The global pharmaceutical packaging market is expected to exhibit a strong 6.51?GR over the forecast period (2022-2030), according to the latest report from Market Research Future (MRFR).
The global pharmaceutical packaging market has been fueled by the growing pharmaceutical industry around the world. The growth of the pharmaceutical industry has been incessant in the last few years, due to the growing prevalence of communicable diseases that can be effectively cured by pharmaceuticals. The growing prevalence of diseases such as malaria and tuberculosis has been a major health concern, leading to steady growth of the pharmaceuticals market and thus of the pharmaceutical packaging market. The pharmaceutical industry has also been driven by the increasing commercial scope of the pharmaceutical industry, as increasing product prices have made the industry highly lucrative for investors. Despite efforts from regulators and protests from the general public, pharmaceutical prices have kept on increasing. This is likely to drive the pharmaceutical industry over the coming years, thus driving the pharmaceutical packaging market.
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The global pharmaceutical packaging market has also been driven by the international demand for pharmaceutical products and the accompanying demand for effective packaging that keeps the pharmaceutical products safe and sterile. Pharmaceutical packaging plays a vital role in enabling the pharmaceutical product to retain its potency and keeping it safe from environmental contaminants. Since pharmaceutical products are bioactive, reaction with oxygen or moisture can alter their chemical composition and render them worthless for medical use. This is a major driver for the global pharmaceutical packaging market, as the efficacy of the pharmaceutical packaging is often directly correlatable to the efficacy of the pharmaceutical product.
Innovations in pharmaceutical packaging to make it more convenient for users and more durable for long-distance shipping and long-term storage are likely to be a major driver for the global pharmaceutical packaging market over the forecast period. The major materials used in pharmaceutical packaging are plastics, which are under the scanner at present due to their growing ecological impact. This could be a determinant factor for the global pharmaceutical packaging market over the forecast period, as plastics could undergo a significant change over the coming years. Biodegradable plastics could make way for conventional plastics, or failure to develop sustainable forms of biodegradable plastics could lead pharmaceutical packaging market players to switch to other materials such as glass and metal instead. This is likely to be an important turning point for the global pharmaceutical packaging market over the forecast period.
Leading players in the global Pharmaceutical Packaging Market include Amcor Limited, Owens-Illinois Inc., West Pharmaceutical Services Inc., Berry Global Inc., Avery Dennison Corporation, Comar LLC, Gerresheimer AG, International Paper, CCL Industries Inc., WestRock Company, Sonoco Products Company, and Schott AG.
On the basis of material, the global pharmaceutical packaging market encompasses plastic, paper and paperboard, glass, and others. The plastic segment dominates the global pharmaceutical packaging market at present, as plastics are easy to mold and work with, and also present a strong barrier to atmospheric contaminants such as moisture and oxygen. Their chemical inertness also adds to their suitability for the role of pharmaceutical packaging. Plastics can also be easily molded into attractive packaging designs that can attract the customer’s attention, which is another key point driving the plastic segment in the global pharmaceutical packaging market.
On the basis of type, the global pharmaceutical packaging market is segmented into bottles, aerosol packs, tubes, blister packs, sachets, parenteral vials & ampoules, prefilled syringes, caps and closures, and others. The bottles segment is likely to dominate the global pharmaceutical packaging market over the forecast period due to the increasing demand for over the counter drugs.
On the basis of packaging, the global pharmaceutical packaging market is segmented into rigid packaging, flexible packaging, and semi-rigid packaging. Rigid packaging is likely to remain the major revenue generator in the global pharmaceutical packaging market till 2023 due to its high efficacy in blocking out all environmental contaminants and also protecting the product from physical damage.
On the basis of application, the global Pharmaceutical Packaging Market is segmented into generic drugs, branded drugs, medical tools & equipment, test kits, nutraceuticals, and others. The generic drugs segment is likely to dominate the global pharmaceutical packaging market over the forecast period, as governments in several leading countries have taken steps to manufacture generic drugs that are comparable in every way to branded drugs.
North America was the top revenue earner in the global pharmaceutical packaging market, followed by Asia Pacific and Europe. Several of the leading players in the global pharmaceutical packaging market are in North America, which is a major driver for the North America market for pharmaceutical packaging. The widespread distribution network for healthcare resources in North America is also a major driver for the pharmaceutical packaging market in the region.
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