Published Date : 13 May 2022
The pharmaceuticals advancing packaging is enhancing quality control and shelf life. The market is forecasted to hit around USD 230.91 billion by 2032.
The pharmaceutical packaging is a vital part of the global packaging industry, as it is used to protect, preserve, and store a variety of pharmaceuticals, treatments, and other medical supplies. Plastic, glass, metal, and paper are among the materials used in pharmaceutical packaging.
During the forecast period, the pharmaceutical packaging market is expected to expand significantly. Advanced manufacturing techniques to generate sustainable and eco-friendly packaging solutions and product improvements, as well as an increase in product innovations and mergers and acquisitions to support new demands, are all contributing to the company’s success. In addition, the pharmaceutical packaging market is being driven by the increased research and development initiatives, the medication tracing and tracking solutions, the growing generic medicine market, and adoption of innovative packaging.
Scope of the Report
|Market Size in 2022||USD 106 Billion|
|Revenue Forecast by 2032||USD 230.91 Billion|
|Growth Rate from 2022 to 2032||CAGR of 8%|
|Forecast Years||2023 to 2032|
|Largest Market||North America|
|Fastest Growing Region||Asia Pacific|
|Segmentation||Application, Product, Material, Region|
|Companies Covered||Becton, Amcor Plc, AptarGroup, Inc., Gerresheimer AG, Drug Plastics Group, Dickinson and Company, Owens Illinois Inc., Schott AG, Berry Global, Inc, SGD S.A., WestRock Company|
North America is the largest segment for pharmaceutical packaging market in terms of region. The U.S. is the region’s biggest contributor. The fast-growing pharmaceutical industry in responsible for this region’s growth. The market for pharmaceutical packaging in this region is being driven by increased demand for primary packaging commodities, rising healthcare spending, and rising disease prevalence.
Asia-Pacific region is the fastest growing region in the pharmaceutical packaging market. The growing health awareness among consumers in Asia-Pacific, particularly in developing nations such as China and India, combined with rising disposable income levels, is expected to drive the pharmaceutical industry’s growth throughout the forecast period, hence increasing demand for its packaging. Because of increased government initiatives, China led the Asia-Pacific regional market in 2020 and will continue to do so in the coming years.
Surge in adoption of generic medicines
The need for pharmaceutical packaging will be fueled by the growing use of generic pharmaceuticals in underdeveloped nations due to their low cost. A generic medicine is a pharmaceutical that is identical to the original drug in terms of chemical ingredients, dosage, intended use, adverse effects, and route of administration. Many corporations are investing in the development of generic pharmaceuticals in order to deliver lower-cost medical treatments. This packaging is critical in the manufacturing of generic medications since it is required to efficiently pack and safeguard drugs throughout storage and transportation. As a result, increased demand for generic pharmaceuticals will drive up prices.
Rise in counterfeit products
The fake pharmaceutical medications may include fraudulent or no active components and may be contaminated. These fake pharmaceutical drugs are not only unlawful, but also dangerous to one’s health. These are created and sold under false pretenses of authenticity, origin, and efficacy. Third-shift packaging, in which contract manufacturers seek more income by making additional secret medications and selling them to counterfeiters, is fueling the rise in counterfeit pharmaceuticals. As a results growing counterfeit pharmaceutical drugs are expected to limit market expansion.
Rising healthcare industry
The healthcare industry has experienced growth at a rapid pace, as a result of advanced manufacturing technologies. The pharmaceutical packaging market is being propelled by the growth of the pharmaceutical industry. The growth of the pharmaceutical packaging market is also fueled by the increasing young population and the longer life expectancy.
High packaging costs and regulatory framework
With the rise of the pharmaceutical sector, pharmaceutical packaging continues to be in high demand. Pharmacopeia standards must be followed while packaging pharmaceuticals. Thus, the high packaging costs and regulatory framework is creating challenge for the growth of the pharmaceutical packaging market during the forecast period.
Buy this premium research report - https://www.precedenceresearch.com/checkout/1136
Any question regarding this study, please feel free to contact at email@example.com