It further helps to attain the safety of medicines during transit, distribution, and storage. The pharmaceutical industry is on a rapid rise, thus positively impacting the growth of the pharmaceutical packaging market.
Global pharmaceuticals packaging market is expected to reach $104,882 million by 2022 from $68,749 million in 2015, growing at a CAGR of 6.27% from 2016 to 2022. Pharmaceutical packaging is carried out to protect medicines from environmental changes and to maintain the physical & chemical stability of the products (drugs & biologicals).
The demand for pharmaceutical packaging is increasing, and is expected to continue to increase as companies rely more on packaging and labeling, and media to protect and promote their products.
The global pharmaceutical packaging market is segmented based on product type and geography. The segments by product type include blisters, closures, labels, plastic bottles, and parenteral containers.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Advanced manufacturing processes and product innovations have resulted in the growth of the pharmaceutical packaging industry. Growth in generic drugs market and rapid increase in drug delivery market are further expected to fuel market growth.
Some of the recent innovations in this market are color-changing packages, condition monitoring RFID tags, and blister packaging with child locks. For instance, Ecobliss launched the “locked4kids” packaging solutions for the pharmaceutical industry, which functions as an effective child-resistant solution.
The pharmaceutical industry is undergoing significant changes and is expected to accommodate demographic, epidemiological, and economic shifts in the world. However, the industry players are upgrading their manufacturing practices to match the standards from time to time to produce world-class products.
The packaging industry needs to overcome challenges such as the availability and prices of raw materials and the changing rules and regulations regarding the product approval & marketing of pharmaceuticals. The demand to develop sustainable, eco-friendly packaging provides impetus to pharmaceutical packaging manufacturers.
The opportunities in pharmaceutical packaging market are expected to increase from the pre-fillable syringes and parenteral vials, which will continue to expand with advances in biotechnology, owing to the introduction of new therapies that need to be injected.
KEY BENEFITS FOR STAKEHOLDERS
Comprehensive analysis of the current trends and future estimations in the global pharmaceutical packaging market is provided.
The report presents an in-depth analysis of the market to identify the lucrative investment pockets.
The report identifies the key drivers, opportunities, and restraints that shape the market and provides an impact analysis of these factors over the forecast period.
Porter’s Five Forces analysis highlights the potency of buyers and suppliers participating in this market. This is expected to offer a competitive advantage to stakeholders to make profit-oriented business decisions and to help strengthen their supplier and buyer network.
KEY MARKET SEGMENTATION
By Product Type
- Parenteral Containers
- Plastic Bottles
- Blister Packaging
- Specialty Bags
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