New York, USA, Nov. 24, 2022 (GLOBE NEWSWIRE) — Pharmaceutical Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmaceutical Packaging Market Information By Type, Packaging Type, Application, and Region – Forecast till 2030”, the market is estimated to grow at a 9.5% CAGR to reach USD 265.17 Billion by 2030.
Packaging for pharmaceuticals serves several purposes, including product protection and identification, as well as the dissemination of important information about the products’ contents and regulatory compliance. The pharmaceutical marketing industry has grown in response to the industry’s increased demand.
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|Market Size in 2030||USD 265.17 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Packaging Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rise in demand products from the pharma industry|
|Growth in the upliftment of the industry has raised the expansion of pharma products.|
Many major players advocate for more businesses to be established in emerging markets. Foreign direct investment (FDI) initiative plans are one way to achieve this goal, which will benefit the national economy. Because of this, the number of businesses in the area is bound to grow. The increasing likelihood of a return on investment in the industrial sector is a direct result of urbanization and industrialization in emerging countries.
As a result of the widespread dissemination of market participants, competition is fierce in the global arena. In addition, competition is heating up as major competitors work to strengthen their market positions through mergers and acquisitions. Getting contracts from major pharmaceutical companies is a hotly contested field, and the key players in this field compete directly with one another. Thus, the competitive rivalry in the global market is observed to be high. Some of them are
- Amcor Plc of Switzerland
- AptarGroup Inc. of the United States
- Berry Global of the United States
- Schott AG of Germany
- CCL Industries of Canada
As the pharmaceutical industry grows, so does the demand around the world. Demand for generic injectable medicines with active pharmaceutical ingredients increased as a result. Ion-exchange technology and chemicals are utilized in the production and improvement of the items. The frictional force coefficient increased, and the resistant solutions were harmed as a result of this. Findings from the market indicate that the demand for packaging materials to enhance the pharmaceutical industry is expected to rise in the approaching years. During the anticipated time period, both the demand for and supply of the resources increased.
In order to cut costs and speed up production, pharmaceutical companies are increasingly contracting out for packaging services. Manufacturers are increasingly turning to outside, highly qualified contractors for help with packaging rather than investing in their own packaging goods. This is likely to increase interest in outsourcing production.
Price swings in key inputs like plastics, metals, and paper all work against the pharmaceutical packaging industry’s ability to grow. The rising price of packaging materials in recent years bodes well for the expansion of the market. Costs of raw materials fall as a result of fluctuations in currency exchange rates. The profit margins so developed limit the growth of the market because of the fluctuating costs of inputs like raw materials and chemicals.
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Because of COVID, the entire planet was in danger. Transitions between lockout and shutdown disrupted production. Most factories had to stop production temporarily. Consumers’ habits shifted noticeably. A breakdown in the supply chain process. Because to COVID, commercial operations collapsed. The economy as a whole is picking up steam as it adjusts to the Covid effects.
Throughout the anticipated time period, the inflexible sector has maintained a preeminent position. The value of the market represented by the rigid segment is 44.3%.
By packaging type
An increasing percentage of the market value (up to 72.3%) is being accounted for by primary packaging.
Plastic is a cost-effective solution for pharmaceutical packaging. The need for pharmaceutical packaging has been spurred by the creation of innovative drug packaging techniques. Prefilled inhalers and prefilled syringes, which are single-dose units of vaccinations, are packaged using the innovative drug packaging technology.
Growth in the nutraceuticals market is anticipated to be particularly robust over the period under review.
In terms of revenue, North America accounted for more than 35.0% of the global total in 2021. In 2021, the major end-use industry in the region was pharmaceutical manufacture, which includes in-house production. The need for pharmaceutical packaging in North America is predicted to increase as a result of the law’s encouragement of product innovation in the pharmaceutical business. The United States also generated the highest proportion of revenue, and this trend is anticipated to continue during the forecast period. Since the United States is at the forefront of the pharmaceutical industry, it is the country where cutting-edge drugs and cures are brought to market, often necessitating unique forms of packaging.
Over the projected period, Europe is expected to rise significantly due to increased R&D activities and the release of new medications designed to improve patient health and quality of life. For instance, the pharmaceutical industry as a whole has been making a shift toward more environmentally friendly primary packaging, with many firms in the European Union and other regulated markets for generic drugs increasingly favoring polylactic acid (PLA) based packaging.
The increased disposable income of customers and an increase in the number of people concerned about their health are two factors that are expected to drive the expansion of the pharmaceutical sector in Asia and the Pacific over the next few years. It’s anticipated that this would increase the need for pharmaceutical containers. Increasing government actions will ensure China’s continued dominance of the Asia-Pacific economy in the years ahead. The expansion of the Asia-Pacific pharmaceutical packaging market is anticipated to be fueled by the region’s increasing demand for pharmaceutical products, as well as by rising consumer awareness of environmental issues and the implementation of new regulatory regulations on recycling packages.
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