Wilmington, Delaware, United States, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rapid increase in utilization of sustainable packaging for pharmaceutical products has offered abundant opportunities for companies in the market. The global pharmaceutical packaging market stood at US$ 81.5 Bn in 2020 and is projected to reach US$ 148.4 Bn by 2031. Implementation of regulations pertaining to efficacy and safety of pharmaceutical products has positively influenced the market growth.
Adoption of advanced packaging technologies has helped propel the pharmaceutical packaging market. Companies are stepping up investments in smart packaging technologies such as nano-enabled packaging. Adoption of high barrier blister packaging is anticipated to offer strong business opportunities to packaging companies in the market.
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Recent market trends indicate an extensive utilization of child resistant packaging in the pharmaceutical industry, which has offered lucrative growth opportunities to the market in recent years. Many packaging companies have increased their focus on reducing medicinal waste, which is likely to pave the way for adoption of intelligent pharmaceutical packaging.
Key Findings of Study
- Surge in Adoption of Anti-counterfeit Measures: Regulatory agencies such as the WHO, U.S. FDA, and National Quality Forum have increased their efforts to prevent the burgeoning problem of counterfeiting of both generic and branded drugs. These organizations are committed to promote patient safety and quality of healthcare. In recent years, counterfeit pharmaceuticals have posed grave concerns to public health systems in developed and developing nations. This has encouraged them to update the regulations and strengthen the legal framework to combat the manufacture and distribution of counterfeit drugs. Stringent implementation of these regulations has bolstered the usage of anti-counterfeit measures and technologies, which is expected to fuel the global pharmaceutical packaging industry. Several countries are adopting comprehensive legal frameworks to deal with the problems of counterfeit pharmaceuticals.
- Implementation of New Technologies and Innovation in Materials to Create Lucrative Opportunities: Consumers globally are seeking packaging made from sustainable and environmental-friendly materials. This has positively influenced the demand dynamics of the pharmaceutical packaging market. Additionally, consumers demand advanced packaging that can offer enhanced barrier against moisture, light, and bacterial growth. Innovative manufacturing technologies such as thin-film technologies and nanotechnologies have been effective in preventing contamination of medicines. These developments are expected to propel the market.
Key Drivers
- New product developments in the pharmaceutical packaging industry are ascribed to the need to enhance safety, efficacy, and quality of medicines. Steadily growing demand for medicines from the geriatric population in several countries is expected to fuel growth opportunities for companies in the market.
- Increase in trend of adoption of sustainable and eco-friendly packaging materials in the pharmaceutical industry has augmented the pharmaceutical packaging market size during the last few years.
- High burden of counterfeit pharmaceuticals products is likely to spur R&D in novel packaging materials and technologies, and is projected to bolster market development in the near future.
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Regional Growth Dynamics
- Asia Pacific is anticipated to account for significant share of the global pharmaceutical packaging market during the forecast period from 2021 to 2031. Presence of a large elderly population and expansion of the pharmaceutical industry are likely to drive the market in Asia Pacific. Furthermore, a booming contract manufacturing sector in the region over the years has created abundant opportunities for packaging companies. China held a key share in the regional market in 2020, and is anticipated to remain lucrative in the next few years.
- North America is projected to hold leading market share during the forecast period. Rapid adoption of novel packaging solutions in the U.S. is expected to fuel the market. Moreover, surge in demand for new packaging solutions in the U.S. and Canada for a multitude of packaging products is poised to bolster market growth in North America.
Competition Landscape
Most key players are adopting mergers and acquisitions, new product development, joint ventures, and collaborations in order to consolidate their positions in the market.
Prominent players operating in the pharmaceutical packaging market are Ypsomed, Amcor, Consort Medical, Becton Dickinson, Nypro, Schott, MeadWestvaco, 3M, Rexam PLC, and West Pharmaceutical Services.
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Pharmaceutical Packaging Market Segmentation
Product
- Plastic Bottles
- Parenteral Containers
- Blister Packaging
- Other Primary Packaging
- Closures
- Labels
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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