Dublin, May 22, 2024 (GLOBE NEWSWIRE) -- The "Taiwan Pharmaceutical Packaging Market, By Packaging Type; By Product; By Application; By Prescription Type; By End Use; By Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast for 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical packaging market in Taiwan has experienced steady growth over the years, driven by factors such as increasing healthcare expenditure, a growing elderly population, and advancements in pharmaceutical manufacturing technologies.
The pharmaceutical sector in developing countries like Taiwan is experiencing growth, driven by advancements in manufacturing techniques, technological progress, and increased corporate integration. Taiwan is particularly strong in producing high-value API biologics and injectables, with 59 pharmaceutical contract manufacturing sites, 44 of which are approved by the FDA or EMA and seven by Chinese authorities. Taoyuan leads in pharmaceutical production facilities among special municipalities and counties, accounting for 30% of all sites. Most of these facilities focus on producing API chemicals, with 46% also manufacturing commercial doses. For example, Formosa Laboratories Inc. in Taoyuan produces both API biologics (proteins and peptides) and injectable commercial dosages.
The retail pharmacy sector in Taiwan faces increasing competition and potential regulatory changes, which are crucial for ensuring consumer benefits through lower prices and improved services, as well as market consolidation. This rising demand has spurred growth in the pharmaceutical packaging market in Taiwan. Packaging manufacturers are investing heavily in research to develop environmentally friendly and sustainable packaging solutions. The industry aims to meet the demands of healthcare professionals and consumers for products and packaging that are convenient and sustainable.
To enhance sustainability, companies are focusing on using post-consumer recycled (PCR) material and creating biodegradable packaging. Joiepack Industrial specializes in developing and producing automatic packaging equipment, including IV-bag packaging that features a horizontal pillow bag design, providing high performance, reduced downtime, minimized waste, and enhanced operational safety.
Segmental Overview
- Packaging Type
- Primary
- Secondary
- Tertiary
- Product
- Cardboard
- Boxes
- Cartons
- Display Unit
- Paper
- Label
- Leaflet
- Glass
- Ampoules
- Bottles
- Vials
- Pre-filled syringes (PFS)
- Cartridges
- Plastic
- Closure
- Bottles
- Bags
- Tubes
- Injection Trays
- Laminates with Paper or Foil
- Metal
- Collapsible Tubes
- Rigid Cans
- Foils
- Pressurized Containers
- Rubber
- Cardboard
- Application
- Oral Drugs
- Injectable
- Topical
- Ocular/Ophthalmic
- Nasal
- Sublingual
- Pulmonary
- Transdermal
- IV Drugs
- Others
- Prescription Type
- Prescription
- Branded drugs
- Generic drugs
- OTC
- Branded drugs
- Generic drugs
- Prescription
- End Use
- Pharma Manufacturing
- Contract Packaging
- Retail Pharmacy
- Institutional Pharmacy
Market Segmentation Insights
In 2023, primary packaging constituted 72.85% of Taiwan's pharmaceutical packaging market. Primary packaging is essential in the pharmaceutical sector as it directly contacts the product, protecting and preserving medicines from contamination while providing crucial information to consumers. Conversely, secondary packaging, which includes cartons, trays, and film bundles, is forecasted to grow at the highest CAGR during the period under review due to its critical role in providing physical protection, barrier protection, regulatory compliance, and patient safety.
Regarding materials, plastics held a 37.92% market share in Taiwan's pharmaceutical packaging sector in 2023, attributed to their cost-effectiveness and versatility. Taiwan's healthcare infrastructure advancements, such as the adoption of plastic-based face shields, PPE kits, sanitizer packs, and syringes, support this trend. Meanwhile, the glass segment is expected to see the fastest CAGR growth due to its lower environmental impact and increasing consumer awareness of health risks associated with various packaging materials.
Oral drugs led the market by comprising 30.36% of the share in 2023, driven by the preference for this simple, convenient, and safe administration method. Rising health consciousness and disposable income in Taiwan are also boosting market growth. Additionally, the nasal and pulmonary drug segments are anticipated to expand rapidly due to the increasing prevalence of lung disorders, including lung cancer, which has the highest incidence and mortality rates among cancers in Taiwan.
In terms of prescription type, the prescription segment captured 70.89% of the market share in 2023, fuelled by medical regulations that promote consultations and prescriptions from doctors. However, the Over the Counter (OTC) segment is expected to grow at the highest CAGR, driven by increased awareness of OTC products and higher pharmaceutical spending.
Pharmaceutical manufacturing dominated the market in 2023, holding a 44.69% share, with pharmaceutical companies being the primary consumers of packaging in Taiwan. Market growth is further supported by regional players. Contract manufacturing, as the second-largest segment, is poised for the highest growth rate during the forecast period due to the global rise of Contract Development and Manufacturing Organizations (CDMOs). The growing demand for generic drugs and escalating pharmaceutical R&D activities in Taiwan are likely to propel the growth of the pharmaceutical packaging market, facilitated by the increasing role of CDMOs in speeding up drug development.
Competitive Landscape
The competitive landscape of the Pharmaceutical Packaging market is characterized by the presence of numerous prominent players driving growth. Key players are Amcor, Taiwan Forever Co. Ltd., Taiwan Liposome Company, Ltd., Kwang Dah Enterprises Co. Ltd. and Inora Pharmaceutical Machinery Co. Ltd.
These companies collectively account for approximately 60% of the market share, indicating robust competition within the sector. Furthermore, many players are actively engaged in research and development activities, partnerships, and collaborations to enhance their market presence and offerings. For instance: in 2020, Amcor broadened its pharmaceutical packaging portfolio by introducing new sustainable laminates and including recyclable high-barrier laminates in its range of pharmaceutical packaging solutions. This illustrates the ongoing efforts within the industry to innovate and offer environmentally conscious packaging options.
A selection of companies mentioned in this report includes, but is not limited to:
- Amcor Limited
- Westrock Company
- Kwang Dah Enterprises Co. Ltd.
- Taiwan Forever Co. Ltd.
- Taiwan Liposome Company, Ltd.
- Inora Pharmaceutical Machinery Co. Ltd.
- Neostarpack Co. Ltd.
- JENN CHIAN MACHINERY CO. LTD.
- Mill Powder Tech Solutions
Key Attributes
| Report Attribute | Details |
| No. of Pages | 127 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $0.56 Billion |
| Forecasted Market Value (USD) by 2030 | $1.59 Billion |
| Compound Annual Growth Rate | 16% |
| Regions Covered | Taiwan |
For more information about this report visit https://www.researchandmarkets.com/r/45mfst
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