Pharmaceutical Packaging Market - Opportunities & Challenges.
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Pharmaceutical Packaging Market By Raw Material, Drug Delivery Mode (Oral Drugs, Injectables, IV Drugs) & By Type (Plastic Bottles, Blister Packs, Labels & Accessories, Caps & Closures, Pre-filled Syringes, Vials, Ampoules)
The pharmaceutical packaging market size was USD 79.0 billion in 2018 and is projected to register a CAGR of 6.0% between 2019 and 2024.
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Browse 68 market data Tables and 38 Figures spread through 160 Pages and in-depth TOC on "Pharmaceutical Packaging Market"
How is the growing demand for primary pharmaceutical packaging creating an opportunity for market growth?
Primary pharmaceutical packaging comes in direct contact with the medicine or drug. They generally include plastic bottles, glass bottles, pre-filled syringes, pre-filled inhalers, medication tubes, blister packs, and others. The major contributors to the growth of this segment are pre-fillable syringes and pre-fillable inhalers. Plastic bottles, blister packs, and ampoules & vials are also some of the primary pharmaceutical packagings that are growing rapidly. Advancements in biotechnology, leading to the introduction of new injectable parenteral therapies, and increased demand for high visibility unit dosage packaging for diseases such as diabetes will drive the primary packaging segment. Growth of the inhalers segment is expected to be supported by the rising number of chronic asthma, allergy, and migraine patients treated with inhalation drugs. In addition, the rise of advanced and diverse drug-producing companies in developed economies such as the US, Japan, Canada, Germany, France, and the UK will drive the growth for primary packaging. Furthermore, India, Russia, Turkey, Mexico, Argentina, and China are expected to become some of the fast-growing markets owing to rapidly expanding pharmaceutical manufacturing capabilities and adoption of more stringent regulations intended at improving the quality and reliability of domestically produced drugs.
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Is safeguarding against counterfeit products challenging the market growth?
Counterfeit or falsified pharmaceutical products has been an important concern for pharmaceutical manufacturers. In 2017, 25.0 million illicit and counterfeit drugs were seized by Interpol. Delay in approval of new drugs and their packaging due to the long product development cycles and costs are resulting in the increased availability of counterfeit drugs and fake packaging. These counterfeit products have negative effects on the human body, in terms of allergic reactions, nausea, vomiting, and others. Anti-malarials and antibiotics are among the most commonly counterfeited medical products. The WHO is constantly taking initiatives against counterfeiters by setting new standards for drug packaging. All activities related to drug serialization that evolve in different countries are backed by global initiatives managed by the WHO. The governments of developed and developing economies are implementing stringent legislation such as the US Code 2320 for tracking counterfeit products and related acts to prevent counterfeiting of pharmaceutical products. New technologies such as induction seals, near-field communication (NFC) tags, and blockchain will further boost counterfeit protection and enable proper distribution. However, counterfeiters usually crack these systems in two-three years. This issue mandates complex and expensive upgradations by pharmaceutical packaging companies on a regular basis. Hence, fighting to counterfeit of products is a major challenge for pharmaceutical packaging companies.
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|Date:||Oct 7, 2019|
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