Global pharmaceutical packaging market to register CAGR of 8.24%, from 2019 to 2024

02-Aug-19

The global pharmaceutical packaging market was valued at US$67.9 bln in 2018, and is expected to reach US$109.03 bln by 2024 at a CAGR of 8.24%, during the forecast period from 2019 to 2024. The trend in the growth in regulatory norms worldwide focusing on population health management and inventions, etc., the pharmaceutical industry in the country has evolved considerably. A much more informed customer base and growth in the demand for over-the-counter medicines are increasing the growth of the market.

Nanotechnology, the science of very small materials, has a huge impact on pharmaceutical packaging, as it enables the introduction of innovative and new-gen packaging solutions to the market, thus, driving the growth. Improved barrier properties in plastics and enhanced functionality for nanotechnology facilitates the growth of the pharmaceutical packaging market. Hence, innovations in nanotechnology aid the growth and expansion of the plastic pharmaceutical packaging segment. In the near future, the development of better and more advanced healthcare infrastructure, coupled with the growth of pharmaceutical companies through alliances and partnerships (to maintain a stronghold domestically and internationally), is set to boost the growth of the global pharmaceutical packaging market. However, increasing overall packaging costs, owing to stringent regulations set and dynamic regulatory measures by governing bodies on the manufacturing of counterfeit medicines are the major restraints for the growth of the pharmaceutical packaging market.

Market Trends : Plastic to Be the Prominent Pharmaceutical Packaging Solution
Plastic packaging is witnessing significant growth over the forecast period because plastic is lightweight and easy to handle. Plastics are the most used material used in pharmaceutical packaging. Plastics have been gaining increasing importance in the packaging of pharmaceutical goods due to properties such as barrier against moisture, high dimensional stability, high impact strength, resistance to strain, low water absorption, transparency, resistance to heat and flame, etc. Plastics and polymer are used in pharmaceutical packaging for making bottles, cartridges, dry powder, metered dose inhalers, nebulizers, and pre-fillable syringes. PVC is the third-most widely produced synthetic plastic polymer and used worldwide for packaging pharmaceutical products. The market value of PVC plastic is increasing globally due to its very dense nature compared to most plastics and is readily available with cheap price. As it is primary packaging materials, so it protects the pharmaceutical product against oxygen and odour, water vapour transmission, moisture, contamination and bacteria. These properties make PVC material a good choice for blister packaging. PVC mono films protect medicines from sunlight and UV rays. The growth of PVC market will exponentially increase the growth of pharmaceutical packaging in the future as people are becoming more conscious towards their health.

North America is known for its technological development and product innovations, which is motivating manufacturers to produce high-class packaging solutions for the pharmaceutical industry. Major factors driving the growth of the North American pharmaceutical packaging market include the contribution of nanotechnology advancement in manufacturing processes and technological innovation, growing demand for drug delivery devices & blister packaging, to the pharmaceutical packaging market. The United States will continue to be the largest national pharmaceutical packaging market as its advanced drug-producing sector commercializes new sophisticated therapies with specialized packaging needs. Advances in pharmaceutical packaging in the country are focused on improving the barrier properties of the packaging material. As people are becoming more health conscious and adopting a healthy lifestyle in the United States and Canada, the sale of a pharmaceutical drug is increasing that makes the sales of pharmaceutical packaging product such as a refillable syringe, vial, blister packs, etc. There is a need for constant innovation in the United States market, as stringent regulations by agencies, such as the FDA, require manufacturers to comply with stringent regulations while packaging drugs in the region.

While the pharmaceutical packaging market is fragmented, established companies are focusing on innovation and acquisition. Companies are investing a large amount of their resources and money in the R&D to innovate new products meeting with the environment and government compliance. Digital mass serialization is becoming a popular solution to combat counterfeiting. Key players are Amcor, AptarGroup, Gerresheimer, Schott, etc.

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