Rockville, June 16, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global pharmaceutical packaging provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, the demand for pharmaceutical packaging will increase globally between 2023 and 2033 at a compound annual growth rate (CAGR) of 9%. By the end of 2033, the size of the worldwide pharmaceutical packaging industry is expected to increase from its present value of US$ 131 billion to US$ 310.5 billion.
In the upcoming years, increased healthcare costs and a strong emphasis on wellness are projected to propel sales of pharmaceutical packaging goods. In the upcoming years, it is anticipated that the growing popularity of retail pharmacies around the world would play a significant role in increasing demand for custom medicine packaging goods among pharmaceutical producers.
For more insights into the Market, Request a Sample of this Report –
https://www.factmr.com/connectus/sample?flag=S&rep_id=4573
Key Driving Forces Accelerating the Market Growth
- The pharmaceutical industry in various geographies such as North America is expanding rapidly, driven by factors such as the aging population, prevalence of chronic diseases, and advancements in medical research and development. This growth directly translates into increased demand for pharmaceutical packaging solutions.
- The pharmaceutical industry is highly regulated, and strict quality and safety regulations govern the packaging of pharmaceutical products. The need to comply with these regulations and ensure product integrity drives the demand for advanced packaging solutions that offer features like tamper-evident seals, child-resistant packaging, and anti-counterfeiting measures.
- Moreover, the industry is witnessing a shift towards personalized medicine and targeted drug delivery systems. This includes the development of injectables, inhalers, transdermal patches, and other innovative delivery methods. Such advancements require specialized packaging solutions that can accommodate these drug delivery systems effectively.
- Patient safety is a paramount concern in the healthcare industry. Pharmaceutical packaging plays a crucial role in ensuring the integrity, stability, and safety of medications throughout their lifecycle. There is a growing emphasis on packaging solutions that provide protection against contamination, light, moisture, and other external factors that can impact the efficacy of drugs.
Vital indicators shaping the future of the industry
- Environmental sustainability is becoming a critical consideration across industries, including pharmaceuticals. There is a growing demand for sustainable packaging solutions that minimize waste, reduce carbon footprint, and use eco-friendly materials. The future of the pharmaceutical packaging market will be influenced by the adoption of innovative and sustainable packaging materials and practices.
- Technology continues to drive advancements in the pharmaceutical packaging industry. From smart packaging solutions to RFID tracking systems, the integration of technology enhances packaging efficiency, improves product safety, and enables better supply chain management. The future of the market will be shaped by further advancements in technologies like intelligent packaging, IoT (Internet of Things), and serialization systems.
- The regulatory environment surrounding pharmaceutical packaging is evolving, driven by concerns about product safety, counterfeiting, and patient compliance. Regulatory agencies are introducing stricter guidelines and requirements to ensure the integrity, traceability, and quality of pharmaceutical packaging. The future of the market will be shaped by compliance with these regulations and the development of packaging solutions that meet evolving standards.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=4573
Challenges hindering the market growth
- The pharmaceutical industry is heavily regulated, and compliance with strict quality and safety regulations is crucial. Meeting these regulations often requires significant investments in equipment, technology, and processes. The complex and evolving regulatory landscape can pose challenges for packaging companies in terms of compliance, documentation, and keeping up with changing requirements.
- The healthcare industry, including pharmaceuticals, faces ongoing cost pressures. Pharmaceutical packaging companies need to strike a balance between providing high-quality packaging solutions and keeping costs under control. Price competition can limit profit margins and hinder investment in research and development for innovative packaging technologies.
How competition influences the market
- Competition fosters innovation in the pharmaceutical packaging market. Packaging companies strive to differentiate themselves by developing unique and advanced packaging solutions that offer enhanced functionality, improved safety features, and better user experiences. The competitive landscape encourages investment in research and development to stay ahead of rivals and meet the evolving needs of pharmaceutical manufacturers.
- For instance, in April 2022, Amcor, a leading name in the packaging industry announced the launch of its new products to its sustainable pharmaceutical packaging portfolio. Moreover, the company has launched high shield laminates that offer a high barrier and are recyclable to meet the demands.
Strategies for manufacturers/suppliers to scale in the market
- Quality and compliance are essential factors in the pharmaceutical industry. Manufacturers should prioritize adherence to strict quality standards and regulatory requirements. Implementing robust quality management systems and obtaining relevant certifications can instill confidence in customers and differentiate manufacturers as reliable and compliant partners.
- Environmental sustainability is gaining prominence in the packaging industry, including pharmaceutical packaging. Manufacturers should adopt sustainable practices and develop eco-friendly packaging solutions. Using recyclable materials, reducing packaging waste, and implementing sustainable manufacturing processes can attract environmentally conscious customers and enhance brand reputation.
Explore Our Safe & Secure Payment Options for Quick Buy –
https://www.factmr.com/checkout/4573
Key Companies Profiled
- Amcor Plc
- WestRock Company SGD S.A.
- COMAR LLC
- Vetter Pharma International
- Drug Plastics Group
- Gerresheimer AG
- West Pharmaceutical Services Inc.
- Becton Dickinson & Company
- International Paper Company
- AptarGroup Inc.
- Schott AG
- Owens Illinois Inc.
- Berry Global Inc.
- CCL Industries Inc.
Key Segments of Pharmaceutical Packaging Industry Research
- By Material:
- Plastics & Polymers
- Polypropylene (PP)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Others
- Paper & Paperboard
- Glass
- Aluminum Foil
- Others
- Plastics & Polymers
- By Product Type:
- Primary
- Plastic Bottles
- Caps & Closures
- Parenteral Containers
- Blister Packs
- Prefillable Inhalers
- Pouches
- Medication Tubes
- Others
- Secondary
- Prescription Containers
- Pharmaceutical Packaging Accessories
- Tertiary
- Primary
- By Application:
- Pharmaceutical Manufacturing
- Retail Pharmacies
- Contract Packaging
- Institutional Pharmacies
- Others
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Check out more related studies published by Fact.MR Research:
Corrugated Pharmaceutical Packaging Market: The corrugated pharmaceutical packaging market is set to witness rapid growth during 2021-2031. Increasing permeation of retail, as well as e-pharmacy, is resulting in enhanced market penetration of corrugated pharmaceutical packaging.
Biopharmaceuticals Packaging Market: Biopharmaceuticals packaging market is estimated to grow at a CAGR of 9% during the forecast period 2023-2033. Retail pharmacies and pharmaceutical companies are putting more of an emphasis on differentiating their brands and products.
Medical Flexible Packaging Market Outlook: The global medical flexible packaging market is estimated at USD 25.7 Billion in 2022 and is forecast to surpass USD 40.9 Billion by 2032, growing at a CAGR of 4.7% from 2022 to 2032.
Pharma Blisters Packaging Market Outlook: The pharma blister packaging market is estimated to reach US$ 10.5 Bn in 2022 and is projected to reach US$ 19 Bn by 2032, at a 6% CAGR from 2022-2032.
About Fact.MR,
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Author: Mr. Yash Pathak
Email : yash@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
