PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098571
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1098571
According to Stratistics MRC, the Global Pharmaceutical Bottles Market is accounted for $8100.38 million in 2021 and is expected to reach $13178.60 million by 2028 growing at a CAGR of 7.2% during the forecast period. Pharmaceutical bottles are a container or a device which is intended to store or hold medication and drugs. The significant purpose of these bottles is to shield products from the damaging effects of the external environment and keep the medications or drugs effective and safe. The utilization of appropriate materials to manufacture pharmaceutical bottles is a significant factor to guarantee that the packaging material is most ideal for the intended use.
Market Dynamics:
Driver:
Increasing demand for drug delivery devices
The demand for drug delivery devices and advanced packaging is expanding with the increasing utilization of biologics and non-traditional organization routes such as nasal, transdermal, rectal, and intravenous. These systems have changed the market dynamics and have become as significant as the drug itself. The growing inclination for unit dosage packaging is further driving the growth of this market. The inclination prevalence of chronic diseases, growth in the biologics market, and technological advancements are likely to further drive the market growth during the forecast period.
Restraint:
Lack of access to proper healthcare
Nowadays, almost half of the global population can't bear the cost required for healthcare services. Poverty is a major barrier to accessing medical care in emerging economies. Financial constraints, absence of data, outdated equipment, limited proper staff, and awareness of proper healthcare practices are the major factors that limit access to healthcare services. These issues together restrain the growth of the pharmaceutical bottle market in emerging regions.
Opportunity:
Growing demand for primary pharmaceutical packaging
The increase of advanced and various drug-producing organizations in developed economies and growth in the use of advanced packaging innovations such as patient-specific dosages, eco-friendly packaging, and innovative counterfeiting techniques will drive the growth of primary packaging. Furthermore, India, Russia, Turkey, Mexico, Argentina, and China are likely to become some of the fastest-growing markets because of rapidly expanding pharmaceutical manufacturing capabilities and the adoption of more stringent regulations intended at improving the quality and reliability of domestically produced drugs.
Threat:
Safeguarding against counterfeit products
Counterfeit drugs are made with incorrect ingredients in improper quantities, which when consumed would result in dangerous effects such as allergic reactions or sometimes death. Anti-malarial and antibiotics are among the most regularly counterfeited medical products. Nearly half of the counterfeit drugs are accounted for in developing economies such as China, Vietnam, and the Philippines. These counterfeit products have negative effects on the human body, in terms of allergic reactions, vomiting, nausea, and others. Safeguarding against these counterfeit products is a major challenge for the sector.
The plastics segment is expected to be the largest during the forecast period
The plastics segment is estimated to have a lucrative growth as plastic provides the choice of design and cost-effective solution, making it a highly compatible solution for pharmaceutical packaging. Pharmaceutical plastic bottles are broadly utilized in the industry for packaging solid and liquid formulations. Plastic bottles are increasingly utilized for aseptic filling and packaging in the industry.
The oral drugs segment is expected to have the highest CAGR during the forecast period
The oral drugs segment is anticipated to witness the fastest CAGR growth during the forecast period as oral drug delivery is the most chosen administration route for any drug owing to its noninvasiveness, the convenience of handling, and non-requirement of any specific sterile conditions. Increasing utilization of oral drug delivery mode because of high cases of communicable diseases, and the rise in the aging population in developed economies are responsible for the growth of the segment.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period because of the rising government initiatives in emerging pharmaceutical market, increase in contract manufacturing activities, rise in aging population, and increased spending on healthcare. China and India are the major markets in this region. Furthermore, growing technological advancements in healthcare sector in countries, increasing urbanization, and changing lifestyle are also some of the driving factors for the market growth in market in the region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the constantly rising consumption and industrial applications of plastic-made containers and bottles along with increasing application of plastic bottles for packaging healthcare products. The high healthcare spending of the country is one of the main factors supporting market growth.
Key players in the market
Some of the key players profiled in the Pharmaceutical Bottles Market include Amcor Ltd., Berry Global Group, Inc., Tim Plastics Inc., Pretium Packaging LLC, Gerresheimer AG, Drug Plastics & Glass Co. Inc, COMAR LLC, AptarGroup Inc., Berk Co. LLC, and Alpha Packaging Inc.
Key Developments:
In May 2021, Gerresheimer launched SensAIR, an innovative product platform for the infusion of large-volume and highly viscous biologics. The ready-to-use SensAIR On-Body Infusor is easy to use and enables patients to start medication in a self-determined manner in familiar surroundings.
In Feb 2020, Berry Global Group, Inc.'s introduced a new oval tube, assembled at its vertically integrated manufacturing facility in Easthampton, MA. The tube is extruded, formed, and decorated at the facility. This is one of the only domestically assembled oval tubes on the market today, according to the company.
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What our report offers:
Free Customization Offerings:
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.