Pharmaceutical Packaging Market Poised to Reach USD 158.24 billion By 2025 : Radiant Insights,Inc

The global pharmaceutical packaging market size is expected to reach USD 158.24 billion by 2025. It is anticipated to register a CAGR of 8.3% during the forecast period. The market is driven by increasing consumption of pharmaceutical packaging materials in emerging economies, most notably in China, Brazil, and India. This is in reaction to increasing government spending on healthcare infrastructure in these countries.

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The market has been witnessing significant demand for pharmaceutical packaging in African countries. Though the industry is yet to achieve its full potential in Africa, the region promises considerable growth over the forecast period owing to economic developments in countries such as South Africa and Nigeria. Sub-Saharan Africa, in particular, is expected to bolster the demand for pharmaceutical packaging products throughout the forecast period backed by significant economic development. Emerging economies across the globe have encouraged international players to setup their manufacturing plants on the back of rising pharmaceutical exports in the aforementioned countries.

Another significant factor triggering the demand for pharmaceutical packaging materials is the increasing demand for blister packaging and drug delivery devices. In this respect, the emergence of novel drug delivery systems with unique forms (patches and rings) has necessitated the employment of pharmaceutical packaging materials across the globe. In addition, the market is driven by the increasing demand for blister packaging solutions for the packaging of drug items/products. The employment of blister packaging materials helps extend the shelf life of pharmaceutical products while offering enhanced clarity/transparency in packages.

North America emerged as the largest market for pharmaceutical packaging in 2018, with a revenue of USD 35.11 billion. The region is expected to retain its prominent position over the forecast period and claim a share of 33% by 2025. U.S. has been a leading regional market and has been witnessing exponential growth. Mexico is a major production site for large pharmaceutical companies. The emergence of Mexico as a sourcing destination for domestic companies looking to manufacture and sell complex, especially manufactured products is expected to boost pharmaceutical industry growth in the region. This, in turn, is likely to drive the product demand over the forecast period.

The pharmaceutical packaging market is highly fragmented with both domestic and international players sharing the market space. However, it is led by the players such as Amcor Ltd.; Becton, Dickinson & Company; Aptar Group Inc.; Capsugel Inc.; Gerresheimer AG; Schott AG;Owens Illinois Inc.; West Pharmaceutical Services Inc.; Berry Plastics Group Inc.; Westrock Company; andSGD SA among others. Product innovation, portfolio expansion, and mergers and acquisitions were observed to be some of the most preferred strategies by these players to stay abreast of the competition.

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Further key findings from the report suggest:

• In terms of material, plastics and polymers held the leading market share of 38% in 2018. Plastics and polymers are being considered as ideal packaging materials by pharmaceutical companies owing to their advantages such as the availability of various types of quality and ease of manufacturing

• In terms of product, primary pharmaceutical packaging is expected register the fastest CAGR of 8.6% over the forecast period. Demand for primary packaging is driven by the increasing consumption of protein-based, biotechnologically manufactured medications, highly viscous or low-dosage drug formulations, and a series of oncologic and ophthalmologic medications

• In terms of end use, contract packaging is expected to register the fastest CAGR of 9.1% over the forecast period. Market players have been focusing on increasing the outsourcing of packaging activities to save on time and various expenses

• Asia Pacific is expected to witness the fastest CAGR of 12.2% over the forecast period. Tremendous growth in population coupled with a steady economic growth in countries such as China, India, and Japan is contributing to the regional growth

• The pharmaceutical packaging market has been witnessing intense rivalry among key participants in terms of product offerings, product innovation, and global presence

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