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Pharmaceutical Inks Market size is estimated to reach US$5.4 billion by 2027, after growing at a CAGR of 4.8% during the forecast period 2022-2027. Pharmaceutical inks are used to label vital information on medicines and drugs relating to ingredients, date of manufacturing & expiry, milligram quantity, scanning barcodes, etc. The ink is made of basic ingredients like isopropanol, ethyl alcohol, propylene glycol, and titanium dioxide. The factors such as an increase in the production of new medicines, growing investments in the healthcare sector and medical advancement for treating disease are driving the growth of the pharmaceutical inks market. However, the use of certain inks like solvent-based ink which contains volatile organic compounds in medicine labelling if mixed with pharmaceutical products can affect their quality. Hence, this can hamper the growth of the pharmaceutical inks industry.
The necessary measures taken by the governments like consequential lockdown, quarantining and restrictions on the movement of people to prevent the widespread of COVID-19 negatively impacted the pharmaceutical sector. The restrictions and lockdown led to a decrease in production and sale of certain medicines on account of a lack of raw materials and workforce. For instance, as per the 2020 report of the United Nations Office on Drugs and Crimes, due to restrictions in movements caused by lockdown, there was a reduction in the production of opium medicine in Myanmar on account of the decrease in its sales. Also, as per the All India Organization of Chemists and Druggist, in April 2020, the sale of anti-infectives fell by 34%, respiratory drugs by 20%, and painkillers by 27%. Hence, the decrease in consumption and production of such medicine will lead to less usage of pharmaceutical inks for labelling and tablet coloring of such medicines, thereby harming the growth of the pharmaceutical inks industry.
Pharmaceutical Inks Market Segment Analysis – By Pigments
Organic pigment held a significant share in the pharmaceutical inks market in 2021, with a share of 35%. This owns to factors like organic pigments are more environmentally friendly product and through good pigmentation processing, it provides bright color, good dispersion, and high tinting strength. The water-based ink made from a combination of organic pigments and solvents like propylene glycol has high applicability in medical labelling, as the ink even if integrated with medicines will cause less harm to human health. The growing production of innovative drugs for better treatment of diseases will have a positive impact on pharmaceutical ink usage. For instance, in 2021, US Centre for Drug Evaluation and Research approved the development of 50 new innovative therapeutic biological products. Also, in 2021 Food and Drug Administration approved monoclonal antibodies which are laboratory-made proteins to be used as a treatment for primary-progressive multiple sclerosis. The development of such innovative drugs and antibodies will increase their demand, resulting in more usage of pharmaceutical inks for labelling the vials, sachet, ampoules packages of such drugs. Hence this will positively impact the growth of the pharmaceutical inks industry.
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Pharmaceutical Inks Market Segment Analysis – By Application
Medical labeling held a significant share in the pharmaceutical inks market in 2021, with a share of over 40%. Pharmaceutical inks consisting of ethyl alcohol, isopropanol are majorly used to label necessary information of drugs, relating to their ingredients, the origin of production, medicine quantity, also it is used to print design, logos, and color medicine tablets and capsules. The growing awareness of health and increase in disposable income has increased the consumption of necessary medicines. For instance, as per European Union, in September 2020, pharmaceutical sales including generic medicine increased by 12%. Moreover, as per, All India Organization of Chemists and Druggists, in 2020, the sale of drugs for chronic diseases like diabetes and cardiology increased by 10%. The increase in sales of such medicines on account of high consumption will increase their scale of production, increasing the usage of pharmaceutical inks for medical labeling. Hence, this will positively impact the growth rate of the pharmaceutical inks industry.
Pharmaceutical Inks Market Segment Analysis – By Geography
North America held the largest share in the pharmaceutical inks market in 2021, with a share of over 30%. The region consists of major countries like the US and Canada which are one of the major pharmaceutical markets in the world with the US being the hub to major pharmaceutical companies like Pfizer, Merk, Bristol Myers. Rapid development in the pharmaceutical sector of these countries has increased the productivity and sales of the sector. For instance, as per Statistics Canada, pharmaceutical sales including over-the-counter medicine increased by 35.3% to US$23.5 billion with 86.7% sold to retail drug stores and 13.3% sold to hospitals. Moreover, as per the 2021 report of the European Federation of Pharmaceutical Industries and Association with 63.7%, the U.S held the largest share in global sales of new medicine launched during 2015-2020. Hence, such an increase in sales and the introduction of new drugs and medicines will increase the usage of pharmaceutical inks for medicine labelling, capsule & tablet coloring, thereby having a positive impact on the growth rate of the pharmaceutical inks industry in the North American region.
Pharmaceutical Inks Market Drivers
Increasing Volume of Introducing New Drugs
The increase in economic growth, growing healthcare demand, and rising population have increased the demand for new and effective pharmaceutical products. Hence, to meet these growing demands, various pharmaceutical companies and drug organizations are introducing new medicines. For instance, as per Food and Drug Administration, in the US, the sales of new drugs from 2010 – to 2019 increased up to 60% showing a massive increase over the past decade. Also, as per, European Federation of Pharmaceuticals and Association, sales and production of new medicine increased by 46.8% in European countries like Germany, Italy, France over the last ten years. Moreover, in 2020 Sanofi launched drugs relating to Eczema and Dupixen which increased the pharmaceutical sale of the company by 6%. The increase in the sale and approval of such innovative medicines will lead to an increase in their scale of production, resulting in more usage of pharmaceutical inks for the labelling and packaging of such medicine. Hence this will have a positive impact on the growth of the pharmaceutical inks industry.
Growing Advancements in treating diseases
Medical advancements have become a turning point in the way diseases are diagnosed and treated. The medicine and drugs produced through such advancements have the potential to provide improved treatment for some serious diseases. For instance, the Antiviral Oral Pills developed by Merck and Pfizer in 2021 were designed to prevent the COVID virus and Flu-related diseases from entering the body. Moreover, in 2020, U.S Food and Drug Administration approved 53 new innovative drugs and biologics showing a 10% increase compared to 2019. Also, in 2021 Merck in collaboration with Innovative Biotech established the first vaccine production facility in Nigeria for designing virus-like-particle-based vaccines. The growing development of such innovative medicines and vaccines will increase their scale of production, thereby resulting in more usage of pharmaceutical inks for labelling on the cartons and sachets of these products. Hence, this will positively impact the growth of the pharmaceutical inks industry.
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Pharmaceutical Inks Market Challenges
Stringent Regulation on VOC
Solvent-based inks are used as pharmaceutical ink in the interior and exterior labelling of medical products. However, the volatile organic compounds present in the ink like alcohol and ester if integrated with the medicines can affect its quality, thereby harming the health of patients consuming it. Hence, to restrict volatile organic compounds, stringent regulations have been imposed by the government organization. For instance, Title 40, Code of Federal Regulations of US, Environment Protection Agency deals with EPA’s mission of protecting human health and the environment from VOC emission. Hence such regulations can lead to less usage of solvent-based as pharmaceutical ink for medical labelling, and interior packaging thereby harming the growth of the pharmaceutical inks industry.
Pharmaceutical Inks Industry Outlook
The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. In the pharmaceutical inks market report, the pharmaceutical inks top 10 companies include:
In 2021, Huber Group acquired Alden & OTT Printing Ink company. Hence such acquisition will help Huber Group to expand its customer base in Midwest and Northeast without any interruptions.
In 2021, Flint Group launched its ONE CODE solvent-based ink and coating range in Europe. Hence with the launch of such a product, the company will be able to bring ultimate print flexibility and efficiency in flexible packaging.
In 2020, Advent International acquired a controlling stake in RA Chem Pharma Ltd, and through such acquisition, the private equity firm will strengthen its presence in India’s pharmaceutical sector
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North America dominates the pharmaceutical inks market, as the region is the hub to major pharmaceutical companies like Pfizer, Bristol Myers in a county like the US, which has one of the major pharmaceutical markets in the world.
Rapid development in the healthcare sector has increased the availability of new drugs and biological products for people, which will have a positive impact on the usage of pharmaceutical inks
Printing inks are largely used in liquid pharmaceutical products and these pharmaceutical products are available in bottles made from plastic, glass, or other similar materials, which act as interior packaging
A. Packaging Ink Market
B. Digital Inks Market
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