The Global Pharmaceutical Packaging Market Value is Set to Exhibit 6.51% CAGR by 2023

 

According to Market Research Future (MRFR), the global Pharmaceutical Packaging Market  Value is estimated to expand at 6.51% CAGR from 2018 to 2023 (forecast period). The report includes a succinct overview of the global situation, the economic situation, and the COVID-19 analysis of the overall market.

Pharmaceutical packaging, also known as drug packaging, includes activities from pharmaceutical production to distribution to end-users via distribution channels.

 

Market Dynamics

The growing pharmaceutical industry is predicted to drive the market, particularly in several emerging economies, including China, India, and Brazil, due to an increasing population, rising disposable incomes, and a growing emphasis on increasing life expectancy. In addition, the increasing emphasis of pharmaceutical packaging manufacturers on sustainability with the use of biodegradable and recyclable materials is likely to further fuel growth. In addition, increasing demand for convenient packaging forms, such as prefilled syringes and auto-injectors, is expected to generate growth opportunities for companies operating in the market.

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Market Segmentation

The global Pharmaceutical Packaging Market  Value has been segmented based on material, type, packaging, and application. 

By material, the global Pharmaceutical Packaging Market  Value has been segmented into plastic, paper & paperboard, glass, and others. The plastic segment is anticipated to lead the global market, owing to its barrier properties and chemical inertness. They can be used to create attractive packages with aesthetic appeal, which helps in promoting and marketing pharmaceutical products.

By type, the global Pharmaceutical Packaging Market Value has been segmented into bottles, aerosol packs, tubes, blister packs, sachets, parenteral vials & ampoules, prefilled syringes, caps and closures, and others. The bottle segment is projected to hold the maximum market share due to the increasing demand for over-the-counter drugs and oral medicines.

By packaging, the global Pharmaceutical Packaging Market Value has been segmented into rigid packaging, flexible packaging, and semi-rigid packaging. The rigid packaging segment is anticipated to hold the maximum market share, owing to the protection of the products from biological contamination, physical damage, and external influences that can damage the properties of the products.

By application, the global Pharmaceutical Packaging Market Value has been segmented into generic drugs, branded drugs, medical tools & equipment, test kits, nutraceuticals, and others. The generic drugs segment is projected to hold the maximum market share. This is because government authorities in regions like North America and the Asia Pacific are making efforts to produce generic drugs with similar active ingredients, strengths, dosages, and routes of administrations of a brand-name drug.

 

Regional Analysis

Region-wise, the global Pharmaceutical Packaging Market Value has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world.

North America is one of the regions where a number of major pharmaceutical packaging firms are headquartered. The growth of the market in the region can be attributed to the involvement of global market players who are expanding their presence in the region through strategic alliances with raw material suppliers. For example, in 2018, Hoffmann Neopac AG, a Swiss manufacturer of primary packaging for the pharmaceutical and cosmetics industries, set up a new manufacturing plant in the USA. In addition, the rising demand for lightweight and easily transportable packaging is growing the demand for pharmaceutical packaging in the regional market.

Europe had the second largest market share in the global Pharmaceutical Packaging Market Value in 2017. The region has implemented anti-counterfeiting technologies, such as overt technology, covert technology, and forensic technology for pharmaceutical packaging, which further improve the on-going packaging methods and techniques by pharmaceutical packaging companies in the region.

 

Key Players

Notable players in the global Pharmaceutical Packaging Market  Value are Amcor Limited (Australia) SCHOTT AG (Germany), Owens-Illinois Inc. (US), Sonoco Products Company (US), West Pharmaceutical Services, Inc. (US), WestRock Company (US), Berry Global Inc. (US), CCL Industries, Inc. (Canada), AVERY DENNISON CORPORATION (US) International Paper (US), Comar, LLC (US), Gerresheimer AG (Germany).

 

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