Pharmaceutical Packaging Market to reach USD 192.93 billion by 2027 – Report by Market Research Future (MRFR)
New York, June 24, 2021 (GLOBE NEWSWIRE) — Pharmaceutical Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pharmaceutical Packaging Market Research Report, Material, Type, Packaging, Application and Region – Forecast till 2027” The global market is projected to reach USD 192.93 billion by 2027 from an estimated USD 107.6 billion in 2020, at a CAGR of 9.21% from 2021 to 2027.
Market Analysis
In the highly competitive pharmaceutical packaging market, rising health awareness and rising demand for convenience necessitate brand enhancement/differentiation through the creation of novel packaging material. In addition, increased environmental concerns and the adoption of new regulatory standards for packaging recycling boost the pharmaceutical packaging industry.
Specific requirements of the elderly and handicapped are being incorporated into packaging design, making the product more user-friendly. Brand protection to prevent counterfeiting is another important factor that boosts market competition.
The development of new packaging types with enhanced features, such as child-resistant packaging (CRP), radio frequency identification technology, and others, has resulted in the market’s rapid rise. Adoption and compliance with regulatory norms in pharmaceutical packaging, as well as standards for packaging recycling, are further propelling the market growth.
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Emerging markets will play a critical role in the market growth in the future. In several locations, rising populations and attractive demographics serve as growth drivers for the pharmaceutical sector. This presents significant growth potential for prominent pharmaceutical companies dealing with market stagnation, tough regulatory restrictions, and patent expiry.
List of the key players in the worldwide pharmaceutical packaging market profiled are-
- SCHOTT AG (Germany)
- Amcor Limited (Australia)
- Owens-Illinois Inc. (US)
- Sonoco Products Company (US)
- WestRock Company (US)
- West Pharmaceutical Services Inc. (US)
- CCL Industries Inc. (Canada)
- AVERY DENNISON CORPORATION (US)
- Berry Global Inc. (US)
- International Paper (US)
- Comar LLC (US)
- Gerresheimer AG (Germany).
COVID-19 Impact on the Global Pharmaceutical Packaging Market
The pandemic crisis causes a lack of workforce, transportation restrictions, a shortage of raw materials, and the imposition of lockdowns around the world, all of which impede product supply. Furthermore, if these vaccines rely on numerous administration methods (e.g., transdermal, inhaled, oral, and injectable), then demand for primary packaging can be extended across several packaging formats after vaccine approval. As a result, COVID-19 is predicted to drive pharmaceutical packaging growth during the forecast period.
Browse In-depth Market Research Report (272 pages) on Pharmaceutical Packaging
https://www.marketresearchfuture.com/reports/pharmaceutical-packaging-market-1291
Market Segmentation
The global pharmaceutical packaging industry has been segmented based on material, type, and packaging.
On the basis of material, the worldwide pharmaceutical packaging market has been segmented into plastic, paper & paperboard, glass, and others. Because of its barrier properties and chemical inertness, the plastic segment is likely to dominate the global market. They can be used to create visually appealing packages that aid in the promotion and marketing of pharmaceutical items.
On the basis of type, the worldwide pharmaceutical packaging market has been segmented into bottles, prefilled syringes, aerosol packs, tubes, blister packs, sachets, parenteral vials & ampoules, caps and closures, and others. The bottles segment is anticipated to hold the maximum market share, owing to the increasing demand for over-the-counter drugs and oral medicines.
On the basis of packaging, the worldwide pharmaceutical packaging market has been segmented into rigid packaging, flexible packaging, and semi-rigid packaging. Due to the protection of the products from biological contamination, physical damage, and external influences that can affect the properties of the products, the rigid packaging segment is predicted to hold the largest market share.
On the basis of application, the worldwide pharmaceutical packaging market has been segmented into generic drugs, nutraceuticals, branded drugs, medical tools & equipment, test kits, and others. The generic drugs segment is estimated to hold the maximum market share. This is due to government officials in places such as North America and the Asia Pacific making efforts to create generic pharmaceuticals with similar active ingredients, strengths, dosages, and routes of administration as a brand-name drug.
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Regional Analysis
Region-wise, the global pharmaceutical packaging industry has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Several significant pharmaceutical packaging firms are headquartered in North America. The presence of global market players increasing their footprint in the region through strategic alliances with raw material suppliers can be linked to the region’s market growth. For example, Hoffmann Neopac AG, a Swiss maker of primary packaging for the pharmaceutical and cosmetics industries, opened a new manufacturing site in the United States in 2018. Furthermore, the regional market’s demand for lightweight and easily transportable packaging is increasing.
In the global pharmaceutical packaging market, Europe had the second greatest market share. The region has created anti-counterfeiting technologies for pharmaceutical packaging, such as overt technology, covert technology, and forensic technology, which improves the region’s current packaging methods and techniques.
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Segmentation of Market covered in the research:
Information by Material (Plastic, Paper & Paperboard, Glass), Type (Bottle, Aerosol Pack, Tubes, Blister Pack, Sachets), Packaging (Rigid, Flexible, Semi-rigid), Application (Generic Drugs, Branded Drugs, Medical Tools & Equipment, Test Kits, Nutraceuticals) and Region
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