Pharmaceutical Packaging Market Size, Share & Trends Analysis Report 2020-2027
The Global Pharmaceutical packaging market was estimated at USD 96.5 billion in 2019 and it is forecast to grow at a cagr of 8.3 % between 2020 to 2027. Substantial growth in the Pharmaceutical sector in developing countries such as India, China, and Indonesia is expected to boost the Pharmaceutical packaging market growth. Moreover increasing the Global population and increasing demand for pharmaceutical products across the world is expected to support the Pharmaceutical packaging market.
The world has witnessed a Healthcare revolution in the last decade with substantial research and development activities happening in the Healthcare and pharmaceutical industries as well as technological enhancements that has increased the average life expectancy worldwide. Is the variety of dosage forms has increased the demand for specialized Pharmaceutical packaging for each dosage form is growing. Packaging plays a vital role in maintaining the potency of Pharmaceutical drugs and protects them from external environmental effects.
The biodegradable and recyclable material has become the material of choice for pharmaceutical packaging considering growing environmental concerns among the population. The key factor responsible for pharmaceutical packaging market growth is growing life expectancy, an increasing number of the aging population, the growing popularity of generic drugs increasing the importance of polymers and plastic as packaging material.
The packaging is important for pharmaceutical products to prevent them from contamination and retain their potency, it also makes handling and transportation of Pharmaceutical products easier. However several factors are affecting the Pharmaceutical packaging market growth including stringent government regulations for reducing uses of plastic and increasing packaging material cost.
The Pharmaceutical Packaging market has been segmented based on the types of material used into plastics and polymers, glass, Aluminium foil, paper and paper board, and others. The plastic and polymer segment accounted for the largest Market share in 2019, as the plastic and polymer are cost-effective and easily available material suitable for tablets and capsules packaging. Several types of plastic and polymers are available in the market that is used for pharmaceutical packaging such as polyethylene terephthalate, polyvinyl chloride, polystyrene, and polypropylene among others. These different varieties have specialized properties that make them the material of choice for pharmaceutical packaging such as heat resistance, tensile strength, lightweight, chemical resistance, solvent resistance, etc.
The glass material is the second-largest Pharmaceutical packaging material used for packaging liquid pharmaceuticals such as syrups, solutions, suspensions among others. The demand for glass material is expected to increase substantially in the upcoming few years owing to increasing awareness about plastic use age and stringent government regulation related to plastic.
The Global Pharmaceutical packaging market has been segmented based on the product type into Primary, secondary, and tertiary packaging. The primary product segment accounted for greater than 75% of the market share in 2019, the growth can be attributed to the increasing importance of primary product packaging to prevent pharmaceuticals from environmental contamination and easy transportation and handling. This particular segment includes plastic bottles, Parental containers, caps and closures, blister packs, inhalers, and others.
The secondary product packaging is generally used for covering the primary product package, These packagings are mainly used for easier handling and transportation of pharmaceuticals, prominent example of this type of packaging are external paper or cardboard boxes used to secure plastic or glass bottles. The tertiary packaging is used to package a group of Pharmaceutical products together to protect them during transportation this segment generally includes large cardboard & wooden boxes and shrink wraps.
The pharmaceutical packaging market has been segmented based on end-use into Pharmaceutical manufacturing, retailing, contract packaging, institutional pharmacy, and others. The contract packaging segment is expected to emerge as the fastest-growing segment between 2020 to 2027, as the Pharmaceutical manufacturers are Outsourcing the packaging operation in order to reduce operational cost and investment In extra machinery. This has become a common practice among small and medium Pharmaceutical manufacturers worldwide, which is expected to positively impact the segmental growth.
North America is the largest pharmaceutical manufacturer in the world, the USA and Canada are among the dominant player for a pharmaceutical product export worldwide. The North America Pharmaceutical packaging market accounted for greater than 38 % market share in 2019. High per capita income, investment in research, and development activities in the pharmaceutical sector, systematic health care system are few factors responsible for the regional market growth.
Asia Pacific Pharmaceutical packaging market is growing at a substantial growth rate of 13.2% between 2020 to 2027. China is among the leading Pharmaceutical manufacturer in the world after the USA. China is also a key Pharmaceutical raw material supplier for most Asian countries including India and Japan.
Following is a list of top Pharmaceutical packaging manufacturing companies in the world that are profile in this particular report:
For the purpose of this report, UpGraph Research has segmented the Global Pharmaceutical Packaging market based on material type, product type, end-use type, and region as mentioned below:
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