Press release
Pharmaceutical Packaging Market Forecast to Grow at 9.9% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Pharmaceutical Packaging Market [https://www.skyquestt.com/report/pharmaceutical-packaging-market] was valued at USD 141.55 Billion in 2023 and is poised to grow from USD 155.56 Billion to USD 301.23 Billion by 2031, at a CAGR of 9.9% during the forecast period (2024-2031).
The global pharmaceutical packaging market is considered a key player in the healthcare and pharmaceutical industry. These include designing, distributing and manufacturing packaging products to help meet the unique needs of the pharmaceutical industry. The industry is constantly expanding due to technological advancements. The growing global population and increasing number of elderly population requiring more intervention in healthcare is driving the market. Moreover, this helps in increasing the demand for pharmaceutical products and boosts the growth of the market. Packaging plays an important role and ensures that these products are safe, maintaining their quality, supporting them by providing protection against external elements such as moisture, dirt, light and more, it also drives a market shift towards environmentally friendly and sustainable packaging solutions.
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The pharmaceutical industry is expanding globally, requiring packaging to treat infectious and non-communicable diseases. Thus, the demand for packaging materials in the pharmaceutical industry is increasing as it protects the drugs from deterioration, biological contamination and external influences. The rise in demand is linked to the technological advancements in the industry and drives direct demand for bottles, vials, and other packaging materials.
Business Stability: To Take a Closer Look at the Competitive Landscape in the Pharmaceutical Packaging Industry
The pharmaceutical packaging market is highly competitive, with many global players vying for market share. Leading competitors focus on innovation, sustainable development and a collaborative approach to distinguish themselves. The competitive landscape is characterized by established companies with extensive infrastructure, strong research and development (R&D) capabilities and strong global distribution networks that include emerging players with niches and the introduction of new packaging solutions into the market, intensifying competition.
In February 2024, the Nordic Bioproducts Group signed an agreement with PTT MCC Biochem Company to enhance the processing and capacity of bioplastics for single-use products.
In January 2024, Bormioli Pharma, Loop Partner in Pharmaceutical Packaging will produce pharmaceutical packaging bottles made from 100% recycled virgin quality Loop PET resin.
In May 2024, West brings ready-to-use packaging bottles of Daikyo Crystal Zenith (CZ) to the bins of the international society for cell and gene therapy.
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Emerging Trends and Innovations
Smart Packaging: Integration of technologies such as RFID tags and QR codes for better tracking and patient engagement.
Example: Schreiner MediPharm's smart packaging solutions include integrated RFID technology for product authentication and enhanced inventory management.
Sustainable Packaging: Increasing the use of biodegradable recyclable materials to reduce environmental impact.
Example: The introduction of Catalent, a sustainable packaging product certified by EcoVadis, is in line with the growing demand for environmentally friendly alternatives.
Biopharmaceutical Packaging: The development of specialized packaging for biologics and other sensitive drugs to ensure stability and efficiency.
Example: Aptar Pharma's PureHale Registered technology, designed for biopharmaceutical delivery, reflects advances in packaging that ensure drug integrity.
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Sealing the Future: Innovation and Advances in Pharmaceutical Packaging
Companies are innovating to create safe, effective and environmentally friendly packaging solutions. The growing popularity of organic and personalized medicines also requires special packaging to ensure product consistency and shelf life. With continued investment in research and development, pharmaceutical packaging will play an important role in ensuring the safe and effective distribution of pharmaceuticals worldwide.
Related Reports:
Edge Computing Market [https://www.skyquestt.com/report/edge-computing-market]
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