Market Research Report
Pharmaceutical Packaging Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||319434|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Pharmaceutical Packaging Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: January 1, 2020||Content info: 120 Pages||
The pharmaceutical packaging market was valued at USD 73.49 billion in 2019 and is expected to reach a value of USD 118.01 billion by 2025 at a CAGR of 8.24%, during the forecast period (2020-2025). The trend in the growth in regulatory norms worldwide focusing on population health management and inventions, etc., the pharmaceutical industry in the country has evolved considerably. A much more informed customer base and growth in the demand for over-the-counter medicines are increasing the growth of the market.
Nanotechnology, the science of very small materials, has a huge impact on pharmaceutical packaging, as it enables the introduction of innovative and new-gen packaging solutions to the market, thus, driving the growth. Improved barrier properties in plastics and enhanced functionality for nanotechnology facilitates the growth of the pharmaceutical packaging market. Hence, innovations in nanotechnology aid the growth and expansion of the plastic pharmaceutical packaging segment.
In the near future, the development of better and more advanced healthcare infrastructure, coupled with the growth of pharmaceutical companies through alliances and partnerships (to maintain a stronghold domestically and internationally), is set to boost the growth of the global pharmaceutical packaging market.
However, increasing overall packaging costs, owing to stringent regulations set and dynamic regulatory measures by governing bodies on the manufacturing of counterfeit medicines are the major restraints for the growth of the pharmaceutical packaging market.
Pharmaceutical packaging is the packages and the packaging processes for the pharmaceutical process where several raw materials, such as glass, plastic resins, etc, find application in the production of pharmaceutical packaging. Due to advanced and diverse drug-producing industries, the global demand will come from the developed economies. Based on drug delivery, the oral segment may lead the pharmaceutical packaging market in future. Oral drug delivery mode is widely used to administer drugs through mouth, which proves to be an easy and efficient method of drug administration.
Plastic to be the Prominent Pharmaceutical Packaging Solution
North America to Occupy Largest Share
While the pharmaceutical packaging market is fragmented, established companies are focusing on innovation and acquisition. Companies are investing a large amount of their resources and money in the R&D to innovate new products meeting with the environment and government compliance. Digital mass serialization is becoming a popular solution to combat counterfeiting. Key players are Amcor Limited, AptarGroup, Inc., Gerresheimer AG, Schott AG, etc. Recent developments are -
March 2019 - West Pharmaceuticals opens New Digital Technology Center in Bengaluru, India. This Digital Technology Center will allow West Pharmaceutical team to create compelling digital experiences for their global customer base, source talent from India's fast-growing technology industry and bring forward the latest digital advancements to create insights and value for their customers and team members for ultimately delivering better business results.