Pharmaceutical Packaging Market
Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 123.8 billion |
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Revenue Forecast in 2031 |
US$ 283.43 billion |
|
CAGR |
9.64% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Material, Product Type, End user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global pharmaceutical packaging market was valued at US$ 123.8 billion in 2022 and is expected to register a revenue CAGR of 9.64% to reach US$ 283.43 billion by 2031.
Pharmaceutical Packaging Market Fundamentals
Pharmaceutical packaging (or drug packaging) is the packaging process for pharmaceutical preparations. It involves an array of materials carefully selected to preserve & protect the drug and enable the patient to use it safely. Apart from protection, pharmaceutical packaging is also essential for identification, marketing & promoting different brands, and facilitating the use of pharmaceutical products. Pharmaceutical packaging is classified as primary, secondary, and tertiary. Primary drug packaging is the material that surrounds the pharmaceutical product and is in direct contact with the drug, while secondary and tertiary packaging provides additional external protection.
Pharmaceutical Packaging Market Dynamics
The rising prevalence of various acute & chronic diseases and the outbreak of new diseases have necessitated the need for new curable drugs for treatment. Therefore, various pharmaceutical companies across the globe are actively participating in R&D activities to meet unmet clinical needs. An increase in government support has also encouraged many small, medium, and large players to enter drug development, thereby increasing the number of drugs launched in the market. This, in turn, is expected to boost the pharmaceutical packaging market. The growing pharmaceutical industry, rising R&D activities, growing demand for convenient packaging types, and demand for COVID-19 vaccines are some of the pivotal factors propelling the growth of the pharmaceutical packaging market. Prominent players in the pharmaceutical packaging market across the globe are investing and collaborating with other players to enhance & expand their capabilities across different territories and provide effective, reliable & sustainable pharmaceutical packaging. For instance, in July 2017, Merck, Pfizer, and Corning Incorporated announced collaborations that enabled the modernization of pharmaceutical packaging with the introduction of Corning Valor (TM) Glass. This revolutionary pharmaceutical glass packaging solution enhances the storage & delivery of drug formulations and provides more reliable access to medicines essential for public health. To maintain their position in the market, prominent players are continuously launching several novel and technologically advanced packaging technology that are convenient to use. Innovations such as blow fill seal (BFS) vials, anti-counterfeit measures, plasma impulse chemical vapor deposition (PICVD) coating technology, snap-off ampoules, unit dose vials, two-in-one prefilled vial design, prefilled syringes, and child-resistant packs are expected to propel the growth of the market.
However, fluctuating prices of raw materials used to manufacture pharmaceutical packaging products remain a major concern for the growth of the pharmaceutical packaging market. The price of raw materials varies depending on season and place of origin, this affects the buying potential of the buyers. Furthermore, compared to developed countries, the pharmaceutical packaging industry in emerging countries is labor intensive, which impacts overall productivity unfavorably. These factors increase the total cost of pharmaceutical packaging production.
Pharmaceutical Packaging Market Ecosystem
The global pharmaceutical packaging market has been analyzed from the following perspectives: by material, product type, end user, and region.
Pharmaceutical Packaging Market by Material
Based on the material, the global pharmaceutical packaging market is segmented into plastics & polymers, aluminum foil, paper & paperboard, glass, and others.
Plastic & polymer accounted for a significant revenue share of over 37.40% in 2022. Plastic and polymer materials offer various properties, making them suitable for various packaging requirements. They can be molded into different shapes and sizes, allowing for customization and accommodating diverse pharmaceutical products. Plastic and polymer packaging materials are generally more cost-effective than alternatives like glass or metal. They are lightweight, easy to produce, and require less energy during manufacturing, transportation, and storage. Plastic and polymer packaging materials provide excellent barrier properties, protecting pharmaceutical products from moisture, oxygen, light, and contaminants. They help maintain medicines' integrity, stability, and shelf life by preventing degradation and preserving their efficacy. Plastic packaging offers user-friendly features such as easy opening, reseal ability, and portability. These characteristics enhance patient convenience and compliance, making accessing and using pharmaceutical products easier. The plastic and polymer industry continuously introduces new technologies and advancements in packaging materials. This includes developments in blister packs, tamper-evident packaging, child-resistant packaging, and smart packaging solutions, which enhance safety, trackability, and overall user experience.
Pharmaceutical Packaging Market by Product Type
Based on the product type, the global pharmaceutical packaging market is segmented into primary, secondary, and tertiary.
The primary product type segment dominates the global market with a prominent revenue share in 2022. Primary packaging refers to the immediate container directly interacting with the pharmaceutical product, such as vials, bottles, blister packs, ampoules, and prefilled syringes. These primary containers fulfill critical functions like protecting the product from external factors, ensuring dosing accuracy, and facilitating safe and efficient administration. Primary packaging materials and designs must comply with stringent regulatory requirements to maintain the safety, efficacy, and integrity of pharmaceutical products. These regulations include material compatibility, chemical resistance, stability, and sterility guidelines. Manufacturers often prioritize primary packaging solutions that meet these regulatory standards. Primary packaging plays a vital role in product branding and differentiation. It serves as a means for pharmaceutical companies to establish a distinct identity, communicate product information, and create a positive consumer perception. Moreover, eye-catching designs, labeling, and unique packaging formats can contribute to brand recognition and customer loyalty. Primary packaging influences patient convenience and compliance with medication regimens. Packaging designs that are easy to use and store while providing clear instructions and dosing information can enhance patient experience and adherence to prescribed therapies. The pharmaceutical packaging industry continually strives for innovation to address emerging market trends and challenges. This includes advancements in primary packaging materials, such as the use of specialized plastics, improved barrier properties, child-resistant features, tamper-evident closures, and smart packaging technologies.
Pharmaceutical Packaging Market by End User
Based on the end user, the global pharmaceutical packaging market is segmented into Pharmaceutical Manufacturers, Pharmacies, and Contract Manufacturing Organizations.
The Pharmaceutical Manufacturers segment registered as the largest in the global market, with more than 51.27% of revenue share in 2022. Pharmaceutical manufacturers are responsible for producing large quantities of medicines and healthcare products. Consequently, they require significant volumes of packaging materials to accommodate their production output. The scale of operations of pharma manufacturing companies contributes to their dominance in the packaging market. Many pharmaceutical manufacturers have integrated packaging operations within their overall production processes. By incorporating packaging capabilities in-house, these companies can exercise greater control over the supply chain, optimize efficiency, and ensure the availability of packaging materials for their specific product requirements. Pharmaceutical manufacturers often have specific packaging requirements based on their product formulations, dosage forms, and regulatory compliance needs. Customized packaging solutions are essential to ensure product safety, stability, and adherence to regulatory guidelines. Pharma manufacturing companies may work closely with packaging suppliers to develop customized solutions that meet their unique specifications. Large pharmaceutical manufacturers may have economies of scale that allow them to negotiate favorable pricing agreements with packaging suppliers. Their ability to purchase packaging materials in bulk quantities may lead to cost savings, making them more competitive in the market. Many pharma manufacturing companies have a global presence, supplying medicines to multiple regions and markets. This widespread distribution necessitates extensive packaging operations to meet diverse regional regulations, language requirements, and product labeling standards. The global reach of these manufacturers contributes to their dominance in the pharmaceutical packaging market.
Pharmaceutical Packaging Market by Region
Based on the region, the global pharmaceutical packaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global market with a significant revenue share of nearly 36.01% in 2022. The region has a high concentration of pharmaceutical manufacturing companies, research and development facilities, and a robust healthcare sector. The strong presence of these industry players drives the demand for pharmaceutical packaging materials and solutions. The pharmaceutical industry in North America operates under strict regulatory standards enforced by agencies such as the U.S. Food and Drug Administration (FDA) and Health Canada. These regulations emphasize product safety, labeling requirements, child-resistant packaging, and tamper-evident features. Compliance with these regulations necessitates using specialized packaging materials and technologies, boosting the demand for pharmaceutical packaging solutions. North America is known for its innovation and technological advancements in various sectors, including pharmaceutical packaging. The region is at the forefront of developing advanced packaging technologies, such as smart packaging, RFID tracking, serialization, and anti-counterfeiting measures. These advancements cater to the evolving needs of the pharmaceutical industry and contribute to North America's dominance in the global market. North America has a well-established healthcare infrastructure that supports the research, development, and commercialization of pharmaceutical products. The region has a high demand for quality healthcare services, including prescription drugs, over-the-counter medications, and medical devices. This demand drives the need for efficient and reliable pharmaceutical packaging solutions. North America's strong economy and high disposable income levels contribute to the demand for pharmaceutical products and pharmaceutical packaging. The region's healthcare expenditure is among the highest globally, further supporting the growth of the pharmaceutical packaging market.
Competitive Landscape
The prominent players operating in the global pharmaceutical packaging market are:
Strategic Developments
Pharmaceutical packaging plays an important role in the storage and administration of pharmaceutical products. In addition to the storage and protection of pharmaceuticals, packaging plays a significant role in the marketing and promotion of brands.
Becton, Dickinson, and Company, CCL Industries Inc., Amcor Plc., and AptarGroup Inc. are some of the major market players in the global pharmaceutical packaging market.
Limitations in access in emerging economies and increasing packaging costs are some of the restraints obstructing the growth of the global market.
The plastics & polymers segment dominates the global pharmaceutical packaging market.
Growing technological advancement and growing healthcare expenditure, and the pharmaceutical industry in developing countries are some of the major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain