Pharmaceutical Packaging Market Projected to Surpass $158.14 Billion by 2029, Unveils Exclusive Report from Meticulous Research®

[Redding, California, March 18, 2024] - Meticulous Research®, a leading provider of market intelligence, has released a comprehensive report titled "Pharmaceutical Packaging Market: Global Forecast to 2029." The report forecasts the pharmaceutical packaging market to reach a staggering $158.14 billion by 2029, exhibiting a robust CAGR of 7.6% from 2022 to 2029.

The significance of pharmaceutical packaging cannot be overstated in maintaining the efficacy and integrity of drugs. Serving as a shield against external factors such as chemicals, moisture, mechanical stress, and UV radiation, pharmaceutical packaging not only ensures product safety but also plays a pivotal role in brand promotion and marketing strategies.

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Driving the growth of the pharmaceutical packaging market are several factors including the expansion of the pharmaceutical industry, technological advancements particularly in blister packaging, the burgeoning trend of contract packaging, and the escalating production of pharmaceuticals worldwide.

Moreover, the emergence of pharmaceutical manufacturing hubs in developing nations coupled with the reshoring of pharmaceutical production in developed countries presents lucrative opportunities for market expansion.

Impact of COVID-19 on the Pharmaceutical Packaging Market
The COVID-19 pandemic catalyzed significant transformations in the healthcare landscape, profoundly impacting the pharmaceutical packaging sector. Witnessing a surge in demand amidst the pandemic, key market players ramped up their production capacities to meet the heightened requirement for vials, pre-fillable syringes, containers, and blister packs.

Nationwide lockdowns and heightened hygiene awareness among consumers prompted innovations in pharmaceutical packaging. The development of novel vaccines and therapies necessitated innovative packaging solutions, particularly for products sensitive to temperature variations, demanding storage below zero degrees Celsius. This surge in demand for temperature-sensitive pharmaceuticals also fueled advancements in cryogenic labels.

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Moreover, the adoption of Radio Frequency Identification (RFID) and intelligent labels witnessed a sharp uptick during the pandemic as the risks of counterfeiting and medicine falsification surged. RFID technology not only ensures end-to-end transparency in the supply chain but also enhances accuracy, patient safety, visibility, and security.

Market Segmentation and Key Insights
The pharmaceutical packaging market is segmented based on type, material, dosage form, end-user, and geography. Notable findings include:
• Type: Bottles emerged as the largest revenue-generating segment, owing to their versatility and suitability for oral administration of various pharmaceutical formulations.

• Material: Plastic & polymers dominated the market, meeting stringent regulatory requirements and offering chemical inertness essential for pharmaceutical packaging.

• Dosage Form: The parenteral segment is projected to witness the highest growth rate during the forecast period, fueled by the demand for pre-filled syringes and IV premixed bags.

• End User: Contract manufacturing organizations are poised to exhibit the highest growth rate, driven by factors such as cost control and regulatory compliance challenges faced by pharmaceutical companies.

• Geography: North America led the market, attributed to increased pharmaceutical spending, government initiatives, and the heightened production of COVID-19 therapies and vaccines.

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Key Players
Some of the prominent players in the pharmaceutical packaging market include Amcor plc, Gerresheimer AG, Schott AG, AptarGroup, Inc., Berry Global, Inc., Catalent, Inc., O-I Glass, Inc., West Pharmaceutical Services, Inc., NIPRO CORPORATION, and Vetter Pharma International GmbH.

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This release was published on openPR.