New York, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global pharmaceutical packaging market size is predicted to grow at a CAGR of over ~8% from 2023 to 2033. The market is projected to garner a revenue of USD 233 billion by the end of 2033, up from a revenue of ~USD 108 billion in the year 2022.The growth of the market is attributed to the increasing use and dispensing of medicines and drugs across the world. The percentage of medicines dispensed every year from retail pharmacies was growing by an average of 2.5% attaining 170 billion days of therapy in the year 2021 as per the reports.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4616
Further, the enhancing healthcare sector worldwide to meet the needs of the growing population is predicted to hike the market growth. The rising number of ailments including chronic diseases among people is boosting healthcare expenditure in the coming years as per the estimations. As per the estimations, in India, about 25% of the people are suffering from any one of the chronic diseases, and over 8% of the population have more than one chronic disease.
Escalating Imports and Exports of Branded and Generic Drugs is Envisioned to Fuel the Growth of the Pharmaceutical Packaging Market
The growing percentage of pharmaceutical companies that import and export drugs worldwide is shooting up the market size. The increasing number of generic drug manufacturers is increasing due to its price benefits for low- and middle-income countries such as India, Korea, and Kenya. India is the largest producer of generic medicines producing over 20% of generics under various categories as of 2023. Besides, the preference for sophisticated packaging methods to prevent damage and loss during transportation is proliferating the market.
Pharmaceutical Packaging Market: Regional Overview
Increasing Healthcare Expenditure and Growing Pharmaceutical Manufacturing Companies is Propelling the Market Growth in the North America Region
The pharmaceutical packaging market in North America region is outlined to acquire a significant industry share of 32% during the forecast period. The healthcare expenditure of people is intensifying day by day owing to the developing percentage of diseases occurring in the region. Also, the prevalence of chronic diseases among all ages people with an enhanced need for medical care is proliferating market size. Government support to reduce the healthcare burden of people is assessed to benefit the market trend in the coming years as a result of increasing subsidiaries and insurance policies. According to a report, the government of the U.S. provides health programs via Medicare and Medicaid under which over 35% of the population in the region received health insurance in 2021. Also, the fostering number of pharmaceutical firms in the region is predicted to fuel the market trends in the region.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4616
Escalating Contract Manufacturing Firms and Growing Aged Population is Driving the Market Expansion in the Asia Pacific Region
Asia Pacific region market is evaluated to register a market share of 25% in the year 2033 based on the estimations on account of multiplying ratio of contract manufacturing organizations. The rate of elderly population growth is expanding in the region which is likely to propagate the market segment growth in the coming years. The market growth is intensifying as a result of rising early diagnostic tests and the detection of diseases among people. About 1100 pathology tests are done in India for every 1000 people as per the statistical reports of 2023. Besides, the developing disposable income of people and awareness of individual well-being are aggregating the market expansion in the coming years.
Pharmaceutical Packaging, Segmentation by Type
- Primary
- Secondary
The primary segment of the market is intended to hold a market share of 52% during the forecast period. The market growth is attributed to the increased demand for primary packaging solutions such as tubes, bottles, and blister packs as they are the first layer of packaging in contact with drugs or medicines. The blister packaging usage may rise by 6% and 7% in the U.S. and Europe region respectively in the coming 5 years as of 2022 estimations. The layer of packaging protects the medicines from environmental contamination. Further, primary packaging helps to dispense the right dose of the drug for administration which assists the elderly population in preventing over or under-dosing. All these factors are estimated to foster the market segment growth.
Pharmaceutical Packaging, Segmentation by Material
- Plastic
- Glass
- Metal
- Paper
- Others
The plastics segment of the pharmaceutical packaging market is projected to hold a market share of 31% during the forecast period. The plastics used in pharmaceutical packaging include high-density polyethylene (HDPE), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), Polyethylene (PE), Polypropylene (PP), and Polyvinyl Chloride (PVC). The increasing preference for packaging of capsules, tablets, and powders is projected to hike the market growth. Even, liquid formulations such as syrups and nasal drops are packed in plastic containers and bottles which is amplifying the market segment size. Over 280 Million tons of plastic material is used in the pharmaceutical sector as of 2022 reports.
A few of the well-known indsutry leaders in pharmaceutical packaging market that are profiled by Research Nester are Becton, Dickinson, and Company, Amcor plc, AptarGroup, Inc., Drug Plastics Group, Gerresheimer AG, Schott AG, Owens Illinois, Inc., West Pharmaceutical Services, Inc., Berry Global, Inc., WestRock Company, SGD S.A., and others.
Recent Development in the Pharmaceutical Packaging Market
- Gerrsheimer AG enhanced the quantity of glass and plastic produced by the company in India to maintain continuous supply to support the increased pharma and healthcare needs. A new plant with modern facilities was built to manufacture superior plastic containers and closures at the Kosamba site.
- SGD S.A. introduced Ready-to-Use (RTU) of 100H ml which was the first Type I molded glass vial. It is used for an aseptic fill of parental drug products for different injectables. The EZ fill tray of Stenvanato Group comes with advantages including no glass-to-glass contact that prevents particle production and ensure patient safety.
Read our insightful Blogs and Data-driven Case Studies:
- Future of Packaging Industry: Sustainable Packaging
The blog covers the evolution of packaging industry including history of packaging and the future. Know the benefits, challenges and future scope of sustainable packaging to grap upcoming opportunities in the market.
https://www.researchnester.com/blog/packaging/future-of-sustainable-packaging
- How a Sustainable & Eco-Friendly Packaging Materials Company increased its Market Share in 2023?
Know how a sustainable & eco-friendly packaging materials company increased revenue by our industry analytical solution. Our analysts provided insight into the competitors’ products, pricing, and marketing strategies.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
