The Global Pharmaceutical Packaging Market is estimated to grow at a CAGR of 6.15% during the forecast period 2019-2026. As per the analysis, the Global Pharmaceutical Packaging Market was valued $81.8 billion in the year 2019 and estimated to reach $123.25 billion by the end of the year 2026.
The pharmaceutical packaging industry growth is driven by increasing number of population, increasing focus on improving life expectancy and rising disposable income. Besides, the expanding concentration of pharmaceutical packaging manufacturers on sustainability with the adoption of biodegradable and recyclable materials is expected to further fuel the growth. Additionally, growing demand for convenient packaging types, such as prefilled syringes and auto-injectors, is anticipated to create growth opportunities for the companies operating in the market.
This market is anticipated to witness notable growth in the coming years, owing to the increased R&D, innovations in packaging materials, growth in the generic market, and rise in trend of contract packaging. Growing demand for eco-friendly and re-usable packaging is also projected to drive the market. The pharmaceutical drug manufacturing companies have started adopting eco-friendly pharmaceutical packages to surmount environmental concerns. Technological advancements in pharmaceutical packaging solutions provide immense innovative and advanced applications to the pharmaceutical & biopharmaceutical industries to enhance their packaging standards. The impact of these drivers is projected to increase significantly due to an increase in consciousness regarding various diseases, the rise in self-medication, and growing usage of OTC drugs.
Pharmaceutical packaging is also known as drug packaging, which involves several activities varying from pharmaceutical production to distribution to the end-user. Pharmaceutical Packaging facilitates the protection of medicines from contamination, degradation, damage, and counterfeiting, and helps to extend product shelf life. The drug manufacturers are required to follow the international regulatory compliance. Improvement in the services of healthcare backed by rapid urbanization, particularly in emerging economies, has added to the growth of the pharmaceutical packaging market.
The sophisticated manufacturing processes used to develop pharmaceutical packages execute a pivotal role in the growth of the global pharmaceutical packaging market. Advanced manufacturing processes, which include green packaging technologies, utilize environment-friendly materials to produce pharmaceutical packages, causing minimal harm to the environment, are expected to drive the market growth. The designs of these eco-friendly and biodegradable packaging materials are substituting the existing conventional packaging materials. The raw materials employed for eco-friendly packaging include cardboard, paper, and corn starch. The use of biodegradable materials promotes the sustainability of all stages of the pharmaceutical product lifecycle; thus, pharmaceutical manufacturers raise the demand for sustainable packaging.
The increasing environmental concern is promoting pharmaceutical manufacturers to opt for sustainable packaging techniques owing to the rising preference among end-users toward eco-friendly packaging. Many manufacturers are also establishing sustainability goals in their business operations to decrease their environmental impacts.
The price volatility of raw materials, which is used in pharmaceutical packaging, hampers the growth of the market. The raw material and packaging costs have risen significantly in the last few years, and it is also presumed that the prices will increase overall along with variations in ecological measures. MOreover, the supplier has to put more effort to streamline their process according to the regulations of concerned authorities such as Food and Drug administration (FDA), and others.
Geographically, the global Pharmaceutical Packaging market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is anticipated to hold the major share of over the forecast period. Plenty of new product launches with specialized packaging needs is increasing rapidly. The region is benefitting from the presence of a large number of conglomerates manufacturing varied medicines. Expanding generics manufacturing coupled with a rise in contract packaging are projected to boost market growth over the forecast period.
The companies that hold the major share of global Pharmaceutical Packaging market are Amcor PLC Gerresheimer AG Berry Global Inc. Schott AG Aptargroup, Inc. Becton, Dickinson and Company Catalent, Inc., Nipro Corporation, West Pharmaceutical Services, Inc., Westrock Company, Alpla Werke Alwin Lehner GmbH & Co Kg, Ardagh Group S. A., Constantia, Ccl Industries Inc., Frank Noe Egypt LTD, Gaplast GmbH, Lonza Group LTD, Mondi Group, Panasonic Corporation, and other prominent players.
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