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As per the report published by Astute Analytica, the Global Pharmaceutical Packaging Market Size is projected to grow at a CAGR of 14.8% during the forecast period of 2021-2027.
The global pharmaceutical packaging market is growing based on several factors such as increasing growth in the pharmaceutical industry, increasing awareness of health issues, and rising disposable income levels are some major growth factors of the pharmaceutical packaging market.
Packaging in pharmaceutical industry plays a vital role, as it protects the medicine or drug from heat & cold which is necessary owing to sensitivity of the products. The pharmaceutical packaging protects the products from chemical, physical, and microbial invasion. The packaging of medicines and drug are of different types that include primary, secondary, and tertial packaging. Primary packaging is witnessing an increasing trend of sustainable primary packaging with less use of plastic, on the other hand, secondary packaging is more about marketing priority for consumes, whereas tertiary is the wrapping done to protect products while shipping and shoring.
As per the study, in 2020, tertiary packaging is growing at rate of 4.5 times when compared to year 2019, this significant growth of the tertiary segment is attributed to rise in demand for medical equipment, packaging of medical equipment with personalized protection and others.
Pharmaceutical Packaging Market by Drug Use
As per the study, most medicines are taken orally by tablets or in the form of capsules, which are either packed in blister packs or plastic pharmaceutical bottles. Powders, pastilles, and liquids also make up part of the oral medicine intake. However, other methods for taking medicines are now being more widely used.
The study projects that nasal segment has the highest annual growth rate of 16.9% in the forecast period. As nasal spray packaging has become extremely popular in many parts of the world.
Pharmaceutical Packaging Market by Geographical Analysis
As per the research, the North America pharmaceutical packaging market is contributing with the highest market share of 41% in the year 2020, among all the other regions in the market because of its huge pharmaceutical production base and ability to offer technological breakthroughs to pharmaceutical packaging.
Asia Pacific pharmaceutical packaging market is growing at the highest annual growth rate of 16.1% during the forecast period due to factors such as increasing technology breakthroughs in the healthcare sector in countries such as Singapore, China, Malaysia, Thailand, and others, as well as rise in urbanization and changing lifestyles.
Impact of COVID – 19 on the Pharmaceutical Packaging Market
The Covid – 19 affected the healthcare industry negatively, as the demand for medicines and drugs witnessed an increase but the support and production were not there which created shortage and disruptions in overall supply chain, lack of preparedness, shortage of essential drugs, shortage of infrastructure, and many other factors were responsible for disruptions in the growth of the overall healthcare industry.
Pharmaceutical packaging companies had increased their productivity to support the rising demand for containers, vials, blister packs, containers, bottles, cartridges, pouches, and others packaging material. This was due to rising demand for Covid related medications, and vaccines. In addition, pharmaceutical packaging for biologics, smart packaging, sterile packaging, patient focus packaging, cleanroom expansion, and others are likely to propel in future. Packaging activities were considered essential during the pandemic. Pharmaceutical packaging companies benefitted from this and experienced stable revenue growth in the year 2020, as the packaging activities were considered essential during the pandemic.
Market Dynamics of the Pharmaceutical packaging Industry
Drivers: Increasing growth of the healthcare industry drives the overall growth of the pharmaceutical packaging market. In the year 2019, North America accounted for 48.7% of world pharmaceutical sales compared with 22.9% of Europe. 62.3% of sales of new medicines launched during 2014-2019 in the US market, compared with 18.4% in the Europe market.
Restrains: The excessive cost associated with the manufacturing process and the selection of the right kind of material can make a drastic difference in the overall packaging cost. For e.g., few small modifications in the basic components of blister packaging could significantly reduce the overall packaging cost and increased the efficiency of blister packs.
Opportunity: The increasing demand of primary packaging contributed to the growth of the pharmaceutical packaging market.
Challenges: Safeguarding medicines or drug against counterfeit products is the major challenges which market faces. The packaging of drugs must protect against all external influences that may affect its quality or potency, such as light, moisture, oxygen, biological contamination, mechanical damage, and counterfeiting/adulteration
What Companies are Doing in the Market?
As per the study, the pharmaceutical packaging market is monopolistic competition in nature and projected to shift towards oligopoly nature as the market is highly fragmented, with major differences in production volume and product capabilities, price wars and value-added services drive the competition. With increasing demand for sustainable packaging products from buyers, this has become a major competition point among converters.
Companies like Amcor Ltd., West Pharmaceutical Service Inc., Gerresheimer AG, and Becton, Dickson & Company are the major key players in the market which hold around 12.60% of the market share. The cumulative market share of the six major players is close to 15.80%, and rest of the market share is captured by other domestic companies.
Segmental Overview of Pharmaceutical Packaging Market
By Packaging Type
By Prescription Type
By End Use
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