PHARMACEUTICAL PACKAGING Market Size to Reach US$ 178.8 Bn by 2022-2031 | CAGR of 7.4%
The global pharmaceutical packaging market is postulated till US$ 178.8 Bn by the year 2031 at a CAGR of 7.4% between 2022 and 2031.Over the past few years, pharmaceutical packaging is gaining ground due to improvements in terms of safety and security. Also, the rising incidence of diseases coupled with sustainability concerns is positively influencing the growth of pharmaceutical packaging operations.
The latest research on “Pharmaceutical Packaging Market Report” offered by FMI provides a comprehensive investigation into the geographical landscape, industry size along with the revenue estimation of the business.
Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies and Forecast.This report provides an in-depth study of the market competitive situation, product scope, market overview, opportunities, driving force, and market risks.
Top Key Players Covered-
Westrock Company., Becton, Dickinson and Company, Amcor plc, Berry Global Group, Inc., Mondi group, and Ardagh Group S.A. are some of the leading players operating in the pharmaceutical packaging market.
As per FMI analysis, the Tier 3 players in the market are estimated to hold 70–80% in the global pharmaceutical packaging market. In conclusion, key players contribute almost 20–30% of the global market. Market leaders are largely focused on product development and merger & acquisition strategies.
Sales of the pharmaceutical packaging solutions have risen exponentially in the past few years. This can be attributed to the increasing demand for child-resistant packaging formats to avoid accidental consumption. Cost-effectiveness, ease of use, and durability are key factors fuelling the demand for various packaging solutions. The pharmaceutical packaging market is anticipated to witness soaring demand as manufacturers introduce innovative easy-to-use-and-dispose features.
Packaging of the pharmaceutical products is of key importance among drug manufacturers. According to a study on the pharmaceutical packaging market by Future Market Insights (FMI), manufacturers are giving priority to clean room packaging solutions in order to control the impact of the pandemic and other ailments.
Pharmaceutical packaging solutions include primary packaging options including bottles, vials, ampoules, blister packs, in addition to secondary packaging such as boxes, cartons, and more. Of these, the demand for bottles as a suitable type of pharmaceutical packaging is considerably high.
Key Takeaways from Pharmaceutical Packaging Market Study
- By product type, bottles are estimated to lead the market with over 30% of the value share, by the end of 2031 supported by leak-proof packaging solutions
- Plastic is projected to be the most lucrative material in the industry creating an incremental opportunity of US$ 58.41 Bn by 2031
- The U.S. holds dominance in the North America market with the presence of some of the leading pharmaceutical manufacturers
- China will showcase a solid growth driven by the expansion of local pharmaceutical sector
- Germany is projected to be dominant in Europe and is expected to continue leading as a pharma packaging manufacturing hub.
“Regulations implemented to ascertain safety of drugs & medications will create lucrative opportunities. Pharmaceutical packaging is sought-after due to its temperature & moisture resistance, durability, and ease of use. With the expansion of the pharmaceutical sector, manufacturers are likely to focus on the launch of novel technologies,” says an FMI analyst.
Rise in Per Capita Healthcare Expenditure Augments Sales for Pharmaceutical Packaging
Considering the current scenario and rising awareness about the healthcare sector, investments in the drug and biopharmaceutical sectors are rising. Healthcare investments have had a positive and direct correlation with the pharmaceutical industry.
A major part of investments is attracted from the pharmaceutical industries for the growth of the country’s economy. The per capita expenditure on healthcare is increasing steadily due to the concerned behaviour of customers about shelf life.
As per a World Bank report, in 2018, Japan spent around 10.95% of its GDP on healthcare whereas Germany spent 11.43% of its GDP for the same. As a result, the market for pharmaceutical packaging has benefited as investments in the healthcare sector will favour growth of the pharmaceutical packaging industry.
Impact of COVID-19 on Pharmaceutical Packaging Market
The COVID-19 pandemic had a positive impact on the growth and demand for pharmaceutical packaging, supported by several factors such as an increase in the cases on-going disease, the urgent need for pharmaceutical products, and drastic demand for life-saving drugs & medicines.
Every regional market was impacted due to the COVID-19 pandemic, which ultimately created a requirement for drugs for treatments which in turn increased the demand for pharmaceutical packaging majorly in North America, Europe, and South & East Asia.
Later, at the beginning of 2021, the demand for pharmaceutical packaging rose strongly due to a rising number of COVID-19 positive cases in addition to the prevalence of other non-contagious diseases. Considering this, the demand for vaccine, injections, medicines, and other drugs has increased, fuelling sales opportunities for pharmaceutical packaging solutions.
Key Segments Covered in Pharmaceutical Packaging Research
Product Type
- Bottles
- Packer Bottles
- Liquid Bottles
- Vials & Ampoules
- Blisters
- Bags & Pouches
- Prefilled Syringes & Cartridges
- Sachets
- Trays
- Tubes
- Containers, Jars, & others
Material Type
- Plastics
- Polyethylene
- LDPE
- HDPE
- Polyvinyl Chloride
- Polypropylene
- Polyethyene Terephthalate
- Others (Polycarbonate)
- Glass
- Metals
- Paper
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa (MEA)
- Asia Pacific Excluding Japan(APEJ)
- Japan
Access Full Report: https://www.futuremarketinsights.com/reports/pharmaceutical-packaging-market
0
