Pharmaceutical Packaging Market

Jun 11, 2023

Segmented By Raw Material (Plastics & Polymers, Paper & Paperboard, Glass, Aluminum Foil, Others), By Product Type (Bottles, Caps & Closures, Blister Packs, Pre-fillable Inhalers, Pouches & Sachets, Others), By Drug Delivery Mode (Oral Drugs, Pulmonary, Transdermal, Injectables, Topical, Nasal, Others), By End Use (Pharma Manufacturing, Contract Packaging, Retail Pharmacy, Others), By Region, and Competition.

New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Packaging Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" - https://www.reportlinker.com/p06480242/?utm_source=GNW Global Pharmaceutical Packaging Market is anticipated to grow significantly through 2028 due to increasing demand from the pharmaceutical manufacturing industry. In 2020, the number of employees in the pharmaceutical industry in Spain was around 50.9 thousand people.Global Pharmaceutical Packaging Market is expected to expand during the projected period due to the increasing entrance of retail pharmacies in developing nations and the growing focus on product differentiation and brand enhancement by pharmaceutical manufacturers.Paper pouches and polybags are the packaging materials that are commonly used by retail pharmacies.Pharmaceutical packaging has a range of important uses as well as being used to store and protect drugs; packaging pharmaceuticals is essential for identification purposes, for marketing and promoting different brands, and for facilitating the use of pharmaceutical products. Additionally, increasing spending by the government on insurance coverage and healthcare facilities results in the demand for medicines and equipment, contributing to the growth of the market.For instance, in 2020, the retail, pharmaceutical industry in Brazil reached a sales value of USD 14 billion.Rising Demand from Pharmaceutical IndustryPharmaceutical packaging is a crucial area of the packaging industry as it is necessary to protect, preserve, and store various pharmaceutical items, including pharmaceuticals, prescriptions, and others.The pharmaceutical sector is expanding quickly, mostly in developed and developing nations.The population is growing, technological advancements are increasing, healthcare awareness is increasing, advanced manufacturing techniques are being adopted, public healthcare spending is increasing, and new government regulations are being put in place to stop the spread of infectious diseases.Moreover, it is anticipated that the pharmaceutical business will expand because of increased demand for biological goods and cutting-edge medicines, including cell and gene therapies.The increased prevalence of chronic diseases brought on by altered dietary patterns, lifestyles, and sleep cycles results in a huge demand for pharmaceuticals, further increasing the demand for pharmaceutical packaging materials.For instance, in 2021, according to the European Federation of Pharmaceutical Industries and Association, North America accounted for 49.1% of global pharmaceutical revenues, whereas Europe accounted for 23.4%.Furthermore, according to IQVIA, the new medicines launched on the market had sale in the US around 64.4% while sale in Europe was 16.8%.Increasing the number of drugs approved by the regulatory bodies further increases the demand for packaging material by the manufacturer’s industry due to the production of drugs. Moreover, rising acquisitions and mergers in the pharmaceuticals industry as well as the introduction of new technology with efficient and cost-effective production methods, along with this growing valuable investment, are contributing to the growth of the market.In addition, many pharmaceutical companies have expanded outsourcing packaging-related tasks to save costs and save time.To ensure effectiveness, firms are outsourcing packaging activities to specialize in highly competent contractors rather than investing in packaging items.It is anticipated that this would increase the demand for contract manufacturing.Pharmaceutical companies use Child-resistant packaging or CR packaging to reduce the risk of children ingesting hazardous materials.In developed nations, it is compulsory to use child-resistant packaging for medicines such as paracetamol, aspirin, iron tablets, etc.For instance, Honeywell India Technology Center (HITC), a global packaging laboratory in Gurgaon, Haryana (India), develops novel technologies for pharma packaging that aid its regional partners with the required technical support.Therefore, growing demand from the pharmaceutical industry will result in the growth of the Global Pharmaceutical Packaging market in the projected years.Growing expenditure on Medicines and TechnologyThe development of the pharmaceutical business has benefitted from the efforts of several nations.The industry oversees developing, producing, and selling medicines all over the world.Around more than one trillion dollars in revenue is thought to be generated by the pharmaceutical sector in 2019. Reputable companies like Pfizer, GlaxoSmithKline (GSK), and Novartis have been aggressively spending substantial sums of money for the creation of new and improved medications, which further increases the demand for packaging material that provides safety and protection the medicines.For instance, in 2023, the Serum Institute of India launches the first made-in-India qHPV vaccine CERVAVAC.Furthermore, according to the International Federation of Pharmaceutical Manufacturers & Association, the research divisions of the pharmaceutical industry devote over USD 149.8 billion annually.Additionally, nanotechnology has a big impact on pharmaceutical packaging since it introduces innovative packaging solutions which encourage the growth of the market.Improvement in the properties of plastics and advancement of nanotechnology’s functionality supports the growth of the pharmaceutical packaging business.Additionally, by shrinking the size of different medication molecules, nanotechnology-enabled drug delivery has opened profitable potential in the pharmaceutical industry and improved bioavailability, solubility, and drug toxicity.These applications have expanded beyond medication delivery to include the creation of important drug and medical device formulations with controlled release, which is driving up demand in the industry.Thus, nano-enabled drug delivery helps drugs to permeate through cell walls, which is important for the growth in demand for genetic medicines.For instance, in 2023, Cedars-Sinai Cancer researchers developed a new nanotechnology-based test that can detect and profile prostate cancers even in microscopic amounts.Therefore, all these factors dominate the growth of the market in the forecast period.Plastics & Polymers will be the Key Raw Materials.The most significant raw material utilized in the creation of pharmaceutical product packaging is plastic.Polyvinyl chloride, polystyrene, polypropylene, and polyethylene are a few plastic resins that are used for pharmaceutical packaging.As plastics are durable, lightweight, and transparent, they are used for selling and storage of packed products across the industry. Most of their applications are in primary and secondary packaging.As the black market for counterfeit goods expands, pharmaceutical businesses increasingly rely on packaging and labeling as a form of advertising to promote, protect, and comply with their products. Plastic packaging is becoming more and more common due to properties like resistance to moisture, high impact strength, high dimensional stability, transparency, resistance to strain, heat and flame resistance, low water absorption, etc.For instance, in September 2022, the Union health ministry of India made quick response (QR) codes mandatory on the packaging of 300 life-saving drugs.Additionally, Glass packaging is also preferred by the pharmaceutical industry as it limits the hydrolytic and alkalinity resistance of the glass container.Glass containers are safe, convenient, and have applicability for both solid and liquid oral medication.Due to their great transparency, which makes it simple to monitor the contents, protection, and chemical resistance of pharmaceutical items, glass packaging offers relative air and moisture impermeability. Amber-colored glass is majorly preferred for pharmaceutical packaging as it absorbs harmful UV radiation and protects the medicines from getting damaged.For instance, in 2021, Schott finished an expansion of its pharmaceutical glass tubing site in Jinyun, China.Thus, increasing demand for these materials from various applications anticipates the growth of the Global Pharmaceutical Packaging Market in the upcoming years.The rising use of generic medications in developing nations will increase demand for pharmaceutical packaging because of its low cost.Pharmaceutical medicine is generic if it contains the same chemical components, intended purpose, dosage, adverse effects, and mode of administration as the brand-name medication.To offer medical treatments at a lesser cost, several companies are investing in the production of generic pharmaceuticals.This packaging plays a significant part in the manufacturing of generic medications, as it is necessary to pack and safeguard medications during storage and transportation.Thus, increasing demand for generic medications will further propel the use of pharmaceutical packaging resulting in the growth of the Global Pharmaceutical Packaging Market in the forecast years.For instance, Accord Healthcare, Inc., a leading generic pharmaceutical company, produced Lurasidone HCL tablets.However, counterfeit pharmaceutical drugs are fake medicines with similar composition names, but they don’t have active ingredients and are easily contaminated and harm health.Due to third-shift packaging, which offers earnings by making hidden pharmaceuticals and selling to counterfeiters, the rise in counterfeit pharmaceutical drugs is preventing the market from growing.Additionally, strict government rules and policies regarding packaging material can slow down market growth.Recent Developments• In February 2023, Gerresheimer and Corning announced a joint venture to fulfill the increasing demand for Velocity Vials, speeding up the delivery of lifesaving treatments.• West Pharmaceutical Services, Inc. introduced three new products at Pharmapack Europe in Paris in January 2023.• To scale its pharmaceutical division in Central and Eastern Europe, ALPLA purchased the Polish company APON in July 2022.• In April 2022, Amcor declared the expansion of their pharmaceutical packaging line with the latest and Sustainable High Shield Laminates.Market SegmentationGlobal Pharmaceutical Packaging Market is segmented based on raw material, product type, drug delivery mode, end-use, and region.Based on raw material, the market is categorized into plastics & polymers, paper & paperboard, glass, aluminum foil, and others.Based on product type, the market is segmented into bottles, caps & closures, blister packs, pre-fillable Inhalers, pouches & sachets, and others.Based on drug delivery mode, the market is divided into oral drugs, pulmonary, transdermal, injectables, topical, nasal, and others.Based on end use, the market is fragmented into pharma manufacturing, contract packaging, retail pharmacy, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.Company ProfilesAmcor plc, AptarGroup, Inc., Schott AG, West Pharmaceutical Services, Inc., SGD S.A., Nipro Europe Group Companies, Gerresheimer AG, Berry Global Inc., WestRock Company, Drug Plastics Closures Inc. are some of the key players of Global Pharmaceutical Packaging Market.Report Scope:In this report, global Pharmaceutical Packaging market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:• Pharmaceutical Packaging Market, By Raw Material:o Plastics & Polymerso Paper & Paperboardo Glasso Aluminum Foilo Others• Pharmaceutical Packaging Market, By Product Type:o Bottleso Caps & Closureso Blister Packso Pre-fillable Inhalerso Pouches & Sachetso Others• Pharmaceutical Packaging Market, By Drug Delivery Mode:o Oral Drugso Pulmonaryo Transdermalo Injectableso Topicalo Nasalo Others• Pharmaceutical Packaging Market, By End Use:o Pharma Manufacturingo Contract Packagingo Retail Pharmacyo Others• Pharmaceutical Packaging Market, By Region:o North America United States Mexico Canadao Europe France Germany United Kingdom Spain Italyo Asia-Pacific China India South Korea Japan Australiao South America Brazil Argentinao Middle East & Africa South Africa Saudi Arabia UAECompetitive landscapeCompany Profiles: Detailed analysis of the major companies present in the global Pharmaceutical Packaging market.Available Customizations:With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:Company Information• Detailed analysis and profiling of additional market players (up to five).Read the full report: https://www.reportlinker.com/p06480242/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________