According to a new research report by Global Market Insights Inc., the Pharmaceutical Packaging Market size is set to reach USD 155.3 billion by 2028 driven by a rapid shift toward eco-friendly & sustainable packaging solutions and product innovations due to the rapidly expanding healthcare & medical industry coupled with the rising demand for medicines and pharmaceutical drugs.
Furthermore, increasing R&D for the advancements in packaging material & design, use of innovative packaging, serialized tracing & tracking of drugs, rapidly increasing drug delivery market, and expanding generic drug market are anticipated to spur the pharmaceutical packaging market share during the forecast period. Additionally, the focus of various government & regulatory bodies across the globe on strengthening healthcare and pharmaceutical facilities is generating opportunities for the global market over the projected timespan.
High volatility in raw material prices, changing government standards & regulations, and the emergence of counterfeit drug products with similar packaging are restraining the pharmaceutical packaging market. The long product development cycles & costs and an extended process for package approval from the regulatory bodies are resulting in the escalated availability of fake packaging & drugs. These counterfeit products have harmful effects on the human body such as vomiting, allergic reactions, nausea, and others.
Browse key industry insights spread across 200 pages with 185 market data tables & 9 figures & charts from the report, “Pharmaceutical Packaging Market Size, By Material (Plastics & Polymers [Polyvinyl Chloride, Polypropylene, PET, PE, PS], Paper & Paperboard, Glass, Metal), By Product (Plastic Bottles, Caps & Closures, Parenteral Containers, Blister Packs, Pouches, Medication Tubes, Prescription Containers, Pharmaceutical Packaging Accessories), Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Increasing usage of paper & paperboard is anticipated to support the market
The paper & paperboard segment is expected to cross USD 11.9 billion by the end of 2028. It is typically used in tertiary and secondary packaging of pharmaceutical products. Paper-based products are preferred for packaging owing to their advantages including lightweight, easy processing, wide availability, and excellent printability. Paper-based materials are frequently used as lidding in blister packs due to their low cost compared to aluminum lidding. Moreover, plastics & paperboards are more sustainable and biodegradable than plastics.
Plastic Bottles to account for considerable market share
Plastic bottles will grow at a CAGR of over 6.7% through 2028. One of the main benefits of using this bottle is that it can be used for the packaging of both solid & liquid pharmaceutical preparations such as tablets, capsules, syrups, and sprays. Another significant benefit of plastic bottles includes low-cost properties, easy to mold, lightweight, strong, break-resistant, and does not react with components present inside it. By using a required type of cap or closure, it can be used in numerous types of applications such as ophthalmic drops, nasal spray, and dermatology creams.
Strategic government initiatives are set to augment growth in APAC
Asia Pacific accounted for a significant share of around 43.8% in the pharmaceutical packaging market in 2021. The increased spending on healthcare, rising government initiatives in the emerging pharmaceutical market, the rising aging population, and increasing contract manufacturing activities, will drive the pharmaceutical packaging growth throughout the study timeframe.
For instance, in October 2009, the Chinese Government launched Healthy China 2020, which is expanded to Healthy China 2030 in 2016, it is a political commitment for the establishment of an efficient, accessible, and affordable health system for its citizen in 2030. Growing technological advancements in the pharmaceutical sector in emerging countries, such as Thailand, China, India, Japan & others, coupled with changing lifestyles and growing urbanization are expected to spur the market expansion.
Amcor plc, Becton, Dickinson and Company, AptarGroup, Inc., Berry Global Inc., Drug Plastics Group, Bilcare Limited, Gerresheimer AG, and Schott AG are some of the leading players in the pharmaceutical packaging industry. Other players operating in the global market include West Pharmaceutical Services Inc., SGD Pharma, Vetter Pharma International, Constantia Flexibles, PGP Glass private Ltd., Mondi plc, and Klockner Pentaplast Group.