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Global Pharmaceutical Packaging Market Outlook & Forecast Report 2022-2027 Featuring Key Vendors - Amcor, Aptar Group, Berry Global, Gerresheimer, & WestRock
Pharmaceutical Packaging Market
Dublin, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The "Pharmaceutical Packaging Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical packaging market is expected to grow at a CAGR of 4.65% during 2021-2027
The demand for advanced and innovative solutions, such as self-administered drug delivery devices, is rising in high-income countries, bringing lucrative opportunities for the pharmaceutical packaging market. In addition, diseases have increased in recent years, including various types of flu, the COVID-19 pandemic, monkeypox, and more. Rising healthcare expenses and growing consumer awareness regarding healthier lifestyles drive the industry.
The growing chronic disease prevalence, growth in the biologics market, and technological advancements are anticipated to propel the market. However, fluctuations in raw material prices, emerging markets such as newly developed drugs, and lack of compliance with regulatory standards hamper the market's growth.
Increasing Virtual Consultations Is Anticipating The Growth Of Aluminium-Based Drug Packaging
High-income countries from North America and Europe are witnessing an increased adoption of virtual visits and e-prescriptions, leading to a large dependency on the home delivery of medicines.
The home delivery of goods is one of the significant challenges for pharmaceutical packaging companies as the customers are not aware of the proper disposal of packaged products and materials, leading to a substantial environmental impact. Due to this concern, aluminum packaging is one of the improved solutions to overcome this issue.
INDUSTRY'S ONGOING TRENDS
Eco-Friendly Packaging
Around 85% of the waste produced by healthcare operations, including pharmaceutical and medical equipment packaging, is non-hazardous and, therefore, exhibits the potential to be replaced by other eco-friendly and reusable alternatives, enabling significant cost savings.
Many pharma companies are shifting to sustainable packaging that uses recyclable materials and biodegradable plastics. Sustainable pharmaceutical packaging is expected to grow during the forecast period. PET (polyethylene terephthalate) is a recyclable plastic material. It is a very versatile material for the manufacturing of pharmaceutical products packaging.
It has a good carbon dioxide (CO2), oxygen, and moisture barrier, allowing it to store liquids and solids as fresh as possible. Europe is expected to lead the growth in the biodegradable pharmaceutical packaging market. In Europe, the key players in the global biodegradable pharmaceutical packaging market include Gerresheimer, Berry Global, International Paper, and Amcor.
Introduction Of Anti-Counterfeiting Features
A counterfeit pharmaceutical product is deliberately and fraudulently mislabelled concerning identity. Counterfeit pharmaceutical products may include products with correct ingredients, wrong ingredients, without active ingredients, wrong ingredients with the inaccurate quantity of an active ingredient, or with fake packaging. The global pharmaceutical packaging market has witnessed a major challenge with the growing incidences of counterfeit products.
As a result, many manufacturers in recent years have introduced several anti-counterfeiting features to fight the distribution of counterfeit pharmaceutical products. These anti-counterfeiting features include using thermochromic inks for labeling, holograms, QR code, RFID labels, and many more. Some innovations include child-resistant, senior-friendly & high barrier, unit-dose, multi-dose, and specialty film packaging.
IMPACT OF COVID-19
COVID-19 has shown adverse effects on the global healthcare industry and has thus contributed to hindering the growth of the pharmaceutical packaging market. The COVID-19 impact on the pharmaceutical sector included changes in demand, regulation adjustments, R&D process changes, and supply chain restructuring.
In addition, trends such as industry slow-down, delays in approvals, modifying clinical trial methods, self-sufficiency in the pharmaceutical product supply chain, and variations in consumption of health & nutritional products are expected to be some of the long-term impacts of the COVID-19 pandemic on the pharmaceutical industry globally.
During the pandemic, pharma packaging companies witnessed stable revenue growth in 2020. Major pharmaceutical packaging companies increased their production capacity to support the increased demand for pre-filled syringes, blister packs, ampoules/vials, bags, cartridges, containers, and bottles.
This was mainly due to a surge in demand for COVID-19-related medications and vaccines. Moreover, pharmaceutical packaging for biologics, sterile packaging, smart packaging, patient focus packaging, cleanroom expansion, and others are anticipated to drive the global pharmaceutical packaging market in the long term.
SEGMENTATION ANALYSIS
INSIGHTS BY TYPE SEGMENTATION
Primary pharmaceutical packaging segmentation accounted for the largest market share of 70.20% in 2021, owing to the growing demand for blister packs, bottles, vials, ampoules, pouches, sachets, and bags. The blister packs account for a significant revenue share of 35.23% in 2021 in the global pharmaceutical packaging market due to the high demand for prescription and non-prescription medications/drugs, among which the demand for generic drugs is the highest among LMIC.
Although the pharmaceutical sector accounts for the major share of the global market, a consistent surge in blister packaging demand contributes to its cost-effectiveness. The evolution from simple bulk packaging materials toward ready-to-sterilize (RTS) primary packaging components and systems is the dominant trend in the primary packaging segment of the market
Innovations in secondary pharmaceutical packaging include developing child-resistant (CR) cartons, tamper-evident (TE) cartons, and cold-chain packaging. The secondary packaging segment accounted for 20.30% of the global pharmaceutical packaging market share.
Tertiary packaging is used for the safe handling and smooth transportation of products. Examples of tertiary packaging include plastic bags, shrink wraps, and cardboard boxes. The increasing trend of e-pharmacy will likely further the adoption of tertiary packaging in the pharmaceutical packaging market. It is expected to grow with a CAGR of 3.96% during the forecast period.
INSIGHTS FROM MATERIAL SEGMENTATION
Paper materials accounted for the highest revenue share of 39.36% in 2021 in the global pharmaceutical packaging market due to their increasing demand in secondary and tertiary packaging, low cost, and increasing focus on recyclable and eco-friendly materials.
Demand for paper-based packaging, both corrugated and folding cartons, has been rising across Europe during the last few years owing to its largest pharmaceutical market and the largest exporter of pharmaceuticals. WestRock Company is one of the leading manufacturers of paper-based packaging.
Plastics held the third largest share in 2021 in the pharmaceutical packaging market by material segmentation. It is expected to grow at the highest CAGR of 4.94% from 2022-2027, powered due its growing demand in all three packaging types. In addition, plastics are widely used in packaging because of their versatility, flexibility, and cost-effectiveness. However, due to its non-decomposable properties and its ban for use because of its environmental issues as it produces a high quantity of greenhouse gases has banned its use in several countries.
As a result, recyclable plastics are in high demand. The most widely used-recyclable plastics in pharmaceutical packaging include PET, HDPE, and PP, among which PET is the most commonly recycled plastic worldwide, followed by HDPE. Several governments and companies are developing initiatives to use recycled plastics as packaging material for pharmaceutical medicines and supplies.
INSIGHTS FROM END-USER SEGMENTATION
Pharmaceutical companies account for the highest market share of 48.18% in the global pharmaceutical packaging market by end-user segment. It is expected to grow at the highest CAGR of 5.10% during the forecast period.
The highest revenue share of pharma companies is because pharmaceutical companies are the primary source for the pharmaceutical packaging market. As the demand for pharmaceuticals continues to grow, the need for packaging has also increased significantly.
VENDORS LANDSCAPE
The key players in the industry are Berry Global, Amcor, Gerresheimer, WestRock, and AptarGroup.The industry also has the presence of prominent players, some of which include ACG, Airnov, Borosil, CCL Industries, and Drug Plastics Group.
GEOGRAPHICAL ANALYSIS
North America accounts for 36% of the global pharmaceutical packaging market share. The growing pharmaceutical sales in North America are the major driving factor for the pharmaceutical packaging market in the region.
North America, in particular the US, will continue to be the largest pharma packaging market long term due to the advanced drug-producing sector. The US market is expected to maintain moderate growth due to the increasing aging population, robust innovations, and increasing consumer demand for sophisticated packaging.
Emerging markets such as Brazil, China, and India are anticipated to grow at the fastest rate, which can be attributed to their large population and demographic factors such as a growing young population and longer life expectancy. APAC is estimated to show the highest growth of 5.01% during the forecast period.
The pharmaceutical industry is booming, especially in developing countries such as China, India, and Brazil, as well as in developed countries such as the US, UK, and Germany. According to the India Brand Equity Foundation (IBEF), India is the largest provider of generic drugs globally. At the same time, the Indian pharmaceutical sector supplies around 50% of the global demand for several vaccines, 40% demand for generic drugs in the US, and 25% of all tablets in the UK.
Key Metrics
Report Attribute | Details |
No. of Pages | 335 |
Forecast Period | 2021 - 2027 |
Estimated Market Value (USD) in 2021 | $81 Billion |
Forecasted Market Value (USD) by 2027 | $106.37 Billion |
Compound Annual Growth Rate | 4.6% |
Regions Covered | Global |
Market Dynamics
Market Opportunities & Trends
Increase in Focus on Eco-Friendly Packaging
Implementation of Nanotechnology in Pharmaceutical Packaging
Advances in Packaging Materials
Market Growth Enablers
Rise in Demand for Pharmaceuticals
High Demand for Primary Pharmaceutical Packaging
Surge in Demand for Flexible Packaging
Market Restraints
Surge in Home Delivery of Pharmaceutical Products
Stringent Regulatory Standards
Volatility in Raw Material Prices
Key Vendors
Amcor
Aptar Group
Berry Global
Gerresheimer
WestRock
Other Prominent Vendors
ACG
Airnov
AVI Global Plast
BD
Bilcare
Borosil
CCL Industries
Coesia
Drug Plastics Group
DWK Life Sciences
LOG
Meghmani Group
Neelam Global
Nolato
Nemera
PolyCine
RENOLIT
Schur Flexibles Holding
Specialty Polyfilms
SGD Pharma
SCHOTT
Sippex IV bags
SUPER OLEFINS
West Pharmaceutical Services
Wihuri Group
For more information about this report visit https://www.researchandmarkets.com/r/elfq3n
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