by The Prescription Bottles Market is estimated to be valued at US$ 4.56 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prescription bottles refer to plastic or glass containers that are used for storing and dispensing medication prescribed by doctors. They come in various sizes and designs depending on the type and dosage of medications. Prescription bottles help in identifying patients, type of drugs and dispensing instructions. They aid healthcare professionals as well as patients in keeping track of medications and completing prescribed dosages on time.
Market Dynamics:
The growth of the prescription bottles market is driven by increasing prevalence of chronic diseases and rising healthcare expenditure. According to WHO, chronic diseases accounted for approximately 60% of all deaths globally in 2016. Chronic conditions such as cardiovascular diseases, diabetes and cancer have increased the demand for prescription drugs thereby fueling the need for prescription bottles. Furthermore, rapid growth of pharmaceutical industry due to rising investments in R&D activities are also expected to boost the market growth over the forecast period.
Growth in geriatric population acts as another major driver. Elderly people are more prone to chronic illnesses which significantly increases the demand for medication and so prescription bottles. According to UN report, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 900 million in 2015 globally. Higher consumption of medicines for management of old age related health issues is projected to propel the prescription bottles market during the study period.
Segment Analysis
The prescription bottles market is dominated by plastic prescription bottles which accounts for over 70% of the market share. Plastic bottles are preferred by both manufacturers and consumers owing to their durability, lightweight and cost effectiveness as compared to glass bottles. Within plastic bottles, high density polyethylene (HDPE) material based bottles capture a major share due to their resistance to breakage and are affordable.
PEST Analysis
Political: Growing support from governments across the globe for effective pharmaceutical packaging to prevent counterfeiting of medicines is driving the prescription bottles market.
Economic: Rising disposable income and growing healthcare spending is positively impacting the prescription bottles market globally.
Social: Increasing prevalence of chronic diseases and growing geriatric population is augmenting the demand for prescription bottles.
Technological: Advancements in plastic bottle manufacturing technologies for improved product quality, tracking, and safety features are supporting the market growth.
Key Takeaways
The global Prescription Bottles Market Share is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 4.56 Bn.
Regional analysis: Asia Pacific is expected to dominate the prescription bottles market during the forecast period. This is attributed to rising healthcare spending, large patient population and increasing generic drug production in countries like India and China.
Key players operating in the prescription bottles market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer. Key players are focused on new product launches, mergers and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
