by The global Pharmaceutical Packaging Market is estimated to be valued at US$ 264.21 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmaceutical packaging involves the use of materials and technologies for packaging pharmaceutical products such as blister packs, vials, bottles, ampoules, prefilled syringes. It provides protection from damage, tampering, and pilferage during transportation and storage. It further aids in identification and communication of vital information to end users and consumers. Key advantages of pharmaceutical packaging include safety, identification, information, compliance, anti-counterfeiting and traceability measures. It plays a critical role in maintaining quality and integrity of pharmaceutical products.
Market key trends:
One of the major trends witnessed in the Pharmaceutical Packaging Market is the increasing adoption of sustainable packaging materials and solutions. Eco-friendly and biodegradable materials such as paper and paperboards, recycled plastic, renewable polyethylene terephthalate (PET), and pouches made from renewable resources are replacing traditional plastic and glass packaging. Pharmaceutical manufacturers are focusing on minimizing packaging waste and carbon footprint across the value chain. Advanced tracking technologies such as Radio Frequency Identification (RFID) tags and 2D barcodes are also being integrated into the packaging to facilitate traceability of products and combat counterfeiting. Several pharmaceutical companies have now made sustainability commitments to use 100% reusable, recyclable, or compostable packaging materials by set deadlines.
Porter’s Analysis
- Threat of new entrants: The pharmaceutical packaging market requires huge capital investments for setting up manufacturing plants. The stringent regulations also act as a deterrent for new entrants.
- Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over packaging manufacturers due to their high purchase volume.
- Bargaining power of suppliers: Packaging material and machinery suppliers have moderate bargaining power due to availability of substitute materials and parts suppliers.
- Threat of new substitutes: Threat from substitutes is low as pharmaceutical packaging needs to follow stringent safety and quality standards.
- Competitive rivalry: The market is highly fragmented with presence of several global and regional players. Competition is intense regarding pricing, innovation, and customer service.
Key Takeaways
The global Pharmaceutical Packaging market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing demand for effective drug delivery systems and need to prevent medication errors and contamination.
The North American region dominates the global pharmaceutical packaging market owing to increasing healthcare expenditure and advanced pharmaceutical manufacturing infrastructure in the region. Asia Pacific pharmaceutical packaging market is expected to witness fastest growth during the forecast period with China, India, Japan and South Korea being the major markets.
Key players operating in the pharmaceutical packaging market are Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc and Graphic Packaging International Inc. These players are focusing on new product developments, mergers, acquisitions and partnerships to strengthen their market position.
