According to a new report published by Allied Market Research, titled, “Pharmaceutical Packaging Market by Product ad Material: Opportunity Analysis and Industry Forecast, 2021–2027,” the global pharmaceutical packaging market was valued at $ 88,880 million in 2019, and is projected to reach $ 144,233 million by 2027, registering a CAGR of 6.1% from 2020 to 2027.
List of Key Players
Prominent players operating in the pharmaceutical packaging market include Amcor Ltd, Aptar Group, Inc., Catalent Inc., CCL Industries Inc., Becton, Dickinson and Company, Gerresheimer AG, West Pharmaceutical Services, Inc., Nipro Corporation, Berry Global Group, Inc., SCHOTT Pharmaceutical Packaging.
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Key Findings Of The Study
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By product type, the plastic bottles segment is accounted to dominate the market share in 2019 as plastic bottles have always been the preferred mode of packaging tablets and capsules. Wide usage of plastic bottle for packaging liquid dosages, like syrups, nasal, and ophthalmic medications. The advantage of a plastic bottle is that pharmaceutical manufacturers can place more tablets in bottles more efficiently and cost-effectively. Further, the parenteral containers segment is expected to propel the market growth as plastic is slowly being eliminated from the parenteral packaging ecosystem. Companies are shifting toward prefilled and ready-to-use containers, which is expected to augment the usability of parenteral products in self-medication.
Region wise, the global pharmaceutical packaging market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North American market had witnessed supremacy in terms of revenue in 2019, owing to high purchasing power coupled with rise in adoption rate of smart and advanced packages. Further, U.S. in North America region has accounted for generating largest share, and will continue to be the largest share. This is attributed as U.S. is the advanced drug-producing sector commercializes new sophisticated therapies with specialized packaging needs. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR in terms of revenue during the forecast period pertaining to growth in the purchasing power of populated countries such as China, Japan, and India. Further, requirements for brand enhancement and differentiation, new packaging material development, increasing awareness of environmental issues, and the adoption of new regulatory requirements on recycling packages are projected to boost growth of the Asia-Pacific pharmaceutical packaging market.