Pharmaceutical packaging market is projected to be worth USD 265.17 Billion by 2030, registering a CAGR of 9.5% during the forecast period (2022 - 2030)
The pharmaceutical packaging market is projected to register a CAGR of 9.5% from 2022 to 2030. Pharmaceutical packaging is a crucial area of the packaging industry since it is necessary to protect, preserve, and store various pharmaceutical items, including pharmaceuticals, prescriptions, and others. The pharmaceutical packaging market size is expected to reach approximately USD 265.17 Billion by 2030. Paper, glass, metal, and plastic are all used in pharmaceutical packaging. In addition to protecting the product, pharmaceutical packaging is a source of information and a marketing tool. Many different products are included, including bottles, vials, ampoules, blisters, bags & pouches, prefillable syringes, containers, and jars, among others. It is projected that the market will rise as retail pharmacies become more prevalent in emerging countries and pharmaceutical manufacturers emphasize product differentiation and brand improvement. Packaging products are generally used for storing formulations in solid, liquid, and semisolid forms, such as tablets, capsules, syrups, and topical medicinal formulations. The increased prevalence of chronic diseases brought on by altered dietary patterns, lifestyles, and sleep cycles result in a greater demand for pharmaceuticals.
COVID-19 Impact Analysis
Top biotechnology and pharmaceutical companies are working to create a vaccine for the illness in response to the COVID-19 pandemic in December 2019. Because of the increasing COVID-19 vaccine production by businesses, including GlaxoSmithKline plc (GSK), AstraZeneca, Pfizer, Johnson & Johnson, and Moderna in 2020, there has been a noticeable increase in the demand for glass-based vials. With more nations worldwide placing vaccination purchases, the demand is anticipated to rise even more in 2021.
Pharmaceutical Packaging Market Dynamics
The focus of numerous governments on enhancing healthcare infrastructure and insurance coverage is further increasing demand for pharmaceuticals, fueling market expansion. Drugs are typically sold as tablets, liquids, or powders. Their packaging consists of various containers, such as rigid bottles, stand up pouches, flat pouches, sachets, and blister packs. Products for pharma packaging are highly specialized and subject to stringent regulatory compliances, particularly regarding the sterility of the packaging. As a result, pharmaceutical and packaging product producers collaborate closely during the development of packaging products.
To address the issues associated with environmentally friendly and sustainable packaging solutions, pharmaceutical packaging manufacturers are investing significantly in thorough research. Modern healthcare professionals and consumers need products and packaging that are both practical and environmentally friendly. By reducing the environmental impact of packaging and raising the recycling rate, the producers are attempting to provide sustainable pharmaceutical packaging solutions. The players employ recycled plastic or glass for pharmaceutical packaging to address sustainability issues.
Counterfeit pharmaceutical drugs are fake medications that might be contaminated and/or have erroneous or nonexistent active ingredients. These pharmaceutical products are fakes, which are against the law and unhealthy. These are produced and sold to falsely represent their legitimacy, place of origin, and efficacy. Due to third-shift packaging, where contract manufacturers seek out additional earnings by making additional secret medications and selling them to counterfeiters, counterfeit pharmaceuticals are on the rise. So, it's expected that the rise in counterfeit pharmaceuticals would constrain the expansion of the industry.
According to the European Child Safety Alliance, 3,000 children under the age of 14 pass away in Europe each year from acute poisoning brought on by access to pharmaceutical items. This forces the manufacturers of pharmaceutical packaging to concentrate on dispensing pharmaceutical packaging that is childproof and does not damage children. The market's players have a chance to grow their businesses thanks to innovations in childproof or child-resistant pharmaceutical packaging. Child-resistant packaging can benefit from further innovation, accelerating market expansion for pharmaceutical packaging.
Pharmaceutical Packaging Market Segmentation
The pharmaceutical packaging market segmentation, based on type, is rigid, semi-rigid and flexible. In 2021, the rigid portion was commanding the pharmaceutical packaging market growth. The rigid portion shields the goods from microbial contamination, physical contamination, and outside influences that can alter the nutritional value of the food.
The pharmaceutical packaging market segmentation, based on packaging type, is primary packaging and secondary packaging, which are further classified into sub-segments. In 2021, the primary packaging segment accounted for the largest share owing to the increasing adoption of advanced drug-producing companies and environmentally friendly products.
The market, based on material, is plastic, paper, paperboard, and glass. In 2021, the plastic material segment accounted for the largest share as pharmaceutical vials, bottles, closures, syringes, pouches, sachets, cartridges, tubes, and blister packs are commonly produced using a variety of plastic resins, including PE, PET, PP, PVC, PS, and bioplastic.
The market, based on application, is generic drugs, branded drugs, medical tools & equipment, test kits, and nutraceuticals. The generic drugs segment accounted for the leading share in 2021 owing to increasing demand for low-cost medicines and good packaging.
Global Pharmaceutical Packaging Market Share, by Region, 2021 (%)
Pharmaceutical Packaging Market Overview, by Region
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market with a revenue share of more than 35.0% in 2021. In 2021, the region's main end-use segment was pharmaceutical manufacturing, including internal production. To hasten the development of medical products, the 21st Century Cures Act (Cures Act) was signed on December 13, 2016, in the United States. The law is anticipated to stimulate the development of new pharmaceutical products, increasing demand for pharmaceutical packaging in North America.
The pharmaceutical business is expected to grow faster than expected over the projected period due to increased disposable income levels and rising health awareness among consumers in the Asia Pacific, particularly in developing nations like China and India. The demand for pharmaceutical packaging is anticipated to increase as a result. China dominated the Asia-Pacific market in 2021 and will continue to hold the top spot in the coming years due to expanding government initiatives like Healthy China 2020, contract manufacturing activities, and a rapidly aging population. Additionally, according to the India Brand Equity Foundation (IBEF), the world's largest supplier of generic medications is located in India. Up till January 2021, India exported pharmaceuticals worth over $20.14 billion. Additionally, the pharmaceutical market in India had a value of about US$ 130 billion in 2020. The government invests a significant amount of money in the healthcare industry. Government spending on healthcare in 2020 was close to US$ 46 billion.
Pharmaceutical Packaging Market Competitive Landscape
Due to the existence of multiple companies around the world, the worldwide industry is quite competitive. The competition is also becoming more fierce as significant competitors consolidate their market positions primarily through acquisitions. To secure agreements with large pharmaceutical manufacturers, key competitors directly compete with one another. As a result, there is strong competition in the market.
Prominent pharmaceutical packaging market research players include Amcor Plc of Switzerland, AptarGroup Inc. of the United States, Berry of the United States, Schott AG of Germany, and CCL Industries of Canada, among others.
Scope of the Pharmaceutical Packaging Market Report
Packaging Type Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Pharmaceutical Packaging Market Forecast & Size:
To identify and estimate the market size for the pharmaceutical packaging market report segmented by type, packaging type, material, and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the pharmaceutical packaging market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the pharmaceutical packaging market growth
Market Influencing Factors:
To find out the factors which are affecting the pharmaceutical packaging market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 265.17 Billion|
|CAGR||9.5% (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Packaging type, Material, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Amcor Plc of Switzerland, AptarGroup Inc. of the United States, Berry of the United States, Schott AG of Germany, and CCL Industries of Canada, among others|
|Key Market Opportunities||Rising inclination toward child-safe packaging|
|Key Market Drivers||Growing focus of manufacturers towards sustainability and Rising demands for easy-to-use and disposed packaging|
The pharmaceutical packaging market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~9.5% over the next 10 years, according to pharmaceutical packaging market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 265.17 Billion by 2030.
Amcor Plc of Switzerland, AptarGroup Inc. of the United States, Berry of the United States, Schott AG of Germany, and CCL Industries of Canada, among others, are the major companies operating in the market.