Pharmaceutical Packaging Market Size to Reach USD 244.12 Bn by 2030

Published Date : 24, 2022

The global pharmaceutical packaging market was estimated at USD 116.05 billion in 2021 and is projected to reach around USD 244.12 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.

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.

Pharmaceutical Packaging Market 2022-2030

 

Report Highlights

  • Based on the product, the primary packaging segment is expected to have a significant revenue share in the market. The bottles, blister packs, and tubes are examples of primary packaging that come into direct contact with the medicine, surrounding it and protecting it from contamination.
  • Based on the raw material, the plastics segment is expected to have a significant revenue share in the pharmaceutical packaging market. The pharmaceutical packaging makes considerable use of plastics as a raw material. Plastics are easy to handle and transport because of their superior deform resistance.

Scope of the Report

Report Attributes Details
Market Size in 2020 USD 107.07 Billion
Revenue Forecast by 2030 USD 244.12 Billion
Growth Rate from 2021 to 2030 CAGR of 8.6%
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

 

Regional Snapshot

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.

Market Dynamics

Drivers

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.

Restraints

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.

Opportunities

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.

Challenges

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 sales@precedenceresearch.com