Pharmaceutical Packaging Market - Forecast, 2023-2028
The Pharmaceutical Packaging Market is estimated to reach US$186.8 billion by 2028, growing at a CAGR of 9.4% over the forecast period 2023-2028. The market growth is projected to be driven by pharmaceutical packaging solution providers' increased attention to sustainability and their use of recyclable and biodegradable materials. From February 2019, under the Commission Delegated Regulation (EU) 2016/161, pharmaceutical makers are required to add a unique identifier and an anti-tampering device to the packaging of most centrally authorized pharmaceutical products. Packaging is crucial for pharmaceutical items that are to be administered and stored safely. The purposes of pharmaceutical packaging are numerous and significant. Pharmaceuticals must be packaged in order to be identified, to be stored and protected, to be sold and promoted under various brands and to make it easier for consumers to use the medications. A pharmaceutical product can be packaged in a variety of ways, which are categorized as primary, secondary and tertiary. The substance that enhances the pharmaceutical product is known as primary medication packaging, while secondary and tertiary packaging offers extra external security.
Pharmaceutical Packaging Market Report Coverage
The report: “Pharmaceutical Packaging Market – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Pharmaceutical Packaging Market.
by Type: Plastic Bottles, Caps & Closures, Pre-fillable Inhalers, Pre-fillable Syringes, Vials & Ampoules, Blister Packs, Bags & Pouches, Jars & Canisters, Cartridges and Others.
by Material Type: Plastics, Polymers, Glass, Paper & Paperboard and Others.
by End-user: Pharma Manufacturing, Contract Packaging, Retail Pharmacy, Institutional Pharmacy and Others.
by Geography: North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia and New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).
Key Takeaways
- Geographically, North America dominates the Pharmaceutical Packaging industry in 2022, as the need for various medications, medicinal syrups and vaccines is anticipated to increase because of the growing population. Asia-Pacific is anticipated to grow significantly in the forecast period 2023-2028, owing to expanding government initiatives like "Healthy China" 2020.
- The Pharmaceutical Packaging market size is anticipated to experience significant expansion due to the increased desire for easy packaging options such as auto-injectors and prefilled syringes.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Pharmaceutical Packaging Market Report.
Pharmaceutical Packaging Market Segment Analysis – by Type
Based on type, the Pharmaceutical Packaging market is further segmented into plastic bottles, caps & closures, pre-fillable inhalers, pre-fillable syringes, vials & ampoules, blister packs, bags & pouches, jars & canisters, cartridges and others. The plastic bottles segment held the largest revenue market share in 2022, as those bottles are light in weight, easy to mold and cost-effective. Plastic bottles have also become more popular for the packaging of pharmaceutical preparations, including tablets, capsules, syrups and ophthalmic and nasal drugs. According to Earth Day Organization, 1.2 million plastic bottles are consumed by humans every minute. The growth of the pharmaceutical packaging market size is anticipated to be fueled by rising demand for plastic bottles in the pharmaceutical sector. However, the pre-fillable syringes segment is estimated to grow at the fastest CAGR of 10.2% over the forecast period 2023-2028, since they are transparent, lightweight, ready-to-fill and break-resistant. The pre-fillable syringes work well in place of conventional syringes. These syringes allow for self-administration and offer a measured dosage without any waste. Pre-fillable syringe demand is anticipated to increase due to the rising prevalence of diseases including diabetes and heart disease.
Pharmaceutical Packaging Market Segment Analysis – by Material Type
Based on material type, the Pharmaceutical Packaging market is further segmented into plastics, polymers, glass, paper & paperboard and others. The Plastics segment held the largest revenue market share in 2022. Due to the production of pharmaceutical vials, bottles, closures, syringes, pouches, sachets, cartridges, tubes and blister packs, a variety of plastic resins are frequently utilized. According to Earth Day Organization, every year, about 380 million metric tonnes of plastic are manufactured and since the invention of plastic, 8.3 billion metric tonnes (9.1 billion US tonnes) have been manufactured. However, the paper & paperboard segment is anticipated to grow at the fastest CAGR of 9.7% over the forecast period 2023-2028, since pharmaceutical items are typically packaged in secondary and tertiary packaging using paper & paperboard. Paper & paperboard are cost-effective secondary and tertiary packaging solutions due to their excellent printability, low cost, widespread availability and sustainability. As they are less expensive than metal lidding, paper-based materials are frequently employed as blister pack lidding.
Pharmaceutical Packaging Market Segment Analysis – by Geography
Based on geography, the North American Pharmaceutical Packaging Market accounted for 35% of the revenue share in 2022. The main end-use sector in the region was pharmaceutical manufacturing, which also includes internal production. According to data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America sold over 40% of all pharmaceutical products globally in 2020. Numerous businesses that specialize in pharmaceutical packaging serve well-known pharmaceutical firms. However, the Asia-Pacific region is estimated to grow at the fastest CAGR during the forecast period 2023-2028, as consumer awareness is rising throughout the region, particularly in growing economies like China and India. According to studies, the Indian pharmaceutical industry supplies, about 50% of the global demand for various vaccines, 40% of the U.S. market for generic drugs and 25% of the UK market for all medicines.
Pharmaceutical Packaging Market Drivers
Rising Demand for Simple-to-use and Disposable Packaging:
Consumers on an individual level desire packaging that is portable and easy to use. Other than glass and recycled plastic, the makers also use a variety of simple-to-use and disposal materials. According to World Economic Forum in 2021, only 5% to 6% or roughly 2 million tonnes of the 40 million tonnes of plastic waste produced in the U.S. were recycled. While many forms of plastics are falsely branded as recyclable when they are not, materials like glass and aluminum have excellent recycling rates and can be recycled indefinitely. The development of thermoformable materials has made it possible to adopt a variety of different packaging strategies that are tailored to the needs of specific customers, including thermoformable trays, blister packaging and others. Additionally, pharmaceutical packaging makers are developing superior film lamination to meet the demand for high-quality lidding materials, which was made possible by the development of thermoplastic polymers. The advancements in healthcare around the globe and the rising demand for novel pharmaceutical packaging solutions are anticipated to help the worldwide Pharmaceutical Packaging industry.
Growing Pharmaceutical Market Around the World:
The pharmaceutical sector is expanding quickly, mostly in industrialized economies like the U.S., the UK and Germany as well as rising economies like China, India and Brazil. According to Public Health England, over 26% of adults in the UK used prescription medications in 2020. According to the Mississippi State Department of Health, the most widely prescribed pharmaceuticals were pain relievers in 2021. Technical advancements are expanding and healthcare awareness is increasing. With the advancement of manufacturing techniques, public healthcare system spending is increasing and governments are enforcing new restrictions to stop the spread of contagious illnesses. These factors are increasing the pharmaceutical packaging market size. Additionally, it is anticipated that the expanding market for biological goods and novel medicines like cell and gene therapies would support the expansion of the pharmaceutical industry and drive demand for these packaging materials.
Pharmaceutical Packaging Market Challenge
Limited Good Healthcare System:
In developing nations, financial constraints and obsolete equipment are a burden on the developing healthcare industry. According to the Congressional Budget Office, the estimated cost of developing a new drug, including capital costs and expenditures on drugs that fail to reach the market, is estimated to range from $1 billion to $2 billion. The lack of knowledge and the shortage of qualified staff are other constraints on the growth of the pharmaceutical industry. A lack of awareness of good healthcare practices is the main obstacle to accessing health, which in turn affects the pharmaceutical packaging market. In expanding regions like India, Brazil, South Africa and others, these problems collectively limit the pharmaceutical packaging market size. However, more stringent enforcement of rules and better government policies would strengthen the market during the forecast period of 2023–2028.
Pharmaceutical Packaging Industry Outlook:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Pharmaceutical Packaging Industry. The top 10 companies in the Pharmaceutical Packaging Industry are:
1. Amcor plc
2. Gerresheimer AG
3. Schott AG
4. ProAmpac
5. Berry Global, Inc
6. Catalent, Inc
7. Klockner Pentaplast Group
8. Keystone Folding Box Co
9. Comar LLC
10. SteriPack
Recent Developments
- In August 2021, the Manufacturer of high-barrier protective packaging solutions - Klockner Pentaplast Group introduced kpNext, the first-to-market innovation in recyclable polyethylene terephthalate (PET) blister films.
- In April 2021, Amcor Plc started conducting customer trials for AmSky, a brand-new recyclable, mono-material polyethylene blister pack. Recycling is possible with this brand as it does not use polyvinyl chloride.
- In February 2021, SteriPack acquired Morristown-based HS Design Inc. This recognized business specializes in healthcare design production. Together, SteriPack and HSD would offer flexible medical packaging design, development and contract manufacturing services, as well as services for the full product lifecycle.
Relevant Titles
Report Code: CMR 1253
Report Code: FBR 66803
Report Code: CMR 93326
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