SAN FRANCISCO, July 21, 2021 /PRNewswire/ -- The global pharmaceutical packaging market size is expected to reach USD 219.2 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.4% over the forecast period. The increasing prevalence of chronic diseases coupled with the growth of the pharmaceutical industry is anticipated to augment the consumption of pharmaceutical packaging products.
Key Insights & Findings:
In terms of revenue, the glass segment is projected to ascend at the highest CAGR over the forecast period
Strong chemical resistance to various medicinal products and the ability to withstand heating treatment during the sterilization process is expected to expand the penetration of glass packaging
The contract packing segment accounted for 36.4% of revenue share in 2020. Regulatory requirements associated with pharmaceuticals and their packaging are gradually becoming stringent, and contract packaging organizations are in a better place to address those changes. This factor is boosting the demand for contract packaging services
The Asia Pacific is projected to be the fastest-growing region from 2021 to 2028. This growth is due to the rapidly expanding pharmaceutical market, particularly in China & India, and rising cases of various diseases, such as cancer and heart problems
Ban on counterfeit products in North America and Europe is expected to be a major driver for the market as major companies are likely to invest heavily in anti-counterfeit packaging products. Blow-Fill-Seal (BFS) technology allows customized design for high-quality containers with tamper-evident closures in multiple shapes and sizes. Therefore, the growing demand for anti-counterfeiting packaging along with the advent of technology is likely to support the growth of tamper-evident pharmaceutical packaging.
Companies are focusing on using sustainable materials for packaging owing to the rising concerns about the generation of packaging waste that is difficult to degrade. Bioplastic is likely to gain traction in the market as it is derived from renewable plant-based sources and is biodegradable unlike the plastics and polymers derived from fossil fuels. In December 2019, Sanner GmbH, a Germany-based packaging manufacturer, introduced BioBase effervescent tablet packaging derived from corn and sugarcane. Such novel sustainable packaging solutions are expected to boost the growth of the market.
Pharmaceutical manufacturers are likely to prefer blister packaging for tablets and capsules as these are more sustainable with minimal usage of packaging material as compared to rigid bottles. In addition, the transparency of blister packs provides a clear product display and provides tamper-resistant features. The outbreak of COVID-19 has significantly increased the demand for various pharmaceutical drugs across the world, thereby propelling the demand for pharmaceutical manufacturing and their packaging. Rapid development and production of the vaccine in the year 2020 are anticipated to increase pharmaceutical manufacturing considerably, primarily benefitting the manufacturers of packaging vials in the near future.
Market players have been trying to increase their production capabilities as well as expand their geographic reach. In addition, companies are introducing and investing in high-tech packaging solutions with the changing environment. For instance, in April 2020, Schott AG introduced smart containers, which are laser-marked with a unique identifier to create robust traceability throughout the manufacturing process. Companies are expected to invest significantly in such developments in the coming years to strengthen their market position.
Grand View Research has segmented the global pharmaceutical packaging market on the basis of material, product, end use, and region:
Pharmaceutical Packaging Material Outlook(Revenue, USD Million, 2017 - 2028)
Aluminum Foil Packaging Market–The global aluminum foil packaging market size was estimated at USD 35.08 billion in 2018 and is projected to expand at a revenue-based CAGR of 4.0% during the forecast period.
Edible Packaging Market–The global edible packaging market size was valued at USD 727.6 million in 2018 and is projected to ascend at a CAGR of 6.2% over the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.