Overview
The Pharmaceutical Packaging Market is projected to be valued at USD 192.93 billion by 2027, with a 9.21% CAGR during the forecast period.
The report coverssegmentation and drivers for a better glimpse of the market in the coming years.The pharmaceutical packagingmarkethasregistered significant growth in adoption rates over the past few years due to rapid technological advancements in the pharmaceutical industry.
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Segmental Analysis
The growing demand for packaging from the pharmaceutical industry has been fueling the overall growth of the pharmaceutical packaging market. The pharmaceutical packaging market has been classified on the basis of type, packaging type, material, application, and region.
By type, the pharmaceutical packaging market has been segmented into rigid, semi-rigid, and flexible. The rigid segment is expected to grow at the fastest rate during the forecast period.
By packaging type, the pharmaceutical packaging market has been segmented into primary packaging and secondary packaging. The primary packaging segment is expected to grow at a faster rate during the forecast period.
Based on material, the pharmaceutical packaging market has been segmented into plastic, paper & paperboard, and glass. The paper & paperboard segment is likely to grow at the fastest rate during the forecast period.
Based on application, the global pharmaceutical packaging market has been segmented into generic drugs, branded drugs, medical tools & equipment, test kits, and nutraceuticals. The test kits segment is expected to grow at the fastest rate during the forecast period.
Competitive Analysis
The global pharmaceutical packaging market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition and rapid advancements in technology are some of the critical factors that could restrain the market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. West pharmaceutical services Inc. (US), Gerresheimer (Germany), Schott AG(Germany), CCL Industries Inc. (Canada), Amcor Plc (Switzerland), AptarGroup Inc (US), and Berry Global (US)are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider acquisition as a key strategy in the global pharmaceutical packaging market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.
Regional Analysis
Geographic analysis of the pharmaceutical packagings marketspans across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The North American pharmaceutical packaging market is predicted to witness robust growth during the forecast period. The growth can be attributed to the global market players that are expanding their presence in the region, along with strategic developments between the raw material suppliers. For instance, in 2018, Hoffmann Neopac AG, the Switzerland-based manufacturer of primary packaging for the pharmaceutical and cosmetics industries, established a new manufacturing facility in the US. Moreover, Bormioli Pharma S.p.A., the Italian glass and plastic packaging company catering to the global pharmaceutical market, strengthened its services operations in North America. With this expansion, the company introduced its glass packaging solutions to North American pharmaceutical companies with designated sales support to nourish its long-term expertise in injectable pharmaceutical packaging.
In the US, the pharmaceutical packaging industry is witnessing rapid growth. With the expanding market for drugs, the demand for packaging increases continuously in the pharmaceutical industry. In October 2019, Gerresheimer AG (Germany) opened the glass innovation and technology center in New Jersey, the US, for offering primary packaging glass products in the pharmaceutical sector. This is expected to boost the growth of the pharmaceutical packaging market in the country.
Europe is projected to witness significant growth during the study period owing to the new directives set by the European Union (EU) authorities for pharmaceutical packaging on false medicines in 2017.The regional packaging players are implementing innovative methods to enhance their existing portfolio.
In 2017, the pharmaceutical packaging market in Asia-Pacific experienced strong growth, registering a CAGR of 8.22%. Stringent regulations by the governments of different countries, such as China, Japan, and South Korea, for plastic, glass, and paperboard packaging used in pharmaceutical companies create new opportunities for the global market players.
The pharmaceutical packaging market in the Middle East & Africa is projected to grow at a notable pace, mainly due to the increased per capita disposable income among individuals, growing healthcare awareness, and rising consumption of medicines and drugs.
In South America, the pharmaceutical industry is growing at a decent pace, mainly due to an increasing number of people diagnosed with various diseases. Moreover, the consumption of medicinal drugs and the growing demand for medical and healthcare centers are increasing considerably. Brazil, Argentina, Chile, and Colombia are thelargest contributors to the region’s market share.
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