Pharmaceutical packaging involves packing medicines, medical devices and various diagnostic kits in different forms such as bottles, containers, blister packs, vials, and strip packs. It provides protection and tamper evidence to pharmaceutical products and maintains the sterility and stability of contents. The growth in the pharmaceutical industry accompanied with rising prevalence of various chronic diseases is driving the demand for pharmaceutical packaging solutions across the globe. The global pharmaceutical packaging market currently accounts for packaging technologies such as parenteral containers, plastic bottles, blister packaging, caps and closures, prefillable syringes, pouches, and medical specialty bags. These packaging forms protect the pharmaceutical products from environmental factors and prevent contamination.
The global Pharmaceutical Packaging Market is estimated to be valued at US$ 264.21 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Pharmaceutical Packaging Market is expected to be flourished by growing demand for packaged medicines. Rising geriatric population and increasing incidence of chronic diseases like cancer, diabetes are the key factors driving the demand for pharmaceutical products. As per WHO reports, chronic diseases accounted for 73% of global deaths in 2020. With increased spending on healthcare globally, the pharmaceutical industry has been witnessing significant growth rate driving the demand for pharmaceutical packaging solutions. According to Coherent Market Insights analysis, the global pharmaceutical market is projected to reach US$ 1.5 trillion by 2025.
Additionally, improvement in healthcare infrastructure and access to medicine are positively impacting the packaging demand. Advanced technologies like track and trace solutions, digital printing and serialization are being adopted by packaging manufacturers to provide anti-counterfeiting features. This will further boost packaged medicine sales and fuel the market growth over forecast period.
Segment Analysis
The pharmaceutical packaging market is dominated by the plastics and polymers sub-segment, which constitutes around 45% share of the global market. This is due to plastic being inexpensive, lightweight and provides effective protection against moisture, microbes and atmospheric conditions. The growing demand for flexible and plastic packaging from pharmaceutical manufacturers drives the growth of this sub-segment.
PEST Analysis
- Political: Government regulations regarding packaging requirements help improve patient safety and drive demand for specialized pharmaceutical packaging solutions. However, stringent regulations around material selection and disposal may increase compliance costs.
- Economic: Rising healthcare expenditures and increasing drug consumption per capita is positively impacting the pharmaceutical packaging market. However, fluctuating raw material prices remain a challenge.
- Social: Growth in the elderly population and prevalence of chronic diseases is increasing demand for pharmaceutical drugs and packaging solutions. However, increasing awareness around sustainability and environmental impact tempers packaging material selection.
- Technological: Emphasis on developing active and intelligent packaging incorporating sensors, RFIDs and tamper-evident features to track products and ensure safety & efficacy. Automation in packaging lines improves production efficiency.
Key Takeaways
The global pharmaceutical packaging market is expected to witness high growth over the forecast period supported by rising healthcare spending, growing generics market and increasing demand for specialized packaging. The global Pharmaceutical Packaging Market is estimated to be valued at US$ 264.21 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the global market and is expected to maintain its lead supported by the presence of major pharmaceutical manufacturers and stringent regulations around packaging. Asia Pacific is expected to witness the fastest growth supported by low-cost manufacturing, rising living standards and increasing healthcare spending in the region.
Key players: Key players operating in the pharmaceutical packaging market 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. These players are focusing on developing innovative active packaging solutions to improve patient safety and experience.
