DUBAI, United Arab Emirates, Feb. 12, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global pharmaceutical packaging market is likely to be valued at US$ 101.1 billion in 2023. By 2033, the market valuation is expected to reach a colossal valuation of US$ 206.6 billion by 2033, with overall pharmaceutical sales surging at 7.5% CAGR throughout the assessment period (2023 to 2033).
Growing demand for pharmaceutical products due to increasing prevalence of various diseases and rising health awareness is a key factor driving the global pharmaceutical packaging market forward.
Subsequently, innovation in packaging such as development of eco-friendly and sustainable pharmaceutical packaging will boost the market during the projection period.
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Packaging of the pharmaceutical products is a key concern for drug manufacturers and consumers. Any negligence in packaging material or technologies can have devastating results. As a result, companies choose safe and effective packaging solutions for their medicinal products.
Pharmaceutical packaging protects drugs or medications from spoilage, leakage, and contamination. It is easy-to-use & easy-to-dispose and helps pharmaceutical companies to significantly enhance life of drugs by maintaining their integrity.
Packaging solutions for pharmaceutical products include primary packaging such as bottles, vials, ampoules, blisters, and several others, as well as secondary packaging like boxes and cartons.
The recent exponential growth in sales of pharmaceutical packaging solutions is related to the rising need for child-resistant packaging formats to prevent children from suddenly consuming excessive amounts of medicine in absence of parents.
Pharmaceutical packaging has grown in popularity over the past few years since it provides safe and secure packaging solutions for a variety of pharmaceutical products, such as drugs or medications. Growing production and consumption of pharmaceuticals will eventually boost pharmaceutical packaging sales during the forecast period.
Future Market Insights anticipates that there will be ample opportunities for the manufacturers of pharmaceutical packaging during the projection period due to rising spending on pharmaceutical products across the world.
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Key Takeaways from Pharmaceutical Packaging Market
- By product type, the bottles segment is forecast to hold more than 31.3% of the value share by the end of 2033.
- Based on material type, plastics segment is projected to increase at a CAGR of 7.6% during the forecast period, creating an incremental opportunity of US$ 67.4 billion by the end of 2033.
- North America pharmaceutical packaging market is expected to expand by 2.1x of its current market value through 2033.
- With rising consumption of pharmaceutical products as well as expansion of the pharmaceutical sector, Asia Pacific Excluding Japan (APEJ) market is anticipated to expand by 2.6x of current market value by 2033.
- The USA is forecast to account for around 95.1% share of North America pharmaceutical packaging industry by the end of 2033.
“Growing need for protecting medicinal products from physical, biological, and chemical factors as well as to maintain their integrity is expected to generate lucrative prospects for the global pharmaceutical packaging market during the forecast period. Besides this, development of sustainable pharmaceutical packaging will bode well for the market,” says an FMI analyst.
Rise in Per Capita Healthcare Expenditure to Facilitate Pharmaceutical Packaging Market Expansion
Considering the current scenario as well as the rising awareness about healthcare, investment in the healthcare sector is rising. Consumers are worried about the future as well as their current life which makes them think to invest in the healthcare sector.
Healthcare investment has a positive and direct correlation with the pharmaceutical industry. The pharmaceutical industry accounts for a sizable portion of the investments attracted for the expansion of the country's economy.
As a result of consumers' rising concern for their quality of life, there is an increase in the per capita cost of healthcare. The market for pharmaceutical packaging is expected to be positively impacted by rising healthcare spending across the world.
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New Biological Drug Formulations Set to Improve Pharmaceutical Packaging Market
Novel biological drug medications are creating various complex challenges for the manufacturers of pharmaceutical packaging. The new pharmaceutical medications require innovative packaging concerning their molecule formulations and their interaction with packaging material. This is prompting manufacturers to develop new packaging formats which suit the new biological drug medications.
The glass vial is a case of a packaging format that is experiencing changes that reflect the market demand. Some novel biologics have properties that delaminate glass, prompting undesirable glass chipping in formulations.
Pharmaceutical packaging companies are currently taking a gander at how vials are framed in the heating procedure so that chipping can be alleviated. Hence, development of new biological drug formulations will trigger innovation in pharmaceutical packaging formats which will eventually boost the overall market.
Who is Winning?
Ardagh Group S.A., Amcor plc, Becton, Dickinson and Company, Berry Global Group, Inc., Westrock Company, and Mondi group, are the top pharmaceutical packaging manufacturers operating in the global market. As per FMI’s latest analysis, around 70% to 80% of the global market is expected to be held by Tier 3 players. Subsequently, key players contribute around 20 to 30% of the global market.
More Insights in Pharmaceutical Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global pharmaceutical packaging market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the pharmaceutical packaging market based on product type (bottles {packer bottles and liquid bottles}, vials & ampoules, blisters, bags & pouches, prefilled syringes & cartridges, sachets, trays, tubes, and containers, jars, & others) and material type (plastics {polyethylene [LDPE and HDPE], polyvinyl chloride, polypropylene, polyethylene terephthalate, and others}, glass, metals, and paper) across seven regions.
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Table of Content
1. Executive Summary | Pharmaceutical Packaging Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
Click Here for Pharmaceutical Packaging Market 228 pages TOC Report
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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