The MarketsandMarkets report “Pharmaceutical Packaging Market” by raw material (plastics, paper and paperboard, glass, metal); type (plastic bottles, blisters, caps and closures, labels and accessories, pre-filled syringes); drug delivery; and, region. In the report’s global forecast to 2026, the pharmaceutical packaging market size is projected to reach US$ 196.8 billion by 2026 from US$ 99.9 billion in 2021, at a CAGR of 14.5% in the five-year period.
The demand for pharmaceutical packaging in emerging markets is increasing because of better access to healthcare, rising healthcare expenses, and growing consumer awareness regarding healthier lifestyle. Advanced drug delivery and innovative packaging solutions with higher patient convenience and compliance also drive the market for pharmaceutical packaging. At the same time, the increasing occurrence of chronic diseases such as cancer, infectious diseases, and others and the rising aging population necessitating advanced and patient friendly packaging, are expected to contribute to the growing market for pharmaceutical packaging.
Plastics currently dominates pharma packaging
Plastics and polymers are widely used as raw materials for pharmaceutical packaging. Plastic provides freedom of design and cost-effective solutions, making it a highly compatible solution for pharmaceutical packaging. The exceptional shatter resistance provided by plastics enables ease of handling and transportation. In addition, plastics provide easy moldability, strength, and effective barriers against gas and moisture.
Plastic bottles – largest pharma pack segment in 2021
Plastic bottles are suitable for storage of drugs in liquid and solid forms and can be coupled with the required type of cap and closure to suit specific applications such as nasal spray and ophthalmic drops. The growing use of oral drug delivery mode owing to patient compliance and convenience gives high share to bottles. Increasing cases of communicable diseases, and the rise in the aging demographic in developed economies also add to the growth of the segment.
Oral drug delivery largest segment in current year
Oral drug delivery mode is estimated to be the largest category in the overall pharmaceutical packaging market. This large market size can be attributed to the increased incidence of chronic diseases, improving patient compliance, convenient use, and reformulation and repositioning of drugs using advanced oral delivery systems. Heavy investments are being made by big pharmaceutical companies for enhancing in-house capabilities to develop oral drug delivery technologies.
APAC projected grow fastest
APAC is projected to be the fastest-growing region amongst others in the pharmaceutical packaging market in 2020, in terms of value. Increasing government initiatives in emerging pharmaceutical market, increase in contract manufacturing activities, rise in aging population, and increased spending on healthcare are driving the market in APAC. China and India are the major markets in this region with Indian expected to grow fastest in the 5-year period.
In addition, growing technological advancements in the healthcare sector in countries such as Singapore, China, Malaysia, Thailand, accompanied by increasing urbanization, and changing lifestyle are also factors for the market growth in pharmaceutical packaging industry in the region.
The key players in the pharmaceutical packaging market include Schott (Germany), Amcor (Switzerland), Aptar Group (US), West Pharmaceutical Services (US), Berry Global (US), Gerresheimer (Germany), Catalent (US), and WestRock (US). These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment and expansions, agreements, partnerships, and mergers and acquisitions.
To know more about the pharmaceutical packaging market research – https://www.marketsandmarkets.com/requestsampleNew.asp?id=890
Based on a press release and edited by the HealthTekPak desk – Editor