At 14.8% CAGR, Pharmaceutical Packaging Market Size Will Reach US$ 267.4 Bn By 2027: Astute Analytica

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Jan 13, 2022, 06:30 ET

NEW DELHI, Jan. 13, 2022 /PRNewswire/ -- Pharmaceutical packaging is the packaging process for pharmaceutical preparations. Pharmaceutical or drug packaging involves all the operations from production and distribution channels to the end consumer. Drug packaging plays an important role in the pharmaceutical industry as it protects medicine or drug from heat and cold as they are sensitive in nature, packaging protects the product from physical damages, chemicals and from microbial invasion. The pharmaceutical packaging market is regularly advancing like other packaged goods, pharmaceuticals also need reliable and speedy packaging solutions that deliver a combination of product protection, quality, tamper evidence, patient comfort and security needs. The global pharmaceutical packaging market is highly affected by the Covid – 19 impacts, due to increasing growth of the healthcare industry and rising awareness of health issues. The pharmaceutical industry is merely under the threat of a changing stringent regulatory environment and the excessive cost associated with manufacturing process. The research study analysis all the growth factors and challenges faced by the market.

The Global Pharmaceutical Packaging Market generated US$ 100.9 Billion in the year 2020 and it is projected to reach US$ 267.4 Billion by the end of the year 2027, growing at a CAGR of 14.8% during the forecast period of 2021 to 2027.

Several factors influencing in the growth of the global pharmaceutical packaging such as advanced manufacturing processes, technological innovations, and increased integration of companies have resulted in rapid growth of the industry. In 2019, North America accounted 48% of world pharmaceutical sales and 22.9% for Europe, which shows the increased demand in pharmaceutical industry.

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Pharmaceutical Packaging Market- by Product

The market compares different types of products used in packaging of pharmaceutical products such as cardboards, glasses, plastics, papers, rubbers, and metals. As per the study, in 2020, plastic containers hold the highest share of 36% among all other products due to its light weight, which makes it easier in transportation. Furthermore, plastic bottles are strong which allow it to be dropped without shattering. As per the researchers, glass container is projected to grow with an annual growth rate of 16.8% due to its transparency which enables the end consumer for easy visibility of its contents, and it also provides improved protection due to its air and moisture impermeability. Glass containers are also of different types such as Ampoules, Bottles, Vials, Syringes, and Cartridges. As per the study, in 2020, bottles hold 6% of the market share and vials hold around 5.2% of the market share- these are highly used glass containers in pharmaceutical packaging across the globe.

Pharmaceutical Packaging Industry- by Regional

As North America has huge pharmaceutical production base and ability to offer technological breakthroughs to pharmaceutical packaging. North America Pharmaceutical Packaging Market is the highest shareholder in the global marketplace which hold more than 40% of the market share worldwide. On 13^th December 2016, the 21st Century Cures Act (Cures Act) was signed into law in the United States to speed up the development of medical products. On the other hand, increasing technology breakthroughs in the healthcare sector in countries such as Singapore, China, Malaysia, Thailand, and others, as well as rise in urbanization and changing lifestyles, Asia Pacific is growing at the highest CAGR of 16.1% in the forecast period due to above factors.

COVID – 19 Impact on Pharmaceutical Packaging Market

The Covid – 19 highlighted the importance of packaging in the pharmaceutical industry. Packaging activities were considered essential during the pandemic. Pharmaceutical packaging companies benefitted from this, but disruption in supply chain, shortage of infrastructure and manpower are some broad factors responsible for 'A' sized growth trend during the study period. Pharmaceutical packaging companies had increased their productivity to support the rising demand for containers, vials, blister packs, containers, bottles, cartridges, pouches, and others. This was due to rising demand for Covid related medications, and vaccines. In addition, pharmaceutical packaging for biologics, smart packaging, sterile packaging, patient focus packaging, cleanroom expansion, and others are likely to propel in future. To recover from the impacts of Covid -19 pandemic, some strategies considered by key market players includes a mix of financial resilience and operational plans.

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Competitors Insight: Key Players

Many companies are operating in the global pharmaceutical packaging market to provide various products. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions to have a grip on stable market. Leading companies expanding their geographical presence by acquiring small brands and domestic companies. The local market is dominated by small to medium-sized players who cater to mostly regional buyers. The technological capabilities and investments required for a packaging plant are also low, further lowering barriers to new entrants.

Companies in the market like Amcor Ltd., Gerresheimer AG, West Pharmaceutical Service Inc., and Becton, Dickson & Company are the major key players in the market which hold a ratio of 12.60%. Top 12-15 players in the market hold around 85% market share. Rest is captured by other local players.

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Segmental Overview of Pharmaceutical Packaging Market

By Packaging Type

Primary
Secondary
Tertiary

By Product

Cardboard

Boxes
Cartons
Display Unit

Paper

Label
Leaflet

Glass

Ampoules
Bottles
Vials
Syringes
Cartridges

Plastic

Closure
Bottles
Bags
Tubes
Injection Trays
Laminates with paper or foil

Metal

Collapsible tubes
Rigid cans
Foils
Pressurized containers

Rubber

By Application

Oral Drugs
Injectable
Topical
Ocular/ Ophthalmic
Nasal
Sublingual
Pulmonary
Transdermal
IV Drugs
Others

By Prescription Type

Prescription

Branded drugs
Generic drugs

Branded drugs
Generic drugs

By End Use

Pharma Manufacturing
Contract Packaging
Retail Pharmacy
Institutional Pharmacy

By Region

North America

The U.S.
Canada
Mexico

Europe

The U.K.
Germany
France
Spain
Italy
Russia
Poland
Rest of Europe

Asia Pacific

China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)

UAE
Saudi Arabia
South Africa
Rest of MEA

South America

Argentina
Brazil
Rest of South America

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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost effective, value added package from us, should you decide to engage with us.

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