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(Medical-NewsWire.com, June 28, 2022 ) According to a new market research report titled, ‘Pharmaceutical Packaging Market By Type (Bottle, Vial, Blister Pack, Ampoule, Pre-filled Syringe), Material (Plastic [PE, Polyvinyl chloride, PP, PET], Paper, Glass, Metal), Dosage Form (Oral, Parenteral, Topical), End User - Global Forecast to 2029,’ published by Meticulous Research®, the pharmaceutical packaging market is expected to reach $158.14 billion by 2029, at a CAGR of 7.6% from 2022 to 2029.
The packaging of pharmaceuticals is essential to maintain the quality of drugs. Pharmaceutical packaging protects the drug from external factors, including chemicals, moisture, mechanical deformities, and UV light. In addition, packaging also plays a significant role in the marketing and promotion of brands.
The growth of the pharmaceutical packaging market is driven by the growth of the pharmaceutical industry, technological advancements in blister packaging, the rising trend of contract packaging, and the increasing production of pharmaceuticals.
Furthermore, emerging pharmaceutical manufacturing hotspots in developing countries and reshoring manufacturing of pharmaceutical products in developed countries offer significant opportunities for the growth of this market.
Impact of COVID-19 on the Pharmaceutical Packaging Market
The outbreak of the COVID-19 pandemic had numerous impacts on the healthcare industry. Pharmaceutical packaging witnessed a significant increase in demand due to the outbreak of the COVID-19 pandemic; thus, key market players increased their productivity to meet the increased demand for vials, pre-fillable syringes, containers, and blister packs.
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The nationwide lockdowns and increased hygiene concerns among consumers led to numerous innovations in the packaging of pharmaceuticals. The development of new vaccines or therapies created a need for innovative packaging and labeling since these pharmaceuticals are highly sensitive to temperature and are required to be stored below zero degrees Celsius. Furthermore, the COVID-19 pandemic accelerated the demand for RNA-based vaccines, subsequently increasing the reliance on cold chains. This led to increased advancements in cryogenic labels.
In addition, the adoption of RFID and intelligent labels increased significantly amid the pandemic due to the increased risk of counterfeiting and medicine falsification. RFID enables end-to-end transparency in the supply chain and increases accuracy, patient safety, visibility, and security in the supply chain.
The pharmaceutical packaging market is segmented based on Type (Bottles, Parenteral Containers, Blister Packs, Pre-Fillable Inhalers, Pouches & Sachets, Ampoules, Pre-Filled Syringes & Cartridges, Vials, Jars & Canisters, and Other Types), Material (Plastics & Polymers [Polyethylene, Polyvinyl Chloride, Polypropylene, Polystyrene, Polyethylene Terephthalate, and Other Polymers], Paper & Paperboard, Glass, Metal, and Other Materials), Dosage Form (Oral, Parenteral, Topical, and Other Dosage Forms), End User (Pharmaceutical Manufacturing Companies, Contract Manufacturing Organizations, Pharmacies) and Geography.
Based on type, in 2022, the bottles segment is estimated to emerge as the largest revenue-generating segment of the pharmaceutical packaging market. Bottling is the most opted method in pharmaceutical packaging. Bottles are ideal for the oral administration of syrups, solutions, and suspensions, particularly for products with adapted dosages; these bottles come with spoons, pipettes, and measuring cups for administering dosages according to body weight. Furthermore, rising sustainability concerns have resulted in the recycling of plastics used for pharmaceutical packaging, thus minimizing the environmental impact. These factors collectively make bottles the preferred choice for packaging solid and liquid pharmaceuticals, contributing to the large market share of this segment.
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Based on material, in 2022, the plastic & polymers segment is expected to emerge as the largest revenue-generating segment of the market. The materials used for pharmaceutical packaging must be chemically inert, have low water vapor permeability, and be easy to handle. Since the packaging materials come in direct contact with medications and biological agents, they must adhere to strict regulations from regulatory bodies. Plastics & polymers meet these requirements; thus, they are widely used in pharmaceutical packaging.
Based on dosage form, the parenteral segment is slated to register the highest CAGR during the forecast period. Availability of new biotechnology products, patient comfort requirements, and development of new therapies requiring pre-filled syringes, single-use vials, and IV premixed bags are the factors driving the demand for parenteral dosages, subsequently increasing their packaging demand. Additionally, the growing trend of specialty medication is likely to execute the production of pharmaceuticals in small batches, driving the demand for pre-sterilized vials and cartridges.
Based on end user, the contract manufacturing organizations segment is slated to register the highest growth rate during the forecast period. Pharmaceutical companies face challenges such as controlling manufacturing costs and navigating stringent regulatory approval processes. Factors such as the high consumption of small molecules for treating different diseases, the emergence of advanced technologies for manufacturing finished dosage formulations, patent expirations, and the rising demand for generics support the growth of contract manufacturing in the pharmaceutical sector.
Based on geography, in 2022, North America is estimated to account for the largest share of the pharmaceutical packaging market. The growth of this regional market is attributed to the rise in pharmaceutical spending, government initiatives boosting pharmaceutical production, and the rising production of COVID-19-related therapies and vaccines, driving the demand for pharmaceutical packaging in the U.S. and Canada. However, Asia-Pacific is slated to register the highest market growth rate during the forecast period. The growth of this regional market is driven by the increasing production capacities in the developing countries of the region, the increased production of generics, and the increasing number of foreign direct investments in the pharmaceutical sector.
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Some of the key players operating in the pharmaceutical packaging market are Amcor plc (Switzerland), Gerresheimer AG (Germany), Schott AG (Germany), AptarGroup, Inc. (U.S.), Berry Global, Inc. (U.S.), Catalent, Inc. (U.S.), O-I Glass, Inc. (U.S.), West Pharmaceutical Services, Inc. (U.S.), NIPRO CORPORATION (Japan), and Vetter Pharma International GmbH (Germany).