ID: MRFR/PNT/0783-CR | August 2021 | Region: Global | 235 pages
Pharmaceutical packaging market is projected to reach USD 192.93 billion by 2027 from an estimated USD 107.6 billion in 2020, at a CAGR of 9.21% from 2021 to 2027
Pharmaceutical packaging is used for protecting, identifying, and presenting necessary information regarding the contents and compliance of a drug. This type of packaging helps control the degradation of the drug due to oxygen, moisture, and heat and prevents microbial contamination and sterility, ensuring the adequate stability of the product throughout its shelf life.
The global market growth is mainly driven by continuous technological advancements, increasing product demand from the pharmaceutical industry, and the need to extend the shelf life of products. Moreover, the increasing growth scope in developing countries is expected to present lucrative opportunities for the market vendors. However, fluctuations in raw material prices may restrict the growth of the pharmaceutical packaging market.
Pharmaceutical improvements have necessitated enhanced packaging in recent years to strengthen product protection from external influences such as moisture, light, and air. Packaging technology innovation and developments play an important role in assisting consumers in recognizing the authenticity of products and preventing counterfeiting. For example, the introduction of nano-enabled technology has helped products improve their plastic barrier qualities and give a high functionality in pharmaceutical packaging with sensing and signaling of vital information.
The pharmaceutical industry's increasing demand for packaging has contributed to the pharmaceutical packaging market's overall expansion. Rapid industrialization has resulted in an increase in the incidence of respiratory diseases and cancer in many countries worldwide, necessitating the use of high-quality pharmaceuticals and medical technologies.
Due to the strong demand for medicines, treatments, and other items, the pharmaceutical business in these countries is flourishing. The expansion of the packaging market has been supported by the high population of these nations, increased health consciousness, and increasing need for hospitals and healthcare centers in these countries. Furthermore, various international players are currently interested in establishing firms in emerging economies through FDI incentive schemes, which will improve these nations' economies and amplify the impact of industrialization. Thus, as a result, it may be inferred that developing-country industrialization and urbanization present profitable investment prospects for the pharmaceutical industry.
The shelf life of medical products is greatly influenced by their packaging. Packaging protects items from various conditions that can cause rotting; thus, there is a direct relationship between packaging and shelf life. Thus, as a result, packaging aids in the extension of shelf life.
The worldwide pharmaceutical packaging market is predicted to grow due to increased pharmaceutical industry demand and active product consumption in generic injectable medications. Chemicals and the ion-exchange process are used to create the enhanced goods, which result in a decreased coefficient of friction on the surface and damage-resistant solutions. In the next years, this is projected to stimulate demand for packaging materials in the pharmaceutical business.
The cost of insulated shipping packaging insulating material has risen in recent years. The price of raw resources from overseas markets rises when currency exchange rates fluctuate. Because of the fluctuating pricing of materials and chemicals, raw material manufacturers face fierce competition in terms of profit margins. In insulated shipping packing solutions, polystyrene is the principal raw material used as an insulating material. The fluctuating prices of polystyrene push up its overall price due to the rising disparity between demand and supply, which is likely to continue during the forecast period.
Polystyrene's overall price rises due to shifting pricing, which is likely to continue over the forecast period. As a result, an increase in raw material costs would raise production and distribution expenses, resulting in high pharmaceutical packaging product pricing. Manufacturers are turning to recycled agricultural waste, recycled paper, and recycled plastic waste due to rising costs.
The growing demand for packaging from the pharmaceutical industry has been fueling the overall growth of the pharmaceutical packaging market. The global pharmaceutical packaging market has been segmented based on type, packaging type, material, application, and region. By type, the pharmaceutical packaging market has been segmented into rigid, semi-rigid, and flexible. The rigid segment is predicted to grow at the fastest rate during the forecast period. In 2020, the rigid segment held a share of 43.3% of the global pharmaceutical packaging market. Rigid packaging safeguards items from biological contamination, physical damage, and external influences that could compromise the products' qualities. Flexible packaging is a non-rigid packaging structure that is used for packaging and protecting various pharmaceuticals in tablet, pill, and powder form.
By packaging type, the pharmaceutical packaging market has been divided into primary packaging and secondary packaging. The primary packaging segment is expected to grow at a faster rate during the forecast period. In 2020, the primary packaging segment held a 72.3% share of the global pharmaceutical packaging market. The packaging that comes into direct touch with the product is referred to as primary packaging. The fundamental goal of primary packaging is to protect and preserve the consumer and contain and enlighten them. The external packaging of the primary packaging that groups packets and further protect or label the drug product is referred to as secondary packaging.
Based on material, the pharmaceutical packaging market has been classified into plastic, paper & paperboard, and glass. The paper & paperboard segment is predicted to grow at the fastest rate during the forecast period. In 2020, the plastic segment held a share of 38.3% of the global pharmaceutical packaging market. Because of its barrier qualities and chemical inertness, plastic is commonly utilized for pharmaceutical packaging. They can be used to make visually appealing packages that aid in the promoting and marketing of pharmaceutical items.
By application, the pharmaceutical packaging market has been segmented into generic drugs, branded drugs, medical tools & equipment, test kits, and nutraceuticals. The test kits segment is expected to grow at the fastest rate during the forecast period. In 2020, the generic drugs segment held a share of 33.2% of the global pharmaceutical packaging market. One of the greatest issues faced by pharmaceutical organizations is transporting these tools and equipment from one location to another without experiencing any damage. This is why, to package medical tools safely and effectively, major manufacturers use advanced packaging methods and procedures, including electronic packaging technologies.
By region, the pharmaceutical packaging market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Global Pharmaceutical Packaging Market, Based on Region, 2020
Source: MRFR analysis
The North America pharmaceutical packaging market is predicted to witness robust growth during the forecast period. The growth can be attributed to the global market players that are focused on expanding their presence in the region and strategic developments by the raw material suppliers. For instance, in 2018, Hoffmann Neopac AG, the Switzerland-based manufacturer of primary packaging for the pharmaceutical and cosmetics industries, established a new manufacturing facility in the US. Moreover, Bormioli Pharma S.p.A., an Italian glass and plastic packaging company catering to the global pharmaceutical market, strengthened its services operations in North America. With this expansion, the company introduced its glass packaging solutions to North American pharmaceutical companies with designated sales support to nourish its long-term expertise in injectable pharmaceutical packaging.
In the US, the pharmaceutical packaging industry is witnessing rapid growth. With the rapidly growing drug market, the demand for packaging is increasing continuously in the pharmaceutical industry. In October 2019, Gerresheimer AG (Germany) opened the glass innovation and technology center in New Jersey, the US, for offering primary packaging glass products to players in the pharmaceutical sector. This is expected to boost the growth of the pharmaceutical packaging market in the country.
The global pharmaceutical packaging market has been segmented based on type, packaging type, material, application, and region.The increasing investments in the pharmaceutical industry will spur market growth.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors must focus on expanding their presence and improving their services. West pharmaceutical services Inc.(US), Gerresheimer (Germany), Schott AG (Germany), CCL Industries Inc.(Canada), Amcor Plc (Switzerland), AptarGroup Inc(US), and Berry Global(US) are some of the key players operating in the pharmaceutical packagingmarket. These companies compete in terms of availability, quality, price, and technology. They consider acquisition as a key strategy in the global pharmaceutical packaging market. Although the international players dominate the pharmaceutical packagingmarket, regional and local players with small shares also have a significant market presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.
|Market Size||2027: USD 192.93 billion|
|CAGR||9.21% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material , Type , Packaging and, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||mcor Limited (Australia) SCHOTT AG (Germany), Owens-Illinois Inc. (US), Sonoco Products Company (US), West Pharmaceutical Services, Inc. (US), WestRock Company (US), Berry Global Inc. (US), CCL Industries, Inc. (Canada), AVERY DENNISON CORPORATION (US) International Paper (US), Comar, LLC (US), Gerresheimer AG (Germany).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Major types of pharmaceutical packaging include bottles, aerosol packs, tubes, blister packs, and sachets.
Global pharmaceutical packaging market is expected to exhibit a strong 9.21% CAGR over the forecast period till 2027.
The growing pharmaceutical industry is likely to be the major driver for the global pharmaceutical packaging market.
North America is likely to hold the largest share in the global pharmaceutical packaging market due to the strong R&D going on in the region in the area of developing new, innovative, and more effective forms of pharmaceutical packaging.
Leading players in the global pharmaceutical packaging market include Schott AG, Amcor Ltd., and Sonoco Products Company, among others.