Pharmaceutical Packaging Market to Grow at 9.9% CAGR Growth by 2031| SkyQuest Technology
/EIN News/ -- Westford,USA, July 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Pharmaceutical Packaging Market will attain a value of USD 301.23 billion by 2031, with a CAGR of 9.9% during the forecast period (2024-2031). These include designing, distributing and manufacturing packaging materials to help meet the unique needs of the pharmaceutical packaging industry. These products include over the counter or OTC vaccines and biologics. The pharmaceutical industry is constantly expanding due to technological advancements. Growing global population and increasing number of elderly population requiring more intervention in healthcare is driving the market. Moreover, this helps in increasing the demand for pharmaceutical products and boosts the growth of the market. Packaging plays an important role and ensures that these products are safe, maintaining their quality, supporting them by providing protection against external elements such as moisture, dirt, light and more.
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Browse in-depth TOC on " Pharmaceutical Packaging Market "
- Pages – 184
- Tables - 65
- Figures – 77
Pharmaceutical Packaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 141.55 billion |
| Estimated Value by 2031 | USD 301.23 billion |
| Growth Rate | Poised to grow at a CAGR of 9.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Packaging Type, Raw Material, Drug Delivery, Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Adoption of Sustainable and Eco-friendly Packaging Solutions |
| Key Market Drivers | Increasing Focus on Sustainability |
Plastic Segment to Dominate Due to the Rising Widespread Use of Plastics
The plastic segment is the largest segment in terms of raw materials in the global pharmaceutical packaging market and accounts for about 35.2% share by 2023. Plastics can absorb light and oxygen, carbon dioxide, and are permeable to water for long periods of time.Use of plastic largely in over-the-counter drugs, bladder packaging, pre-filled syringes, oral administration methods are partly responsible for this market.
Injectable Drug Delivery Segment to Drive Market Due to Rising Advancements in Technology
The injectable drug delivery segment is the fastest growing segment in the pharmaceutical packaging market. Because injection methods can reach the target site quickly and effectively, it is recognized as very successful and effective injection methods. They have drugs injections in various forms, such as the mechanical injections, prefilled syringes, auto-injectors-safety syringes, patch injectors, and pen injectors, although most drugs are administered in orally or by injection. Advances in technology have led to the development of many better and more sophisticated devices.
North America is Dominating Due to Presence of Numerous Producers of Pharmaceutical Plastic Bottles
North America is the largest region in the pharmaceutical packaging market with 34.8% revenue share. The largest end-use segment is pharmaceutical, which includes domestic manufacturing. Several manufacturers of chemical plastic bottles in the country during the forecast period, including AptarGroup, Gerresheimer AG, Amcor and Berry Plastics Group, may have a positive impact on demand.
On the other hand, Asia Pacific is the fastest growing region and is expected to record the fastest CAGR of 11.3% by 2031. Rising consumer health awareness in Asia Pacific, especially in developing economies such as China and India, with rising disposable income to boost the pharmaceutical industry over the forecast period and is expected to boost packaging demand Healthy China 2022, expanding contract manufacturing. Due to its age and population, China dominated the Asia-Pacific region and will hold the top position in few years.
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Drivers
- Increasing Focus on Sustainability
- Rising Growth of the Pharmaceutical Sector
- Rise of Personalized Medicine and Specialty Drugs
Restraints
- High Costs of Raw Materials
- CounterfeitDrugs to Hinder Market Growth
- Less Awareness about Healthcare
Prominent Players in Pharmaceutical Packaging Market
- Sonoco Products Company (United States)
- Stevanato Group S.p.A. (Italy)
- Nipro Corporation (Japan)
- Comar, LLC (United States)
- SGD Pharma (France)
- Aptargroup, Inc. (United States)
- RPC Group Plc (United Kingdom)
- Drug Plastics & Glass Co., Inc. (United States)
- Capsugel (United States)
- TricorBraun Holdings, Inc. (United States)
- Bilcare Limited (India)
- Tekni-Plex, Inc. (United States)
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Key Questions Answered in Pharmaceutical Packaging Market Report
- What is the current Global Pharmaceutical Packaging Market size?
- Who are the key players in Global Pharmaceutical Packaging Market?
- Which is the fastest growing region in Global Pharmaceutical Packaging Market?
This report provides the following insights:
- Analysis of key drivers (increasing focus on sustainability, rising growth of the pharmaceutical sector), restraints (high cost of raw materials), opportunities (rising adoption of sustainable and eco-friendly packaging solutions), influencing the growth of Pharmaceutical Packaging Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Pharmaceutical Packaging Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Pharmaceutical Packaging Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Flexible packaging Market
Food packaging Market
Sustainable packaging Market
Plastic packaging Market
Cosmetic packaging Market
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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