Introduction
Pharmaceutical packaging can be defined as packaging products made using drug-compatible materials to provide protection, identification, and ensure the integrity of the enclosed drug product.
The market growth can be attributed to advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions and product innovations, increase in product innovations and merger & acquisition to support new demands.
However, price volatility of raw materials, stringent government regulations and standard can also restrain growth of the pharmaceutical packaging market.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global pharmaceutical packaging market is expected to grow to $154.70 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 8.62% CAGR.
The growth can be attributed to advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions and product innovations, increase in product innovations and merger & acquisition to support new demands.
North America is a prominent regional market due to the presence of advanced technology-based pharmaceutical packaging industries.
Key Trends
Growing demand for primary pharmaceutical packaging is expected to be majorly responsible for boosting hygiene packaging market.
Expanding 3PL and other services in emerging markets is expected to drive the market demand in future
Governmental initiatives to increase awareness about health and hygiene is propelling the demand
Key Market Players
Some of the key players in the market are Amcor, Gerresheimer, AptarGroup, Becton, Dickinson, and Company, Schott, West Pharmaceutical Services.
The key players are dominating the market by adopting modern and new technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy owing to key factors such as, to increase their productivity, to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Growing pharmaceutical industry in emerging economies is driving the market growth.
Growing demand for drug delivery devices and blister packaging is one of the drivers of the market
Technological advancements to contribute to the growth of pharmaceutical packaging is also significantly catalyzing the market growth.
Increasing overall packaging costs owing to dynamic regulatory policies is significantly hindering the market growth.
Price volatility of raw materials is also hindering the market demand