Pharmaceutical Packaging Market Size to reach USD 144,233 Million by 2027, at a CAGR of 6.1% | Valuates Reports

The global pharmaceutical packaging market accounted for $ 88,880 million in 2019 and is expected to reach $ 144,233 million by 2027, registering a Compound Annual Growth Rate (CAGR) of 6.1% from 2020 to 2027. Factors such as advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions, increase in product innovations, and merger & acquisition to support new demands. In addition, serialized tracking & tracing of drugs, emerging generic drug market, rapidly growing drug delivery market, increase in R&D activities and use of innovative packaging drive the growth of the pharmaceutical packaging market.

Packaging is an integral part of pharmaceutical products. Packaging is often involved in dispensing, dosing, and use of pharmaceutical products. Communication of proper use and cautionary labels are also regulated. There are several different types of packaging for a pharmaceutical product, which are classified as primary, secondary, and tertiary. Primary drug packaging is the material that surrounds the pharmaceutical product, while secondary and tertiary packaging provides additional external protection. One of the most important functions of packaging is to shield products from the damaging effects of the external environment. Many formulations become unstable when exposed to air, moisture, or light, and therefore protection from these factors is necessary to ensure medicines remain effective and safe.

The market is expected to witness a significant growth during the forecast period. The growth can be attributed to advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions and product innovations, increase in product innovations and merger & acquisition to support new demands. In addition, serialized tracking and & tracing of drugs, emerging generic drug market, rapidly growing drug delivery market, and increase in R&D and use of innovative packaging drive the growth of the pharmaceutical packaging market.

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Furthermore, pandemic crisis results in lack of workforce, transportation restrictions, and shortage in raw materials and implementation of lockdown across the globe, which hamper the supply of products. Moreover, after vaccine approval, if these vaccines rely on different administration routes (e.g., inhaled, oral, transdermal, and injectable), then demand for primary packaging can be extended across multiple packaging formats. Therefore, COVID-19 is expected to propel the growth of pharmaceutical packaging during the forecast period.

The global pharmaceutical packaging market is segmented on the basis of product and region. By product, it is divided into parenteral containers, plastic bottles, blister packaging, closures, specialty bags, labels, and others. . Based on material the market is divided into glass, aluminum foils, plastics, and polymers, paper & paperboards, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In 2019, North America is accounted for the largest share, owing to high purchasing power, coupled with rise in adoption rate of smart and advanced packages. Further, U.S. accounted for generating largest share, and is expected to continue the trend during the forecast period. As U.S. is the advanced drug-producing sector that commercializes new sophisticated therapies with specialized packaging needs. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR in terms of revenue during the forecast period pertaining to growth in the purchasing power of populated countries such as China, Japan, and India. Further, requirements for brand enhancement and differentiation, new packaging material development, increase in awareness of environmental issues, and the adoption of new regulatory requirements on recycling packages are projected to boost growth of the Asia-Pacific pharmaceutical packaging market.

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The global pharmaceutical packaging market is highly competitive, and prominent players have adopted various strategies to garner maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include 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., and SCHOTT Pharmaceutical Packaging.

By Product
➣Plastic Bottle
➣Parenteral Container
➣Blister packing
➣Specialty Bags
➣Closures
➣Labels
➣Others

Material type:
➣Glass
➣Aluminum Foils
➣Plastics and Polymers
➣Paper & Paperboards
➣Others

by Regional and Country-level Analysis
➣North America
➣United States
➣Canada
➣Asia-Pacific
➣China
➣Japan
➣South Korea
➣India
➣Southeast Asia
➣Australia
➣Rest of Asia-Pacific
➣Europe
➣Germany
➣France
➣U.K.
➣Italy
➣Russia
➣Nordic Countries
➣Rest of Europe
➣Latin America
➣Mexico
➣Brazil
➣Rest of Latin America
➣Middle East & Africa
➣Turkey
➣Saudi Arabia
➣UAE
➣Rest of MEA

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This release was published on openPR.