Global pharmaceutical market was valued at US$ 74.57 billion in 2016, according to Global Pharmaceutical Packaging Market Report by Material (Plastic & Polymers, Aluminum Foil, Glass and Others), by Product Type (Plastic Bottles, Blister Packs, Pre-Fillable Syringes and Others), by End-Use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging and Others), by Livestock (Poultry, Porcine, Equine and Others) published by Coherent Market Insights. The pharmaceutical packaging market is expected to register a CAGR of 7.76% over the forecast period (2017-2025) to reach US$ 144.00 Billion by 2025.
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The major factors propelling the growth of this market at the global level include rising demand for ecofriendly and biodegradable packaging, and increasing demand for pre-fillable syringes since they are associated with various advantages such as reduced drug wastage, convenience and easy drug administration.
Factors hindering the growth of the market include fluctuating prices of the raw materials used for manufacturing pharmaceutical packaging products and increasing sale of counterfeit medicines.
Browse 150 market data tables* and 90 figures* on “Pharmaceutical Packaging Market” – Global forecast to 2025.
Key Trends and Analysis of Pharmaceutical Packaging Market:
- On the basis of material, plastics and polymers segment dominated the global pharmaceutical packaging market in 2016 and is expected to lead the market throughout the forecast period. Furthermore, paper and paperboard segment is also gaining popularity due to the rising demand for eco-friendly and biodegradable packaging material since paper is 100% recyclable, compostable, and biodegradable.
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- On the basis of product type, plastic bottles segment accounted for the major share in the pharmaceutical packaging market in 2016. However, environmental concerns regarding plastic pollution and adoption of alternative modes of packaging by the manufacturers is expected reduce the demand for plastic bottles in the future.
Key Takeaways of the Market:
- North America dominated the global pharmaceutical packaging market and the regional market was valued US$ 31.56 billion in 2016. The region is projected to witness a CAGR of 6.84% in terms of revenue during the forecast period. Furthermore, U.S. led the market in 2016 and is expected to retain market dominance throughout the forecast period. In North America, low density polyethylene (LDP) as a material is extensively used by the pharmaceutical packaging manufacturers as they are safe for the storage of non-sterile grade of pharmaceutical liquids. Furthermore, the region has various quality standards such as ISO 14001, ISO 9001 and OHSAS 18001, to ensure the quality of the materials used for the manufacturing of pharmaceutical packaging. Other factors promoting the growth of the pharmaceutical packaging market include frequent product innovations through extensive research and development activities by the major manufacturers operating in this field.
- Asia-Pacific is projected to be the fastest growing market, witnessing highest CAGR of 10.37% during the forecast period. Rapid penetration of major companies operating in the pharmaceutical industry coupled with rapid penetration of major companies operating in the field of pharmaceutical packaging in the emerging economies such as India, Japan and China. Furthermore, rapid urbanization, improved health care services, rapid adoption of contract packaging in the pharmaceutical industry and the stringent regulations against the counterfeit medicines are expected to fuel the growth of this market in Asia Pacific in the coming years. In 2016, approximately 113 million counterfeit tablets were seized by the World Customs Organization (WCO), out of which 97% were manufactured in India and China. Such incidences are expected to fuel the growth of pharmaceutical packaging market in Asia Pacific.
Major players operating in the market of pharmaceutical packaging include Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc and Graphic Packaging International Inc.
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