Global Pharmaceutical Packaging Market Size is Expected to Reach USD 104,882 Million With a CAGR of 6.27% by 2022 | Valuates Reports
Global Pharmaceutical Packaging Market Analysis
BANGALORE, India, Nov. 21, 2019 /PRNewswire/ -- To resolve environmental concerns, pharmaceutical drug manufacturing companies have begun to embrace environmentally friendly product packaging. Technological advances in pharmaceutical packaging solutions provide the pharmaceutical and biopharmaceutical industries with innovative and advanced applications to enhance their packaging standards.
From USD 68,749 million in 2015, the global pharmaceutical packaging market size is expected to hit USD 104,882 million by 2022, rising at a CAGR of 6.27% from 2016 to 2022.
Increasing efforts to increase life expectancy combined with rising disposable income are also expected to provide attractive opportunities for growth in the pharmaceutical packaging market.
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Global demand should come from developed economies due to mature and diverse drug-producing industries. The oral segment will lead the pharmaceutical packaging market in the future based on drug delivery. Oral mode of delivery of drugs is widely used to administer medications through the mouth, proving to be an easy and efficient method of administration.
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Trends Influencing Pharmaceutical Packaging Market Share
- Increased Research and Development (R&D).
- New innovations in packaging materials.
- Growth in the generic market.
- The rise in trend of contract packaging.
- The advanced production processes used to develop pharmaceutical packages play a vital role in the growth of the global market for pharmaceutical packaging.
Region Wise Analysis Of Pharmaceutical Packaging Market
- Emerging economies like China, India, and Brazil are providing the pharmaceutical industry with an excellent opportunity for growth. There is a vast market potential for pharmaceutical packaging in these economies.
- North America is the world's largest prescription market. The emergence of the country's extensive health care, high per capita income, and large drug production investments are expected to bode well for the country's pharmaceutical packaging market growth.
Increase in healthcare investments and medicinal advancements are key factors that fuel the growth of pharmaceutical packaging market. In LAMEA, the market is anticipated to grow at a CAGR of 7.14% between 2016 and 2022.
For instance, the Latin America market is anticipated to witness a CAGR of 6.51% during the forecast period.
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Porter's Five Forces Analysis:
Several established suppliers hold a significantly notable proportion of the market share, thereby decreasing the bargaining power of the suppliers. Pharmaceutical packaging raw material suppliers need to develop differentiated products owing to rising demand for customized features by customers. In addition, switching cost in this case is low. Corporate buyers of pharmaceutical packaging companies are knowledgeable and aware about the packaging features and their competitors' offerings. This increases the bargaining power of the buyer.
There are limited substitutes available in the pharmaceutical packaging market that offer similar products and solutions. However, consumers still prefer the traditional packages due to their low cost. Therefore, the threat of substitutes is low at present. Stringent government regulations towards the environment, labeling requirements, and fluctuating prices of drugs and raw materials are major factors that limit the new entrants to invest in this market. Owing to the presence of many players in the market, there is high rivalry within competitors to increase their market share. In such a competitive scenario, the organizations try to limit their competitor's profitability.
Market Dynamics:
● Drivers:
The advanced manufacturing processes used to develop pharmaceutical packages play a pivotal role in the growth of the global pharmaceutical packaging market. Advanced manufacturing processes, including green packaging technologies, use environmentally-friendly materials to develop pharmaceutical packages, which inflict minimal harm to the environment. The designs of these biodegradable and eco-friendly packaging materials are replacing the existing conventional packaging materials. The raw materials used for eco-friendly packaging include paper, cardboard, and cornstarch. The use of biodegradable materials supports sustainability of all stages of pharmaceutical product lifecycle; thus, pharmaceutical manufacturers increase the demand for sustainable packaging.
● Restraints:
The price volatility of raw materials used in pharmaceutical packaging restrains the growth of the market. The raw material and packaging costs have increased significantly in the last few years, and it is also expected that the prices will increase overall along with changes in ecological measures.
In 2015, Amcor dominated the pharmaceuticals packaging market followed by Gerresheimer. Prominent players profiled in this market include Berry Plastics Corporation, Becton Dickinson and Company, MeadWestvaco Corporation, West Pharmaceuticals Services Inc, Owens-Illinois, RPC Group, Schott Pharmaceuticals Services Inc., and Graphic Packaging Group.
Other key players (not profiled in the report) in the market value chain include AptarGroup Inc, Westrock and Catalent Pharma Solutions Inc., Anchor Packaging, Ball Corporation, 3M, Sealed Air Corporation, Baxter International Inc., Centor and Lilly (Eli) Company, Unilife Corporation, Exporta Global, and Plastube Inc.
Key Benefits for Stakeholders:
- The market research provides a quantitative and qualitative analysis of the current pharmaceutical packaging industry trends and estimations through 2014‐2022, which assist in identifying the prevailing market opportunities in different segments.
- Pharmaceutical packaging industry report define trends in major countries in each region are mapped according to the estimated market revenue.
- Pharmaceutical packaging industry overview across different products used in packaging is analyzed.
- Focused study of the factors that drive and restrict the pharmaceutical packaging industry growth are provided.Key manufacturers of pharmaceutical packaging are profiled and their recent developments are listed.
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Pharmaceutical Packaging Key Market Segmentation:
By Product Type
- Parenteral Containers
- Plastic Bottles
- Blister Packaging
- Closures
- Specialty Bags
- Labels
- Others (Cartons, Fiber Drums, Pills Box)
By Geography
North America
- U.S.
- Mexico
- Canada
Europe
- Germany
- UK
- Italy
- France
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa
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