May 21, 2024

Pharmaceutical Packaging Market is Estimated to Witness High Growth Owing to Growing Pharmaceutical Industry

The pharmaceutical packaging market comprises packaging components and solutions that help protect, ship, identify, and store pharmaceutical products. Effective pharmaceutical packaging plays an important role in brand protection, product identification, authentication, and distribution. It helps prevent contamination and ensure product safety, efficacy and stability during transport. The growing pharmaceutical industry globally has increased the uptake of pharmaceutical packaging solutions in recent years.

The Global pharmaceutical packaging market is estimated to be valued at US$ 264.21 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the pharmaceutical packaging market are 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.

The pharmaceutical packaging market offers significant opportunities owing to growing pharmaceutical sales, rising elderly population, increasing complexity of drug formulations, and advancement of packaging technologies. Pharmaceutical companies are increasingly investing in sustainable and customized packaging solutions to meet stringent regulations and stay ahead of competition.

Globally, the pharmaceutical packaging market is expanding owing to growing pharmaceutical industry in emerging economies of Asia Pacific, Latin America, and Middle East & Africa. Strategic agreements with local packaging players in developing markets help multinational companies to enhance manufacturing and distribution networks globally.

Market drivers

Growing penetration of generic drugs globally is one of the major drivers of the pharmaceutical packaging market. Generic drugs require secure, differentiated and counterfeit-proof packaging solutions for brand protection. Additionally, the rising complexities in drug formulations and delivery systems such as biologics have increased the demand for specialized and patient-centric pharmaceutical packaging. Innovation in packaging can help enhance patient compliance and experience significantly.

PEST Analysis

  • Political: The pharmaceutical packaging market is highly regulated by stringent government regulations on pharmaceutical packaging requirements. Different countries and regions have different drug regulations which makes international trade challenging.
  • Economic: Growth in the global pharmaceutical industry coupled with rising healthcare expenditure is fueling market growth. However, economic uncertainty and fluctuations impact the demand.
  • Social: Growing population and increasing lifestyle diseases have increased the demand for medicines. However, social issues like counterfeiting impact the packaging needs.
  • Technological: Technologies like IoT and track-and-trace solutions are helping counter counterfeiting and improve supply chain management. Blockchain technology is also being explored for enhancing supply chain transparency.

Geographical Regions of Concentration

North America region dominates the market currently in terms of value, due to high healthcare expenditure and stringent regulations. Europe is the second largest market due to high number of leading packaging companies. However, Asia Pacific region is expected to witness highest growth during the forecast period supported by expanding pharmaceutical industries in countries like India, China and other ASEAN countries.

Fastest Growing Region

Asia Pacific region is poised to be the fastest growing region for the pharmaceutical packaging market during the forecast period. This is attributed to factors like rising income levels, increasing healthcare awareness, presence of generic drug makers and growing focus of leading international pharmaceutical companies to tap opportunities in the Asia Pacific market. China and India specifically have shown high growth potential for pharmaceutical packaging.