by The global Pharmaceutical Packaging Market is estimated to be valued at US$74.57 billion in 2016 and is expected to reach US$ (value for 2022) billion by 2022, growing at a CAGR of 7.76% from 2017 to 2025. The rising healthcare expenditure and increasing demand for quality packaging solutions are driving the growth of this market.
Market Overview:
Pharmaceutical packaging refers to the process of packaging pharmaceutical products securely and safely to ensure their integrity and efficacy. It includes various types of packaging materials such as bottles, blister packs, vials, ampoules, and tubes. These packaging solutions provide protection against moisture, contamination, and tampering, thereby maintaining the quality of pharmaceutical products. Furthermore, pharmaceutical packaging helps in maintaining the stability and shelf life of drugs.
Market Key Trends:
One key trend in the pharmaceutical packaging market is the increasing popularity of sustainable packaging solutions. With the growing emphasis on environmental conservation, pharmaceutical companies are adopting sustainable packaging materials and practices. This includes the use of biodegradable and recyclable materials, as well as the implementation of eco-friendly manufacturing processes. These sustainable packaging solutions not only reduce the environmental impact but also meet regulatory requirements and improve brand image. The demand for sustainable packaging solutions is expected to witness significant growth in the coming years.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the pharmaceutical packaging market is relatively low. This is mainly due to the high barriers to entry, such as stringent regulations and the need for significant investment in research and development, manufacturing capabilities, and distribution networks.
Bargaining Power of Buyers: The bargaining power of buyers in the pharmaceutical packaging market is moderate. While buyers have the power to negotiate lower prices and favorable terms, they often rely on packaging manufacturers for custom solutions and adherence to regulatory requirements, limiting their negotiating power.
Bargaining Power of Suppliers: The bargaining power of suppliers in the pharmaceutical packaging market is moderate. Packaging manufacturers rely on suppliers for raw materials, such as plastic resins and glass, but they have the option to switch suppliers if necessary. However, suppliers with unique or patented materials may have more bargaining power.
Threat of New Substitutes: The threat of new substitutes in the pharmaceutical packaging market is low. The industry is highly regulated, and pharmaceutical products require specific packaging materials and technologies to ensure product integrity and patient safety. It is unlikely that alternative packaging solutions would meet these stringent requirements.
Competitive Rivalry: The competitive rivalry in the pharmaceutical packaging market is high. There are several key players in the market, each offering a wide range of packaging solutions. These companies compete based on product quality, customization capabilities, price, and innovation. The market is characterized by intense competition and ongoing technological advancements.
Key Takeaways
The global pharmaceutical packaging market is expected to witness high growth, exhibiting a CAGR of 7.76% over the forecast period of 2017-2025. This growth can be attributed to increasing demand for pharmaceutical products, advancements in drug delivery systems, and stricter regulations related to packaging and labeling.
From a regional analysis perspective, North America is the fastest growing and dominating region in the pharmaceutical packaging market. The region is home to several key pharmaceutical companies and has a well-established healthcare infrastructure. The demand for innovative and patient-friendly packaging solutions, along with the presence of stringent regulatory guidelines, is driving the market growth in this region.
Key players operating in the pharmaceutical packaging market include 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 companies have a strong presence in the market and offer a wide range of packaging solutions to meet the evolving needs of the pharmaceutical industry.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
