Selbyville, Delaware, May 02, 2022 (GLOBE NEWSWIRE) -- According to the research report by Global Market Insights Inc., the Pharmaceutical Packaging Market was estimated at USD 102.6 billion in 2021 and is anticipated to be worth around USD 155.3 billion by 2028, progressing at a CAGR of 6.2% from 2022 to 2028. The report gives an extensive analysis of the competitive scenario, drivers & opportunities, market size & estimations, top winning strategies, wavering market trends, and major investment pockets.
Pharmaceutical packaging is utilized to secure, store, and protect drugs during handling and transportation. It is highly regulated to safeguard medicines against physical damage or any external influence. Packaging also aids in protecting drugs that are sensitive to moisture, light, and temperature, which extends their shelf life without contaminating the formulation. Growing consumer awareness regarding a healthier lifestyle, mounting healthcare expenditure, expanding markets in emerging nations, advanced drug delivery, and innovative packaging solutions with high patient convenience and compliance are likely to promote product adoption. Additionally, surging uptake of packaging solutions to maintain product stability is set to further fuel the pharmaceutical packaging market share through the forecast period.
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Glass finds extensive usage in the manufacturing of syrup bottles, injectable vials, syringes, cartridges, and other products. The material is impermeable to moisture, microorganisms, odors, and gases, and thus, is widely used in the packaging of liquid and semi-solid pharmaceutical formulations. The most commonly utilized glass in the packaging of pharmaceuticals is amber-colored glass since it offers UV protection. Owing to these factors, the glass material segment, which held more than 23.8% market share in 2021, is projected to track a strong growth trajectory over the study timeline.
Meanwhile, in 2021, the plastics & polymers material segment held the lion’s share in the pharmaceutical packaging industry and is speculated to witness massive revenue growth by 2028. Plastics & polymers offer several advantages for pharmaceutical packaging over glass materials, such as low risk of toxicity, sturdy structure, lesser chances of leakage, and are cost-effective, lightweight, corrosion-resistant, and chemically inert, which is slated to bolster product uptake through the review timespan.
Key reasons for pharmaceutical packaging market growth:
- High demand for glass packaging across pharmaceutical sector.
- Prevalent application of plastics & polymers for packaging drugs.
- Growing adoption of parenteral containers for pharmaceuticals.
- Soaring need for pharmaceutical packaging during COVID-19 pandemic.
2028 forecasts show ‘parenteral containers’ segment retaining its dominance:
In terms of product, the parenteral containers segment is poised to expand at a CAGR of about 6.3% between 2022 and 2028. Parenteral packaging helps protect the therapeutic efficacy of drugs and keeps their potency intact until they are administered. These containers are also used to prevent a drug or any other pharmaceutical formulation against contamination, which is expected to propel the demand for parenteral containers in the forthcoming years.
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Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe pharmaceutical packaging market is primed to account for over 19.2% of the global market revenue by 2028. Italy, the UK, and Germany hold a major share in the overall industry on account of the booming domestic healthcare & pharmaceutical sectors. Prominent R&D projects, launch of novel drugs to enhance patient health and quality of life, and surging healthcare expenses are augmenting business growth in Europe. In addition, favorable government initiatives and support for the development of novel vaccines are also set to contribute to market growth in the future.
Impact of COVID-19 pandemic on pharmaceutical packaging market:
The COVID-19 pandemic immensely impacted the pharmaceutical packaging sector. Supply shortages across the globe in the initial stages of the outbreak adversely impacted access to pharmaceutical packaging solutions, hampering market growth. However, rising need for at-home deliveries of pharmaceuticals owing to stringent lockdown restrictions imposed worldwide and skyrocketing requirement of vials to facilitate the widespread distribution of vaccines have driven product uptake significantly. These factors have substantially aided the growth of the pharmaceutical packaging market during the pandemic.
Leading market players:
Some notable companies operating in the global pharmaceutical packaging industry are AptarGroup, Inc., Constantia Flexibles, Amcor plc, Becton, Dickinson and Company, SGD Pharma, Berry Global Inc., Bilcare Limited, Gerresheimer AG, Drug Plastics Group, Schott AG, Mondi Plc, West Pharmaceutical Services Inc., PGP Glass private Ltd., Vetter Pharma International, and Klockner Pentaplast Group, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
