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Written by amelia jems » Updated on: November 05th, 2024
The global pharmaceutical packaging market was valued at USD 105.01 billion in 2023 and is projected to grow to USD 110.55 billion in 2024, eventually reaching USD 176.94 billion by 2032. This represents a compound annual growth rate (CAGR) of 6.06% over the forecast period. North America led the market with a significant share of 30.02% in 2023. The expansion of the market is strongly influenced by the increasing adoption of both novel and generic drugs, particularly in developing countries, which is expected to contribute significantly to global growth.
The report titled “Pharmaceutical Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Glass, Metal, Paper & Paperboard), By Product (Plastic Bottles, Caps & Closures, Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials & Ampoules, Blister Packs, Bags & Pouches, Jars & Canisters, Cartridges), By Packaging Type (Primary, Secondary, and Tertiary), By Drug Delivery Mode, and Regional Forecast, 2024-2032” by Fortune Business Insights highlights the growing role of sustainable and innovative packaging solutions. The market, which had a size of USD 90.23 billion in 2019, has shown consistent growth driven by advancements in materials and the push for better safety and compliance in pharmaceutical logistics.
The Report Lists the Key Companies in the Pharmaceutical Packaging Market:
The report on the pharmaceutical packaging market encompasses:
Market Driver:
Booming Pharmaceutical Industry to Boost Market
The flourishing pharmaceutical industry in developing nations such as China, India, and Brazil and developed economies such as the US, UK, and Germany will spur lucrative opportunities for the market during the forecast period. The increasing technological advancements and healthcare spending will contribute positively to the market growth. The growing healthcare awareness along with mandatory government regulations to curb the spread of infectious diseases will have a tremendous effect on the market. Moreover, the inflated demand for biological products and emerging treatments like cell and gene therapies will further enable the speedy expansion of the market.
Information Source: https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860
Regional Analysis:
Heavy Demand for Packaging Products to Aid Expansion in North America
The market in North America is expected to hold the largest share during the forecast period owing to the rapidly flourishing pharmaceutical industry. The increasing demand for packaging products will further enable speedy expansion in the region. The growing healthcare spending and rising prevalence of diseases will further spur demand in the region. The increasing utilization of pharmaceutical products such as plastic bottles & containers, vials & ampoules, and pre-fillable syringes will bolster the healthy growth of the market in North America. Asia Pacific is expected to hold a significant share in the global market owing to the growing pharmaceutical industry in countries such as China, Japan, and India. The rising investments by pharmaceutical manufacturing companies will contribute positively to the market growth.
Key Development:
June 2020: SCHOTT announced agreements with leading pharmaceutical companies, including partners of ‘Operation Warp Speed’ to deliver 2 billion doses of pharma vials packaging to COVID-19 vaccines
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