NEW DELHI, January 13, 2022 /PRNewswire/ — Pharmaceutical packaging is the process of packaging pharmaceutical preparations. Pharmaceutical or medicinal packaging involves all operations from the production and distribution circuits to the end consumer. Drug packaging plays an important role in the pharmaceutical industry as it protects the drugs or drugs from heat and cold as they are sensitive in nature, the packaging protects the product from physical damage, chemicals and microbial invasion. The pharmaceutical packaging market is growing steadily, like other packaged goods, pharmaceuticals also need reliable and fast packaging solutions that provide a combination of product protection, quality, tamper evident, patient comfort and security. The global pharmaceutical packaging market is highly affected by the impacts of Covid-19, owing to the increasing growth of the healthcare industry and the growing awareness of health issues. The pharmaceutical industry is simply under threat from a stringent and changing regulatory environment and excessive costs associated with the manufacturing process. The research study analyzes all the growth factors and challenges faced by the market.
the Global pharmaceutical packaging market generated US$100.9 billion in 2020 and it should reach US$267.4 billion by the end of 2027, growing to a CAGR of 14.8% during the forecast period from 2021 to 2027.
Several factors influencing the growth of global pharmaceutical packaging such as advanced manufacturing processes, technological innovations and increased business integration have resulted in the rapid growth of the industry. In 2019, North America accounted for 48% of global pharmaceutical sales and 22.9% for Europe, which shows the increasing demand in the pharmaceutical industry.
Request a sample report: https://www.astuteanalytica.com/request-sample/pharmaceutical-packaging-market
Pharmaceutical Packaging Market – By Product
The market compares different types of products used in the packaging of pharmaceutical products such as cardboards, glasses, plastics, papers, rubbers and metals. According to the study, in 2020, plastic containers hold the highest share of 36% among all other products due to their light weight, which makes them easier to transport. In addition, plastic bottles are strong, allowing them to be dropped without breaking. According to the researchers, the glass container is expected to grow with an annual growth rate of 16.8% due to its transparency which allows the end consumer to easily see its contents, and it also offers better protection due to its impermeability to air and humidity. Glass containers are also of different types such as ampoules, bottles, vials, syringes and cartridges. According to the study, in 2020, bottles hold 6% of the market share and vials hold around 5.2% of the market share – these are glass containers that are widely used in pharmaceutical packaging across the world.
Pharmaceutical Packaging Industry – By Region
Like North America has a huge pharmaceutical production base and the ability to offer technological breakthroughs in pharmaceutical packaging. The North American pharmaceutical packaging market is the largest shareholder in the global market, which holds more than 40% market share worldwide. 13and December 2016, the 21st Century Cures Act (Cures Act) was enacted in United States to accelerate the development of medical products. On the other hand, the increase in technological breakthroughs in the health sector in countries like Singapore, China, Malaysia, Thailand, and others, as well as the rise of urbanization and changing lifestyles, Asia Pacific is growing at the highest CAGR of 16.1% during the forecast period due to the above factors.
Impact of COVID-19 on the Pharmaceutical Packaging Market
Covid-19 has highlighted the importance of packaging in the pharmaceutical industry. Packing activities have been deemed essential during the pandemic. Pharmaceutical packaging companies have benefited, but supply chain disruption, shortage of infrastructure and labor are some of the major factors responsible for the ‘A’ size growth trend during the study period. Pharmaceutical packaging companies had increased their productivity to meet the growing demand for containers, vials, blister packs, containers, bottles, cartridges, sachets and others. This was due to the growing demand for Covid-related drugs and vaccines. In addition, pharmaceutical packaging for biologics, smart packaging, sterile packaging, patient-oriented packaging, expansion of clean rooms and others are likely to propel in the future. To recover from the impacts of the Covid -19 pandemic, some strategies considered by major market players include a mixture of financial resilience and operational plans.
Exclusive discount offer on this research report: https://www.astuteanalytica.com/ask-for-discount/pharmaceutical-packaging-market
Competitor Overview: Key Players
Many companies operate in the global pharmaceutical packaging market to supply various products. Through extensive research, it is found that major players have adopted various competitive strategies such as mergers and acquisitions to gain a hold in a stable market. Leading companies expand their geographic presence by acquiring small brands and national companies. The local market is dominated by small to medium-sized players who mainly cater to regional buyers. The technological capabilities and investments required for a packaging plant are also low, further reducing barriers to new entrants.
Market companies like Amcor Ltd., Gerresheimer AG, West Pharmaceutical Service Inc. and Becton, Dickson & Company are the major key players in the market which hold a ratio of 12.60%. The top 12-15 market players hold around 85% market share. Rest is captured by other local players.
Do you have a specific question or requirement? Feel free to ask our industry experts at: https://www.astuteanalytica.com/request-sample/pharmaceutical-packaging-market
Pharmaceutical Packaging Market Segmental Overview
By type of packaging
- Display unit
- Injection trays
- Laminated with paper or aluminum foil
- Collapsible tubes
- Rigid cans
- Pressure containers
- Oral medications
- Ocular/ Ophthalmic
- IV medications
By prescription type
- brand name drugs
- Generic drugs
- brand name drugs
- Generic drugs
By end use
- Pharmaceutical manufacturing
- Contract packaging
- Retail pharmacy
- Institutional pharmacy
- North America
- Great Britain
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (SOUL)
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
Find more research reports on Chemicals and Materials Industry by Astute Analytica
About Astute Analytica
Astute Analytica is a global analytics and consulting company that has built a solid reputation in a short time, thanks to the tangible results we have delivered to our clients. We pride ourselves on generating unrivaled, thorough and incredibly accurate estimates and projections for our highly demanding clients spread across different verticals. We have a long list of satisfied and repeat customers from a wide range including Technology, Healthcare, Chemicals, Semiconductors, FMCG and many more. These satisfied customers come to us from all over the world. They are able to make well-calibrated decisions and take advantage of highly lucrative opportunities while overcoming fierce challenges, all because we analyze for them the complex business environment, existing and emerging opportunities by segment, technology formations , growth estimates and even the strategic choices available. In short, a complete package. All of this is possible because we have a team of highly qualified, knowledgeable and experienced professionals including business analysts, economists, consultants and technology experts. In our list of priorities, you, our patron, come first. You can be sure of the best cost-effective and value-added package from us, should you decide to engage with us.
BSI Business Park, H-15, Sector-63, Noida- 201301- India
Call: +1-888 429 6757 (toll free in the United States); +91-0120- 4251598 (Rest of the world)
E-mail: [email protected]
Follow us: LinkedIn | Twitter
SOURCE Clever Analytics