by The pharmaceutical packaging market plays a crucial role in prevention of contamination and provision of tamper evidence for pharmaceutical products such as capsules, tablets, injections, ointments etc. Packaging provides safety and helps extend the shelf life of drugs and medicines.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing healthcare expenditure worldwide along with increasing demand for safe and efficient drug delivery has been propelling the pharmaceutical packaging market. The emergence of chronic diseases such as cancer and cardiovascular diseases has significantly driven the demand for pharmaceutical drugs globally. This has necessitated the need for effective packaging solutions that can protect drugs from damage, prevent contamination and provide tamper evidence. Strict regulations associated with drug packaging has also driven innovations in terms of materials and packaging technologies in the market.
SWOT Analysis
- Strength: The pharmaceutical packaging market serves the booming pharmaceutical industry which continues to grow steadily driven by rising healthcare expenditure. Demand for sophisticated packaging solutions remains strong to ensure safety and efficacy of drugs.
- Weakness: Higher costs associated with innovative and specialized packaging can negatively impact profit margins for manufacturers. Stringent regulations add to compliance burden.
- Opportunity: Rapid technological advancements are enabling development of intelligent and interactive packaging with monitoring capabilities. Emerging markets in Asia Pacific and Latin America present lucrative expansion opportunities.
- Threats: Economic slowdowns can dampen consumer spending on healthcare globally. Vulnerability of raw material supply chains to disruptions is a challenge.
Key Takeaways
The global pharmaceutical packaging market is expected to witness high growth over the forecast period driven by the growing pharmaceutical industry worldwide with increasing healthcare spending. 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.
North America is currently the dominant regional market for pharmaceutical packaging owing to the well-established pharmaceutical sector in the region. However, Asia Pacific is poised to be the fastest growing market going forward supported by rising incomes, growing population and increased emphasis on healthcare in countries like China, India and others.
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. Amcor Limited is one of the leading packaging companies globally with strong presence across pharmaceutical and healthcare packaging segments.
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.
