Pharmaceutical Packaging Market to Observe Strong Development by 2027
Pharmaceutical packaging includes different products like bottles, blisters, vials & ampoules, bags & pouches, prefilled syringes & cartridges, sachets etc. These products are used for packaging of pharmaceuticals and are further categorized under rigid and flexible packaging. Among these products, bottles is expected to be the most lucrative segment. The market for bottles segment is expected to reach a value of over US$ 38,100 Mn by the end of 2027, growing at a steady CAGR of 5.0% during the forecast period. The bottles segment is further segmented into packer and liquid bottles, among which packer bottles sub segment is expected to largely contribute to the growth of the parent segment with a higher market share during the forecast period. In terms of market share, vials and ampoules are right behind bottles with a significant market valuation.
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With respect to growth rate, the prefilled syringes and cartridges segments are expected to witness exponential growth during the forecast period. Prefilled syringes and cartridges segment is projected to register a high value CAGR of 9.9% throughout the period of assessment.
Packaging of pharmaceutical products hold great value as they are responsible for maintaining the integrity of pharma products. The pharmaceutical industry has been continuously seeking different solutions to tackle loss in revenues resulting from counterfeiting practices. The pharmaceutical industry has also witnessed loss worth millions of dollars, due to product recall owing to quality errors arising out of complex supply chain issues. Pharmaceutical product manufacturers are focusing on maintaining cost levels and also investing in advanced solutions such as anti-counterfeit and track and trace technologies. Packaging manufacturers are striving to innovate their products continuously and carry out development activities to come up with new solutions that can support pharmaceutical manufacturers in cost saving while delivering value to buyers and end users.
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This has a major impact on the global pharmaceutical packaging industry, as it may change the scenario of supply chain and also the costing of packaging. Solutions such as embedding repeated watermarks in composite flexible structures or multi-layer rigid packaging formats allow manufacturers to prevent anti-counterfeiting of pharmaceutical products. In the coming years, manufacturers of pharmaceuticals are expected to make use of packaging solutions that offer a cost effective and an anti-counterfeit solution.
Some of the conventional formats of pharmaceutical packaging are being replaced by new ones. Also, efforts have been put into the development of technologies that result in efficient and economical production of pharmaceutical packaging. Rising popularity of unit dose formats is also leading to the advent of new packaging formats. There’s a visible increase in use of booklet labels. Booklet labels provide multi-functionality features for communicating variable data through labelling. Booklet labels can allow packaging manufacturers to review enormous paperwork in compressed spaces, as they have to print large amount of information including drug information in different languages and compliance information required by different regulating authorities of different countries.
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