-- The global pharmaceutical packaging market is anticipated to expand at a CAGR of 7% during the forecast period of 2021-2031. The growing demand for easily accessible and disposable drug packaging has provided lucrative opportunities to manufactures to incorporate innovations in the pharmaceutical packaging.
Increasing interest towards sanitized, hygienic, and sustainable packaging that minimizes the risk of contamination of drugs is propelling the market growth. The preference for single-dose packaging formats that ensure safety of formulation is emerging as a key trend, increasing the research and development in the pharmaceutical packaging market.
Along with recycled plastic and glass, manufacturers are using thermoformed packaging, which is recyclable and suitable for pharmaceutical products. Flexible packaging made from plastic which also allows customization as per end-use requirements is allowing marketers to capitalize on the sales through innovative packaging designs.
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Acute poisoning from pharmaceutical products in children is a major concern. As per European Child Safety Alliance, approximately 3000 children succumb to acute poisoning by such products. This has pushed manufacturers to focus on child-proof packaging options. The innovations are child-proof packaging is boosting the market growth significantly.
The pharmaceutical industry has showcased significant growth during the COVID-19 pandemic. The demand for packaging products has also increased, which is attributable to the development of various drugs and medications. The increase in consumption of dietary supplements has also augmented the market growth, finds the ESOMAR-certified consulting firm FMI in this study.
According to FMI’s analysis, North America is leading the global pharmaceutical packaging market, due to the prevalence of key manufacturers and increased expenditure in drug development, providing lucrative opportunities for growth in the market.
"Rising demand for sustainable, consumable, and convenient packaging types, coupled with an increasing focus on innovations and expenditure in the market will continue to augment the growth of the pharmaceutical packaging market," remarks the FMI analyst.
Key Takeaways:
The demand for sustainable and user-friendly packaging is propelling market growth.
The bottle segment, being the most preferred type, is dominating the pharmaceutical packaging market.
Plastic packaging is anticipated to offer an incremental opportunity of US$ 58.41 Bn throughout the forecast period.
North America will witness significant growth and expansion due to increasing investments in product development.
Increasing government expenditure on healthcare in India is creating opportunities for growth in the pharmaceutical packaging market.
China is emerging as a lucrative market for players with high availability of resources and low production costs.
Germany will offer opportunities for expansion in the sector due to increased pharmaceutical production and exports in the region.
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Prominent Drivers:
Advancements and innovation in pharmaceutical packaging formats will drive market growth.
Flexible packaging material and the availability of customization according to the end-user requirement will positively impact sales.
The demand for sustainable and recyclable pharmaceutical packaging will drive growth in the market.
Key Restraints:
The availability of counterfeit products might stir challenges for the market in terms of packaging design, intellectual property rights, and trademarks, thus hindering the growth.
Failure to abide by government guidelines regarding safe packagings, such as ISO 14644-1 certification will result in product recalls, hampering the market growth.
Lack of proper healthcare infrastructure and awareness in emerging markets will have a negative impact on the market.
Competitive Landscape
Prominent players operating in the market are increasingly focusing on sustainable packaging options and customization as per end-user requirements. They are introducing innovative packaging solutions to meet new drug requirements, along with sustainable options to minimize the impact on the environment while increasing the rates of recycling. For example:
In April 2021, Airnov Healthcare Packaging announced the release of Pharmakeep and Oxynov Barrier Bottle products, aligned with product development cycles and oxygen solutions.
In May 2021, Japanese company Nipro acquired Croatia-based Piramida, a glass pharmaceutical packaging manufactures, aiming to leverage demand in Eastern Europe.
Sepro announced the launch of new robotic production lines for pharmaceutical packaging under its med Series range in 3- 5- and 6- axis configurations to support multi-format production applications.
Some of the leading players in the pharmaceuticals packaging market profiled by FMI are:
Amcor Plc
Ardagh Group S.A.
Becton, Dickinson, and Company
UDG Healthcare plc
Berry Global, Inc.
Bilcare Limited
Catalent, Inc.
Clondalkin Group Holdings B.V.
Constantia Flexibles Group GmbH
Gerresheimer AG
Klockner Pentaplast Group
Mondi Group
Nipro Corporation
Schott AG
More Insights on FMI’s Pharmaceutical Packaging Market
The latest market study on the global pharmaceutical packaging market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Product Type
Bottles
Packer Bottles
Liquid Bottles
Vials & Ampoules
Blisters
Bags & Pouches
Prefilled Syringes & Cartridges
Sachets
Trays
Tubes
Containers, Jars, & others
Material Type
Plastics
Polyethylene
LDPE
HDPE
Polyvinyl Chloride
Polypropylene
Polyethyene Terephthalate
Others (Polycarbonate)
Glass
Metals
Paper
Region
North America
Latin America
Western Europe
Eastern Europe
Middle East and Africa (MEA)
Asia Pacific Excluding Japan(APEJ)
Japan
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/pharmaceutical-packaging-market
Release ID: 89028946
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