by The pharmaceutical packaging market plays a crucial role in the healthcare industry as pharmaceutical packaging helps protect medicines from potential chemical and microbiological contamination. Packaging material such as plastics, glass and others help extend the shelf life of medicines as they act as effective barriers against external contaminants. Pharmaceutical packaging comes in various forms such as plastic bottles, blister packaging, vials, pre-filled syringes and others to suit diverse medicine types including capsules, tablets, injectables and more. The packaging protects medicines during transportation and storage as well, thereby maintaining product quality and safety.
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:
Sustainable packaging is one of the key trends being witnessed in the pharmaceutical packaging market. Growing awareness about environmental impact of plastic waste is driving research towards developing bio-degradable and eco-friendly packaging materials. Additionally, advancements in material science have led to development of novel pharmaceutical packaging polymer blends that exhibit enhanced barrier properties to effectively protect medicine quality along with sustainability attributes. Manufacturers are also focusing on lightweight and compact packaging designs to reduce material usage as well as optimize logistics and storage. Adoption of track-and-trace solutions is another area being explored by players to address supply chain security needs through serialization and aggregation of packaging at various levels.
Porter’s Analysis
- Threat of new entrants: The Pharmaceutical Packaging market has high entry barriers for new players due to stringent regulations, high capital requirements and established brand loyalty among industry leaders.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and transparency in pricing among industry peers.
- Bargaging power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and established supply networks of industry leaders.
- Threat of new substitutes: Threat of substitutes is low as there are limited alternatives for effective and affordable drug delivery.
- Competitive rivalry: The market is highly competitive with industry leaders continuously focusing on product innovation and expansion to gain market share.
Key Takeaways
The global Pharmaceutical Packaging market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 264.21 Bn registering a CAGR of 9.5% during the forecast period.
Regional analysis: North America dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to the presence of established pharmaceutical packaging manufacturers and stringent regulations regarding drug packaging in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to expansion of pharmaceutical industries in emerging economies like India and China.
Key players: 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 the global leader with a strong product portfolio and geographical footprint. Other players are focusing on strategic acquisitions and collaborations to strengthen their market presence.
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