Pharmaceutical Packaging Market
Market Overview:
According to the USD Analytics published latest research report, the global “Pharmaceutical Packaging Market” is expected to grow at a tremendous CAGR of 14.9% during the forecast period 2023-2030.
Pharmaceutical packaging is essential for the safe storage and administration of medicinal drugs. In addition to pharmaceutical storage and preservation, packaging plays an important role in brand marketing and promotion. Factors driving the development of the pharmaceutical packaging market include the expanding pharmaceuticals industry, the rising trend of contract packaging in medicines, technical improvements, and the increasing adoption of serialization and aggregation requirements. Furthermore, burgeoning pharmaceutical hotspots in developing nations have considerable prospects for the pharmaceutical packaging industry to flourish.
Market Drivers:
The global healthcare and pharmaceutical industries have grown at an incredible pace over the years. The expanding population, greater life expectancy rate, prevalence of adopting a healthy lifestyle, and increased consumer knowledge about a strong healthcare system are projected to drive market expansion in the near future.
Rising government efforts, as well as increasing investment in medication development and technology innovation, are expected to drive market expansion over the projected period. For example, Honeywell India Technology Center (HITC), a worldwide packaging laboratory in Gurgaon, Haryana (India), develops revolutionary pharma packaging technologies and provides technical support to its regional partners.
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Market Restraints:
Poverty is a significant barrier to accessing healthcare services in emerging nations. The most significant barriers to healthcare services include financial constraints, a lack of knowledge, an understanding of fundamental healthcare procedures, and obsolete equipment. These obstacles hinder the pharmaceutical packaging business in rising markets such as India, South Africa, and Brazil. In India, most people continue to suffer due to low healthcare quality and access.
Covid-19 Impact Analysis:
The covid-19 pandemic had adverse effects on the healthcare industry. The collapse in the healthcare sector was caused by a lack of infrastructure, staff, supply chain interruptions, a lack of readiness, a scarcity of vital pharmaceuticals, and various other problems. The methods were insufficiently resilient to withstand such disruption in the supply chain, infrastructure, people, and other areas.
The epidemic was wreaking havoc on China, a significant import destination for medical equipment, healthcare supply chain needs, and medication formulations. As a consequence, both the healthcare and pharmaceutical industries have lost stability. The global medical supply chain is still unbalanced but settling into the new normal. Pharmaceutical firms are likewise assessing and improving their operational skills in response to the present scenario.
Recent Industry Developments:
- Berry Global Group and Raw Elements USA collaborated in January 2022 to create a sustainable tube manufactured from sugarcane. The tubes are created from sugarcane waste, which is transformed into HDPE and LDPE to generate a substance with the same chemical composition as polyethylene derived from fossil fuels.
- Gerresheimer AG and Stevanato Group announced cooperation in July 2022 to create a new ready-to-use solution platform based on the EZ-fill® pre-sterilized platform.
- Amcor PLC launched the ACT2100 heat seal coating for medical grade DuPont Tyvek2 and paper packaging applications in June 2021. This next-generation coating technique provides improved performance characteristics for healthcare applications.
Segmentation Analysis:
As per the research an analysis, the global pharmaceutical packaging market is segmented by material into plastics, paper & paperboard, glass, metal, and others; by drug delivery into oral drugs, injectables, topical, ocular/ ophthalmic, nasal, pulmonary, transdermal, IV drugs, and others; and by type into plastic, bottles, blister, labels & accessories, caps & closures, pre-filled syringes, medical specialty bags, temp controlled packaging, and pouches & strip packs.
Plastic Bottles Accounted for the Largest Market Share During the Forecast Period
Plastic bottles are the most frequent form of pharmaceutical packaging item. They are appropriate for medication preservation in both liquid and solid states. Plastic bottles may be combined with the right kind of cap and closure to fit specialized applications such as nasal spray and ophthalmic drops. Plastic bottles are used in various packaging applications, including a rigid form for solid doses, sterile packaging for blood and associated components, squeezable bottles, jars, etc. The significant proportion of the bottle sector may be attributed to rising patient compliance and convenience with oral medicine administration, rising incidence of infectious illnesses, and an aging population in industrialized nations.
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Geographical Analysis:
The global pharmaceutical packaging market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Pharmaceutical Packaging Market
North America led the pharmaceutical packaging market in 2022 and will likely do so throughout the forecast period. The market is predicted to rise due to a strong pharma production base and increasing investment in technology improvements for sustainable packaging. The pharmaceutical sector in the United States is one of the world’s biggest single pharmaceutical marketplaces, with over USD 490 billion in sales and USD 83 billion spent on research and development in fiscal 2020.
Asia-Pacific Pharmaceutical Packaging Market
Asia Pacific will likely account for a sizable proportion during the projection period. The burgeoning pharmaceutical sector in the region’s developing countries is expected to increase demand for pharmaceutical packaging due to rising health awareness, regulatory standards, and a growing focus on population health management.
Competitive Landscape:
The major companies included in the global pharmaceutical packaging market are Schott AG, Amcor PLC, AptarGroup,Inc, West Pharmaceutical Services, Inc., Berry Global, Gerresheimer AG, Catalent,Inc, and WestRock
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Website: https://www.usdanalytics.com/industry-reports/pharmaceutical-packaging-market