Pharmaceutical Packaging Market Size Worth $160.12 Bn, Globally, by 2028 at 4.49% CAGR, Says The Brainy Insights

NEWARK, N.J., Aug. 16, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global pharmaceutical packaging market is anticipated to grow from USD 108.0 billion in 2020 to USD 160.12 billion by 2028, at a CAGR of 4.49% during the forecast period 2021-2028. The North American region emerged as the largest market for pharmaceutical packaging, with a 34.6% share of market revenue in 2020. This share is mainly due to the region's new drug innovations and scientific advancements, such as nanomedicines and biologics. In addition, improved healthcare coverage and improvements in business models such as alliances with third parties and externalized R&D in the pharmaceutical industry is anticipated to boost demand for pharmaceutical packaging.

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The pre-filled syringes segment is anticipated to be the fastest-growing type, with a CAGR of around 6.7% over the forecast period. 

The type segment is divided into plastic bottles, labels & accessories, blister packs, caps & closures, vials, pre-filled syringes, and ampoules. The pre-filled syringes segment is anticipated to be the fastest-growing type, with a CAGR of around 6.7% over the forecast period. The growth in the elderly population and the rise in non-communicable diseases like diabetes are the main reasons to fuel the demand for pre-filled syringes.

The plastics & polymers segment held the largest market share of around 30.4% and a market value of about USD 32.83 billion in 2020.

The raw material segment includes plastics & polymers, glass, paper & paperboards, metals, and others. The plastics & polymers segment held the most significant market value of around USD 32.83 billion in 2020 since plastic is easy to handle and lightweight. Plastics are the materials that are often used in pharmaceutical packaging. Due to properties such as moisture barrier, high dimensional stability, high impact power, strain resistance, low water absorption, transparency, heat, flammability, etc., plastics have become increasingly essential in packaging pharmaceutical products.

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Regional Segmentation Analysis:

The regions evaluated for the global pharmaceutical packaging market include North America, Europe, South America, Asia Pacific, Middle East, and Africa. The North American region led the global pharmaceutical packaging market with a revenue of USD 37.36 billion in 2020. North America is known for its technological development and product innovation, which motivates manufacturers to deliver high-class pharmaceutical packaging solutions. Major factors driving the growth of the North American pharmaceutical packaging industry include the contribution of nanotechnology advancement in manufacturing processes and technological innovation, increasing demand for drug delivery devices, and blister packaging.

Competitive Analysis:

Major players in the global pharmaceutical packaging market are Amcor plc, AptarGroup, Inc., Becton, Dickinson, and Company, Berry Global, Inc., Catalent, Inc., CCL Industries Inc., Comar LLC, Gerresheimer AG, International Paper Company, Nipro Corporation, Schott AG, Vetter Pharma International, West Pharmaceutical Services, Inc., and WestRock Company among others.

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This study forecasts global, regional, and country revenue growth from 2018 to 2028. The Brainy Insights has segmented the global pharmaceutical packaging market based on below segments:

Global Pharmaceutical Packaging Market by Type:

• Plastic Bottles
• Blister Packs
• Labels & Accessories
• Caps & Closures
• Pre-filled Syringes
• Vials
• Ampoules

Global Pharmaceutical Packaging Market by Raw Material:

• Plastics & Polymers
• Paper & Paperboards
• Glass
• Metals
• Others

About the report:

The global pharmaceutical packaging market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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SOURCE The Brainy Insights