Pharmaceutical Packaging Market and Its Key Opportunities and Challenges.
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Pharmaceutical Packaging Market by Type (Plastic Bottles, Blister Packs, Labels & Accessories, Caps & Closures, Pre-filled Syringes, Vials, Ampoules), Raw Material, Drug Delivery Mode (Oral Drugs, Injectables, IV Drugs), Region
It is estimated that the global pharmaceutical packaging market size, which was USD 83.6 billion in 2019, will develop at a CAGR of 6.0% to reach USD 111.9 billion in the year 2024. An upswing in the old age population and the increase in diseases are contributing to the proliferation of the packaging industry. Moreover, the innovation in nanomedicines and tilt for blister packaging adds further boom to the stimulating market growth.
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When it comes to pharmaceutical packaging market, it is predetermined that the plastic bottles will intensify the market during the period of forecast. These plastic bottles play a crucial role by safely storing drugs which are available in the form of powder, liquid as well as solid. Another prominent reason behind the hike in demand for plastic bottles is the fact that it becomes extremely convenient while taking the drug. Furthermore, people prefer oral drug consumption resulting in the widespread use of plastic bottles.
When it comes to raw materials, it is envisioned that the polymers and plastic segment will register the highest CAGR between the years 2019 and 2024 in the global pharmaceutical packaging market. The advantage and peculiarity of polymers and plastic is its ability to provide flexibility as well as rigid packaging. In rigid pharmaceutical packaging, plastics play a crucial role as it is used for manufacturing diverse utilities such as jars, bottles, caps, and closures. In several cases, the plastic is used by combining paper or metal to create laminations, which are further useful for flexible pharmaceutical packaging. The factors mentioned above are an important reason behind the increased demand for polymers and plastic in pharmaceutical packaging.
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It is believed that the pharmaceutical packaging market has immense ability to upspring and prosper. The enhanced rise in pharmaceutical packaging industry in North America is due to the optimization in the initiatives taken by the government for the healthcare sector. Another imperative factor is the new and innovative drug improvement. The rise in vulnerability to chronic diseases and the growth of old aged population will ensure to create more and more demand for the pharmaceuticals, which in turn boosts the demand for packaging in this region.
A few outstanding and noteworthy players in the pharmaceutical packaging market are Gerresheimer AG (Germany), Berry Global Inc. (US), Schott AG (Germany), AptarGroup Inc. (US), and Amcor plc (Australia). These key market players embraced the strategy of developing new products, giving prime consideration of investment and expansion, and focusing on merger and acquisition. These tactics were smartly brought into play and were utilized by these well-established market players between the years 2016 to 2019 to cater to the ever-rising increment in pharmaceutical packaging and to amplify their regional footprint in the present economy.
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|Date:||Jan 16, 2020|
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