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Pharmaceutical Packaging Market Value to Reach US$ 191.21 Bn by 2027

Press release from the issuing company

According to Precedence Research, the global pharmaceutical packaging market value was estimated at US$ 98.83 billion in 2019 and is projected to reach US$ 191.21 billion by 2027, registering a CAGR of 8.6% from 2020 to 2027. The report contains 250+ pages with detailed analysis.

The report provides the overall revenue of the global pharmaceutical packaging market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global pharmaceutical packaging market for the period from 2016 to 2027.

Pharmaceutical packaging is commonly defined as the packaging materials used for the packaging of pharmaceutical products. These materials are manufactured using drug-compatible materials that provide identification, protection, as well as ensure the reliability of the enclosed drug. Primary and secondary solutions of packaging are largely used to protect the enclosed product from biological, chemical, mechanical, and climatic hazards.

Blisters, bottles, caps & closures, labels & accessories, pouches & strip packs, pre-filled syringes, vials, pre-filled inhalers, jars & canisters, ampoules medication tubes, and cartridges are part of the primary packaging product segment. However, secondary packaging solutions include paperboard boxes and temperature-controlled packaging. Pharmaceutical packaging products are manufactured using a variety of raw materials that include paper & paperboards, plastics & polymers, aluminum foil, glass, and others. Primary packaging products are made using materials for example glass, plastics & polymers, and aluminum foil.

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Growth Factors
Growing pharmaceutical industry especially in the developing countries because of high spending on healthcare infrastructure growth along with rising health awareness in the countries expected to prominently drive the market growth. Further, increasing demand for patient-oriented drugs and medicines is the other most important factor that triggers the demand for pharmaceutical packaging solution.

Demographic trends that include rising population along with rapid aging of population expected to fuel the requirement for pharmaceutical products, thereby propels the growth for pharmaceutical packaging solution over the analysis period. In addition, increasing demand for generic drugs because of their affordability along with development of new drugs further projected to drive the market growth for pharmaceutical packaging during the forthcoming years.

Various packing solutions used for pharmaceuticals effectively prevent the contamination as well as they offer drug safety along with the convenience in transportation and handling. Hence, pharmaceutical packaging is required for balancing several complex factors. Apart from this, high cost of these packaging solutions due to anti-counterfeiting efforts and stringent regulations is likely to hamper the market growth. Thus, rising packaging costs is one of the major challenges faced by the manufacturers of pharmaceutical packaging solutions.

Regional Snapshots
North America is commonly known for the technological advancements along with product innovations that motivate drug manufacturers to offer advanced packaging solutions within the pharmaceutical industry. Major factors contributing towards the growth of the region include advancement in nanotechnology used for manufacturing processes coupled with the technological innovation, rising demand for blister packaging and drug delivery devices, to the pharmaceutical packaging market.

The United States anticipated being the largest pharmaceutical packaging market in North America because of its advanced drug production facility that commercializes new and sophisticated therapies that require specialized packaging solutions. However, the Asia Pacific expected to grow at a prominent rate over the analysis period owing to rising health awareness and disposable income in the region.

Report Highlights
North America led the global market and account for a value share of around 38% in 2019 due to significant presence of leading pharmaceutical players in the region

The Asia Pacific projected to witness the fastest growth rate of nearly 12% over the forthcoming years owing to rapidly increasing population along with steady economic growth in the region

Primary pharmaceutical packaging product segment captured the maximum value share of nearly 75% and projected to retain its position over the analysis period

The secondary product segment projected to witness a CAGR of approximately 7.5% over the forecast period owing to significant usage in logistics &transportation

In 2019, pharmaceutical manufacturing held the largest revenue share of around 36% and projected to maintain the same trend over the forthcoming years due to increasing demand for better medical facilities

Increasing preference for outsourcing service rather than investing on the establishment of packaging infrastructure projected to propel the growth of contract packaging segment

Key Players & Strategies
The global leaders in the pharmaceutical packaging industry are present on both regional and local level that turns the market into fragmented. Further, these market players are focusing prominently on the product development and enhancement. In the wake of same, they invest significantly on the R&D sector. This strategy of the leading industry participants also helps them to maintain their position as well as to grab maximum hold on the global market.

Some of the key players operating in the market are Becton, Dickinson and Company, Amcor Plc, AptarGroup, Inc., Gerresheimer AG, Drug Plastics Group, Schott AG, West Pharmaceutical Services Inc., Owens Illinois Inc., Berry Global, Inc, SGD S.A., WestRock Company, International Paper Company, CCL Industries Inc., COMAR LLC, and Vetter Pharma International among others.

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This report provides:
An overview of these global markets and related technologies.

Identifications of new market opportunities and targeted promotional plans for the pharmaceutical packaging market.

Comprehensive company profiles of major players in the industry.

Discussion of research and development, and the demand for new products and new applications.

Analyses of global market trends, with data from 2017, estimates for 2016 and 2027, and projections of compound annual growth rates (CAGRs) through 2027.

Discussion

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