Pharmaceutical Packaging Market to Garner $144.23 Bn, Globally, by 2027 at 6.1% CAGR: Says Allied Market Research
Rise in R&D and use of innovative packaging, surge in product innovations, and serialized tracking and tracing of drugs have boosted the growth of the global pharmaceutical packaging market
PORTLAND, Ore., March 11, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Pharmaceutical Packaging Market by Product Type (Parenteral Containers, Plastic Bottles, Blister Packaging, Closures, Specialty Bags, Labels, and Others), Material (Glass, Aluminum Foils, Plastics and Polymers, Paper & Paperboards, and Others): Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global pharmaceutical packaging industry was pegged at $88.87 billion in 2019, and is projected to reach $144.23 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in R&D and use of innovative packaging, advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions, surge in product innovations, and serialized tracking and tracing of drugs have boosted the growth of the global pharmaceutical packaging market. However, stringent government regulations and standards along with price volatility of raw materials hinder the market growth. On the contrary, advancement in the biotechnology sectors, increase in use of smart packaging for patient engagement and identifications, and rise in patient-oriented medicines including biologics are expected to open lucrative opportunities for the market players in the coming years.
Covid-19 scenario:
· The Covid-19 pandemic and followed lockdown have resulted in transportation restrictions, lack of workforce, and shortage in raw materials.
· After the vaccine approval, the demand for primary packaging would increase as the vaccine would rely on different administration routes such as oral, inhaled, transdermal, and injectable.
The plastic bottles segment held the lion's share
By product, the plastic bottles segment dominated the market in 2019, accounting for more than one-fifth of the global pharmaceutical packaging market, due to wide use of plastic bottles for packaging liquid dosages such as syrups, nasal, and ophthalmic medications. However, the parenteral containers segment is expected to manifest the highest CAGR of 7.6% during the forecast period, owing to shift of companies toward prefilled and ready-to-use containers.
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The glass segment to manifest the highest CAGR through 2027
By material, the glass segment is estimated to register the highest CAGR of 8.5% during the forecast period, due to rise in demand for glass containers with rise in prevalence of chronic diseases such as Covid-19. However, the plastics and polymers segment held the lion's share in 2019, contributing to more than one-third of the global pharmaceutical packaging market, owing to its wide usage in rigid pharmaceutical packaging for manufacturing various types of packaging including bottles, caps, jars, and closure.
North America dominated the market
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, due to high purchasing power and rise in adoption rate of smart and advanced packages. However, the global pharmaceutical packaging market across Asia-Pacific is projected to portray the highest CAGR of 7.9% during the forecast period, owing to growth in purchasing power in countries such as Japan, China, and India and increase in awareness of environmental issues.
Key market players
- Amcor Ltd
- Aptar Group, Inc.
- Catalent Inc.
- CCL Industries Inc.
- Becton, Dickinson and Company
- Gerresheimer AG
- West Pharmaceutical Services, Inc.
- Nipro Corporation
- Berry Global Group, Inc.
- SCHOTT Pharmaceutical Packaging
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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