• Stacy Lawlor

Global Pharmaceutical Packaging Market Size to grow $144.2 bn in 2028

The Global Pharmaceutical Packaging Market Size was valued at USD 90.2 billion in 2021. The market is projected to grow USD 144.2 billion in 2028, at a CAGR of 8.9%.

Rising health awareness, growing population, prevalence of chronic diseases, eating habits, alteration in sleep cycle can be attributed to the growth of the global pharmaceutical packaging market.

Pharmaceutical Packaging Market

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COVID-19 ANALYSIS

With the outbreak of COVID-19, the impact is remaining unaffected for the pharmaceutical packaging market. Pharmaceutical businesses were exempted from the lockdown limitations since their operations are vital to the community due to government support for generic drugs and medicines will fuel the growth of global pharmaceutical packaging market. Spikes in demand for the distribution of medication and vaccine have been a driving force for pharmaceutical packaging throughout the pandemic. However, interruptions of supply chain along with growing health and safety concerns have resulted in uncommon barriers for pharmaceutical packaging market. In addition, over-the-counter purchases also increased by 14.3% for sleeping, calming, and mood drugs. With the potential of a pandemic still present, e-commerce has extended into new industries to meet the growing demand for at-home pharmaceutical deliveries.


Growing penetration of retail pharmacies in developing nations, as well as pharmaceutical manufacturers' increased attention on brand development and product differentiation, are expected to drive market expansion. Packaging materials are generally used to store solid, liquid, and semisolid formulations such as tablets, capsules, syrups, and topical medicinal formulations in solid, liquid, and semisolid forms. The growth can be attributed to advanced manufacturing processes for developing sustainable and eco-friendly packaging solutions along with product innovations, and merger & acquisition to upkeep new demands. In addition, real-time tracking and & tracing of drugs, emerging generic drug market is rapidly growing in pharmaceutical delivery market. Increasing investments in R&D and use of innovative packaging drive the growth of the global pharmaceutical packaging market.


Furthermore, the focus of various governments on improving healthcare facilities and insurance coverage is driving up demand for global pharmaceuticals packaging market. The most common drug forms are tablets, liquids, and powders. They employ a variety of packaging options, including rigid bottles, standup pouches, flat pouches, sachets, and blister packs. Pharma packaging goods are highly specialized and subject to stringent regulatory compliances, particularly in terms of package sterility. As a result, during the creation of packaging items, packaging and pharmaceutical product makers collaborate closely. To increase market penetration, key manufacturers are pursuing expansion methods such as mergers and acquisitions and new product development. For instance, CCC Packaging has acquired Tri State Distribution in June 2019. The purchase was made in order to broaden the company's pharmaceutical product line and customer reach.


Furthermore, outbreak of COVID-19 resulted to limited workforce, transportation barriers, and shortage of raw materials and implementation of lockdown across the globe which is likely 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.

Pharmaceutical Packaging Market

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Based on the material, the plastics segment is dominating the market share owing to highly compatible, ease of handling and conveniently designed material among other materials. Based on the product type, the bottles segment is dominating the market share owing to the most common type of packaging and are suitable for both solid and liquid forms along with coupling of customized requirement to suit specific applications such as nasal spray and ophthalmic drops. Based on the drug delivery, the oral drug segment is expected to dominate the market share owing to the increased demand from the patient who prefers oral drug consumption. The flexibility in designing and cost-effective production makes oral drug delivery, a preferred choice which in turns increasing the development of the global pharmaceutical packaging market. Based on the packaging type, the primary packaging is expected to dominate the highest revenue in 2020 owing to the largest packaging type in the world because it directly comes in contact with the drug and protection of the drug.


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https://extrapolate.com/Healthcare-Medical-Devices-Biotechnology/pharmaceutical-packaging-market/21601



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