Pharmaceutical packaging products include vials, prefilled syringes, ampoules, blister packs, bottles, bags, and others used for different types of pharmaceutical products. These packaging products protect the medicines from external contamination, provide easy identification and administration of drugs.
The global Pharmaceutical Packaging Market is estimated to be valued at US$ 264.21 Bn or Billion in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the pharmaceutical packaging market is increased demand for safety and anti-counterfeit features. Counterfeit medicines pose a serious threat to patient health and safety. To combat this, manufacturers are incorporating advanced packaging technologies like track and trace solutions, holograms, forensic marking and active/intelligent packaging systems that can detect any tampering or alteration. For example, smart packaging embedded with RFID tags or time-temperature indicators are gaining popularity. Similarly, the use of serialization and aggregation in packaging helps in accurate tracing of individual drug packages. This enhances supply chain transparency and security.
SWOT Analysis
- Strength: The pharmaceutical packaging market has strong growth potential due to rising healthcare expenditure and demand for medicines across the world. Pharmaceutical packaging helps protect drugs from damage, contamination and tampering thus ensuring product quality and efficacy.
- Weakness: Strict regulations pertaining to pharmaceutical packaging can delay product launches and increase costs of operations. Frequent changes in packaging standards also require high investment in machinery and technology upgrade.
- Opportunity: Innovations in packaging such as customization, anti-counterfeiting technologies, track and trace solutions provide opportunities for revenue growth in pharmaceutical packaging market. Emerging economies with large patient population present a huge customer base.
- Threats: Easy availability of counterfeit drugs can erode brand value of pharmaceutical companies. Intense competition among market players puts pricing pressure. Shift towards flexible packaging alternatives poses threat to rigid packaging products.
Key Takeaways
The global Pharmaceutical Packaging market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing healthcare spending, aging population and rising demand for medicines globally.
Regional analysis: North America dominates the pharmaceutical packaging market currently due to presence of many pharmaceutical manufacturing facilities and stringent regulations regarding drug safety and quality assurance. Asia Pacific is expected to be the fastest growing market owing to expanding pharmaceutical industry, bulk drug manufacturing and rising medical tourism in the region.
Key players operating in the Pharmaceutical Packaging are Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc and Graphic Packaging International Inc. They collectively account for over 35% of global pharmaceutical packaging market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
