastic bottle packaging, particularly in North America and Asia Pacific. This packaging type is utilized for small-molecule drugs, and there is a growing demand for innovative technologies catering to diverse drug delivery needs through the oral route. Additionally, the introduction of innovative techniques such as nanocarriers, micelles, cyclodextrins, and lipid-based carriers is anticipated to further enhance the demand for oral drug delivery modes in the future. The increasing demand for innovative drugs, such as biologics and biosimilars, is driving heightened research activities in drug delivery packaging, fostering the development of new formulations with efficient drug delivery modes and enhanced consumer comfort.
Based on region, North America is the largest market for pharmaceutical packaging due to the increasing geriatric population and the increase in cases of chronic diseases such as Alzheimer’s, diabetes, and others. The US, Canada, and Mexico from its segments, with the US dominating more than 75% volume share. The pharmaceutical packaging market in North America is experiencing growth due to rapidly evolving pharmaceutical therapies, new drug innovations, and the increasing demand for smart packaging.
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