Guaranteed SEO Boost: Triple Your Rankings with Backlinks starting at 5$
Written by amelia jems » Updated on: October 16th, 2024
The global pharmaceutical packaging market was valued at USD 105.01 billion in 2023, and its growth is estimated to be USD 110.55 billion in 2024 to USD 176.94 billion by 2032, exhibiting a CAGR of 6.06% during the forecast period. North America dominated the pharmaceutical packaging market, with a market share of 30.02% in 2023. The surge is due to the escalating prevalence of non-communicable and communicable diseases across various regions. This information is presented by Fortune Business Insights, in its report titled, “Pharmaceutical Packaging Market, 2024-2032.”
List of Key Players Mentioned in the Report:
Segments:
Plastics Segment to Gain Traction Considering its Extensive Usage
Based on material, the market is segmented into plastics, glass, metal, paper & paperboard, and others. The plastic segment is anticipated to depict a notable upsurge over the forecast period. Plastic is the most considerable raw material used in the production of pharmaceutical packaging.
Bottles Segment to Register Prominent Share Impelled by Low Costs
Based on product type, the market is subdivided into bottles, vials & ampoules, caps & closures, blister packs, pre-fillable inhalers, pre-fillable syringes, bags & pouches, jars & canisters, cartridges, and others. Of these, the bottles segment is poised to expand at a substantial pace over the estimated period. The surge is on account of low cost and light weight.
Primary Packaging Segment to Grow at the Fastest Pace Impelled by the Advantage of Protection Against Chemicals
On the basis of packaging type, the market for pharmaceutical packaging is categorized into primary, secondary, and tertiary. The primary packaging segment is estimated to expand at a commendable pace over the study period. The products help in the maintenance of shelf life and protect the drugs from chemicals and moisture.
Oral Drug Delivery Packaging to Hold Dominating Share Owing to Flexibility in Designing Dosage
By drug delivery mode, the market is segregated into oral drug delivery packaging, nasal drug delivery packaging, topical drug delivery packaging, ocular drug delivery packaging, injectable packaging, transdermal drug delivery packaging, pulmonary drug delivery packaging, and others. The oral drug delivery packaging segment held a dominating share in the global market.
By geography, the market has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report presents a systematic study of the market’s segments and a thorough analysis of the market overview. An in-depth evaluation of the current market trends as well as future opportunities is offered in the report.
Drivers and Restraints:
Expanding Pharmaceutical Industry Around the Globe to Drive Market Growth
In wealthy nations such as the U.S., the U.K., and Germany as well as in developing nations such as China, India, and Brazil, the pharmaceutical sector is expanding quickly. The population is growing, technological advancements are increasing, and new government regulations are being put in place to stop the spread of infectious diseases. Additionally, the rising demand for biological products and emerging treatments such as cell and gene therapies are expected to promote the pharmaceutical packaging market growth.
However, an escalation in counterfeit drugs could hamper industry expansion to a considerable extent.
Information Source: https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860
Regional Insights:
North America to Lead Backed by Elevated Demand for Packaging due to Rising Healthcare Expenditure
The U.S. is the largest contributor to North America, which has the largest pharmaceutical packaging market share. The region's development is attributable to the pharmaceutical industry's explosive growth. The market growth in this region is being driven by the increased need for primary packaging goods, surging healthcare spending, and rising disease prevalence.
Germany, the U.K., and Italy in Europe accounted for the second-largest market in the globe. Pre-filled syringes, plastic bottles, containers, vials, and ampoules have all aided in the expansion of this industry.
China, Japan, and India are the top three nations in the Asia Pacific contributing to the market expansion.
Competitive Landscape:
Innovative Product Launch Initiatives by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster their brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development:
August 2022 – Aptar Pharma announced its acquisition of global clinical-stage rights to the Orbital inhaler. The product was originally developed by Pharmaxis.
We do not claim ownership of any content, links or images featured on this post unless explicitly stated. If you believe any content or images infringes on your copyright, please contact us immediately for removal ([email protected]). Please note that content published under our account may be sponsored or contributed by guest authors. We assume no responsibility for the accuracy or originality of such content. We hold no responsibilty of content and images published as ours is a publishers platform. Mail us for any query and we will remove that content/image immediately.
Copyright © 2024 IndiBlogHub.com. Hosted on Digital Ocean