Pharmaceutical Packaging Market by Type of Material [Glass, Plastics, Rubbers, Paper/Card Boards, and Metals], Product Type [Glass & Plastic Bottles, Syringes, Blister Packs, Vials & Ampoules, Tubes, Caps & Closures, and Cardboard Boxes] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global pharmaceutical packaging market was pegged at ~US$ 88.3 billion in 2020. The market is expected to witness a CAGR of ~6.4% from 2021 to 2031.
Growing pharmaceutical industry, rising R&D activities, growing demand for convenient packaging types, and demand for COVID-19 vaccine are some of the pivotal factors propelling the growth of the pharmaceutical packaging market. However, fluctuations in the raw material prices, environmental concerns, and high input costs for packaging production are likely to restrain market growth to a certain extent.
Prominent players in the pharmaceutical packaging market across the globe are investing and collaborating with the other players to enhance & expand their capabilities across different territories and provide effective, reliable & sustainable pharmaceutical packaging. For instance, in July 2017, Merck, Pfizer, and Corning Incorporated announced collaborations that enabled the modernization of pharmaceutical packaging with the introduction of Corning Valor(TM) Glass. This revolutionary pharmaceutical glass packaging solution enhances the storage & delivery of drug formulations and provide more reliable access to medicines essential for public health.
Rising prevalence of various acute & chronic diseases and outbreak of new diseases has necessitated the need for new curable drugs for treatment. Therefore, various pharmaceutical companies across the globe are actively participating in R&D activities to meet unmet clinical needs. Increase in government support has also encouraged many small, medium, and large players to enter into drug development, thereby increasing the number of drugs launched in the market. This in turn is expected to boost the pharmaceutical packaging market.
In an effort to maintain their position in the market, prominent players are continuously launching several novel and technologically advanced packaging technology that are convenient to use. Innovations such as blow fill seal (BFS) vials, anti-counterfeit measures, plasma impulse chemical vapor deposition (PICVD) coating technology, snap off ampoules, unit dose vials, two-in-one prefilled vial design, prefilled syringes and child-resistant packs are expected to propel the growth of the market.
However, fluctuating prices of raw materials used for the manufacturing of pharmaceutical packaging products remain a major concern for the growth of the pharmaceutical packaging market. The price of raw materials varies depending on season and place of origin, this affects the buying potential of the buyers. Furthermore, as compared to developed countries, pharmaceutical packaging industry in the emerging countries are labor intensive, which impacts the overall productivity in an unfavorable way. These factors increase the total cost of pharmaceutical packaging production.
The Asia Pacific region is projected to be the fastest growing pharmaceutical packaging market. The high growth of the region can mainly be attributed to shift in focus of prominent pharmaceutical companies to the developing countries owing to the stringent regulation and approval timeline in developed countries. Countries such as India, China and Japan in the APAC region, are projected to offer significant growth opportunities owing to high population, government initiatives to boost the pharmaceutical market and rising geriatric population.
Some of the prominent players operating in the pharmaceutical packaging market are Gerresheimer AG, SCHOTT AG, BD, Catalent, Inc, West Pharmaceutical Services, Inc., AptarGroup, Inc., Nipro Europe Group Companies, WestRock Company, Berry Global Inc., Amcor plc, among others.