Pharmaceutical Packaging Market worth $269.9 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 6, 2024 /PRNewswire/ -- The report "Pharmaceutical Packaging Market by Raw Material (Plastic, Paper & Paperboard, Glass, Metal), Type (Plastic Bottles, Blisters, Caps & Closures, Labels & Accessories, Pre-filled Syringes), Drug Delivery, and Region - Global Forecast to 2028", is approximated to be USD 132.0 billion in 2023, and it is projected to reach USD 269.9 billion by 2028, at a CAGR of 15.4%.
The surge in urbanization, evolving lifestyles, increased disposable income, a growing preference for sustainable packaging, and global awareness of diseases are driving the expansion of the pharmaceutical packaging market. However, challenges include the elevated costs of raw materials used in manufacturing packaging products. Financial constraints, lack of information, outdated equipment, lack of proper staff, and awareness of proper healthcare practices are the major challenges that limit access to healthcare services. Opportunities arise from the rising demand for sustainable packaging, as it reduces waste and minimizes the impact of pharmaceutical products on the environment.
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"Plastic bottles is largest growing segment on the basis of type, in terms of value, during the forecast period."
The demand for plastic bottles in the pharmaceutical packaging market is due to several factors including improved barrier properties, low water absorption, high impact strength, transparency, high dimensional stability, resistance to strain, heat, and flame resistance. Plastic bottles offer pharmaceutical companies' convenience in transportation due to their ease of handling and reduced risk of breakage compared to glass bottles. Their durability minimizes the potential for product loss and safety concerns associated with breakages, making them a preferred choice in the pharmaceutical plastic bottle market. The use of plastic bottles aligns with stringent government regulations, underscoring their suitability for pharmaceutical packaging.
"Primary packaging form is largest growing segment on the basis of packaging type, in terms of value, during the forecast period."
Various factors contribute to the increasing demand for the primary packaging segment in the pharmaceutical packaging market. These include the increasing prevalence of diseases, advancements in biotechnology and novel therapies, innovations in materials, rising healthcare expenditures, diversification of product portfolios, adherence to regulatory standards and quality assurance, as well as consumer preferences. The protection of pharmaceutical products from external factors such as light, air, moisture, and contaminants is essential for maintaining their stability and efficacy, making primary packaging a critical component.
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"Plastic is largest growing segment on the basis of raw material, in terms of value, during the forecast period."
The increasing prominence of plastic raw materials in the pharmaceutical packaging market can be attributed to several factors. Firstly, plastics provide a versatile platform for designing and implementing a diverse range of packaging solutions tailored to meet specific pharmaceutical requirements. Additionally, the cost-effectiveness of plastics, both in production and transportation, contributes to overall economic efficiency. The lightweight characteristics of plastic materials facilitate easier handling, resulting in reduced transportation costs and minimized environmental impact. Moreover, plastics boast excellent barrier properties, offering effective protection for pharmaceutical products against external factors such as moisture and contaminants.
"Oral drug delivery is largest growing segment on the basis of drug delivery, in terms of value, during the forecast period."
Several factors contribute to the dominance of oral drug delivery in the pharmaceutical packaging market. Firstly, a significant portion of pharmaceutical preparations is intended for oral consumption, making oral drug delivery packaging the largest segment in the market. Secondly, oral drug delivery packaging is cost-effective, offering a practical and economical choice for pharmaceutical companies. Thirdly, the flexibility in designing dosage forms makes oral drug delivery an ideal option for pharmaceutical companies. Lastly, the increasing prevalence of chronic diseases and the growing global demand for pharmaceutical products have fueled the expansion of the oral drug delivery packaging market.
"North America is largest growing segment on the basis of region, in terms of value, during the forecast period."
North America has the largest market share in the pharmaceutical packaging market in terms of value. Europe has the second largest market share in the pharmaceutical packaging market in terms of value. With prominent consumers like the US, Canada, and Mexico leading the trend, the region thrives on increased construction activities and is a hub of major packaging manufacturers. The pharmaceutical packaging market in North America is experiencing growth due to rapidly evolving pharmaceutical therapies, new drug innovations, and the increasing demand for smart packaging. In North America, essential market drivers include a heightened demand for diverse drug delivery methods, the integration of additional features in packaging products, and the development of packaging solutions with child-resistant and senior-friendly features.
Berry Global Group, Inc. (US), Gerresheimer AG (Germany), Amcor Plc (Switzerland), Schott AG (Germany), and AptarGroup, Inc. (US) are some major players in the pharmaceutical packaging market. These players have adopted various strategies such as mergers & acquisitions, joint ventures, and expansion to strengthen their market position.
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