Pharmaceutical Packaging Market is Forecast to Grow at a CAGR of 14.2% during 2022-2028
Published | 10 March 2022
The pharmaceutical packaging market is growing at a high CAGR because of the increasing population, rising disposable income, and increasing focus on improving life expectancy along with expanding concentration of pharmaceutical packaging manufacturers on sustainability with the adoption of biodegradable and recyclable materials…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the pharmaceutical packaging market was worth USD 99.5 billion in 2021. It is estimated to grow at a CAGR of 14.2%, earning revenue of around USD 250.9 billion by the end of 2028. The pharmaceutical packaging industry is growing on account of the increasing population, rising disposable income, and increasing focus on improving life expectancy. The expanding concentration of pharmaceutical packaging manufacturers on sustainability with the adoption of biodegradable and recyclable materials is expected to further fuel the growth. This market is anticipated to witness notable growth in the forecast period owing to the increased R&D, innovations in packaging materials, growth in the generic market, and rise in the trend of contract packaging.
Gradual Shift Towards Sustainable Packaging Techniques
The increasing environmental concern is promoting pharmaceutical manufacturers to opt for sustainable packaging techniques owing to the rising preference among end-users toward eco-friendly packaging. Many manufacturers are also establishing sustainability goals in their business operations to decrease their environmental impacts. The increasing ecological concern among end-users will boost the demand for sustainable pharmaceutical packaging. This will be one of the key trends that will enhance the pharmaceutical packaging market growth at a significant rate during the forecast period.
Increasing Demand for Prefill-Able Syringes in Pharmaceutical Packaging Market
Based on type, the pharmaceutical packaging market is segmented into bottles, blister packs, labels & accessories, caps & closures, medical specialty bags, pre-filled syringes, and others. The demand for prefill-able syringes is projected to grow at the highest rate during the forecast period. Its growth is attributed to advances in nanotechnology, biotechnology, and other advanced drug delivery technologies. Furthermore, growing applications in the administration of critical care, emergency, and self-injectable parenteral medication is expected to boost its market growth in the forecast period. Blister packaging is predicted to be the second-largest segment in the pharmaceutical packaging market.
Pharmaceutical Packaging Market - By Product Type
Based on product type, the pharmaceutical packaging market is segmented into primary packaging, secondary packaging, and tertiary packaging. The primary packaging segment accounts for the largest market share. This packaging type is in direct contact with the drug and protects it from contamination and other external influences such as light, moisture, oxygen, biological contamination, etc. According to the packaging guidelines issued by WHO, the primary packaging should reinforce the instructions of the physician and should improve compliance with the drug therapy.
Pharmaceutical Packaging Market - Regional Insights
Geographically, the pharmaceutical packaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the pharmaceutical packaging market, followed by Europe. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The developing healthcare infrastructure and flourishing pharmaceutical industry in emerging economies such as China, India, Japan, etc., are estimated to be driving the market growth. Furthermore, expanding private-public investment in the r&d activities in pharmaceutical packaging is anticipated to boost the market growth in the forecast period.
Impact of COVID-19 on Pharmaceutical Packaging Market
The unprecedented COVID-19 pandemic outbreak tremendously boosted the growth of the pharmaceutical packaging market. This is because, unlike other industries that were following the restrictions on its operations due to lockdown, the pharmaceutical industry was excepted under the regulations for essential goods. Furthermore, the increasing burden of COVID-19 and other diseases on people and healthcare facilities boosted the demand for medicines and other products, which resulted in a significant spike in the demand for pharmaceutical packaging.
The leading market players of the pharmaceutical packaging market are Amcor PLC, Gerresheimer AG, Berry Global Inc., Schott AG, AptarGroup, Inc., Becton, Dickinson and Company, Catalent, Inc., Nipro Corporation, West Pharmaceutical Services, Inc., Westrock Company, Alpla Werke Alwin Lehner GmbH & Co KG, Ardagh Group S. A., Constantia, CCL Industries Inc., Frank Noe Egypt LTD, Gaplast GmbH, Lonza Group LTD, Mondi Group, Nelipak Healthcare, and other prominent players.
The market is semi-concentration with the presence of certain global players as well as numerous regional industry participants. The companies significantly invest in research and development activities to innovate their offering and launch new products to strengthen their market presence. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the pharmaceutical packaging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the pharmaceutical packaging market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Pharmaceutical Packaging Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Type (Bottles, Blister Packs, Labels & Accessories, Caps & Closures, Medical Specialty Bags, Pre-Filled Syringes, Others), By Raw Material (Plastics & Polymers, Paper & Paperboards, Glass, Metals, Others), By Drug Delivery Mode (Oral Drug Delivery Packaging, Pulmonary Drug Delivery Packaging, Transdermal Drug Delivery Packaging, Injectable Packaging, Others), By Product Type (Primary Packaging, Secondary Packaging, Tertiary Packaging), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: March 2022
The pharmaceutical packaging market is flourishing at a high rate owing to developing healthcare infrastructure, rising healthcare expenses and growing burden of various infectious and chronic diseases along with growing demand for convenient packaging types, such as prefilled syringes and auto-injectors.
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