Pharmaceutical Packaging Market to Reach $233.3 Billion, Globally, by 2035 at 6.3% CAGR: Allied Market Research

Increase in demand for pharmaceuticals, innovations in packaging materials and technologies, and growth in focus on patient safety and compliance drive the growth of the global pharmaceutical packaging market.

PORTLAND, Ore., May 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Pharmaceutical Packaging Market By Product (Parenteral Container, Plastic Bottle, Blister Packing, Specialty Bags, Closures, Labels, Others), By Material Type (Glass, Aluminum Foils, Plastics And Polymers, Paper And Paperboards, Others): Global Opportunity Analysis And Industry Forecast, 2024-2035". According to the report, the global pharmaceutical packaging market was valued at $111.7 billion in 2023 and is estimated to reach $233.3 billion by 2035, exhibiting a CAGR of 6.3% from 2024 to 2035.

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Prime determinants of growth

Growth in advancements in packaging technologies and the presence of key players are the factors that drive the growth of the global pharmaceutical packaging market. However regulatory compliance is anticipated to hinder the market growth. On the contrary, a rise in healthcare expansion is expected to offer remunerative opportunities for the pharmaceutical packaging market during the forecast period.

Report coverage & details:



     
              Report Coverage 
     
              Details



     Forecast Period            
     2024-2035



     Base Year                                                        2023



     Market Size in 2023                           
            $111.7 billion



     Market Size in 2035                           
            $233.3 billion



     CAGR                                                           6.30 %



     No. of Pages in Report                                            275



     Segments covered             Product, Material Type, and Region



     Regional scope               North America, Europe, Asia-Pacific,
                                    LAMEA



     Drivers                      Increase in demand for pharmaceuticals


                                   Innovations in packaging materials and
                                    technologies


                                   Growth in focus on patient safety and
                                    compliance



     Opportunities                Growth opportunities in emerging markets



     Restraints                 
     Stringent regulatory compliance

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The plastic bottle segment maintained its lead position during the forecast period.

By product, the plastic bottle segment accounted for the largest share in 2023, accounting for more than one-fifth of the global pharmaceutical packaging market revenue. This dominance is attributed to multiple factors, including the widespread use of plastic bottles to package diverse pharmaceutical liquids and solids. Their versatility, lightweight construction, durability, and cost-effectiveness, coupled with compliance with stringent regulations, fuel sustained demand and growth in the pharmaceutical packaging market for plastic bottles.

However, the parenteral containers segment is projected to register the highest CAGR of 7.8% during the forecast period. This growth is attributed to several factors, including the rise in demand for injectable medications, increase in the prevalence of chronic diseases, advancements in biopharmaceuticals, and expanding applications of parenteral drug delivery systems. Additionally, stringent regulatory requirements and a focus on patient safety further drive the adoption of specialized parenteral containers, thereby fueling market growth.

The plastics and polymers segment to maintain its lead position during the forecast period.

By material type, the plastics and polymers segment accounted for the largest share in 2023, accounting for more than one-third of the global pharmaceutical packaging market revenue. This is attributed to the versatility, durability, and cost-effectiveness of plastic packaging solutions. Furthermore, continuous advancements in plastic materials and manufacturing technologies are enhancing the performance and functionality of plastic packaging, consolidating its stronghold in the market.

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However, the glass segment is projected to register the highest CAGR of 8.6% during the forecast period. This growth is attributed to the remarkable barrier properties, inertness, and perceived high quality of glass packaging, especially for delicate pharmaceutical products. Moreover, rise in demand for environment-friendly and recyclable packaging materials contributes to the increasing adoption of glass in pharmaceutical packaging, thereby driving its growth during the forecast period.

North America to maintain its dominance by 2035

By region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global pharmaceutical packaging market revenue. This is primarily attributed to high purchasing power, coupled with a rise in the adoption rate of smart and advanced packages.

However, Asia-Pacific is projected to register the highest CAGR of 7.8% during the forecast period. This is attributed to the presence of large untapped opportunities in this region. Further, requirements for brand enhancement and differentiation, new packaging material development, increase in awareness of environmental issues, and the adoption of new regulatory requirements on recycling packages are projected to boost the growth of the Asia-Pacific pharmaceutical packaging market.

Leading Market Players: -

    --  Amcor plc.
    --  Aptar Group, Inc.
    --  Catalent Inc.
    --  CCL Industries Inc.
    --  BD (Becton, Dickinson and Company)
    --  Gerresheimer AG
    --  West Pharmaceutical Services, Inc.
    --  Nipro Corporation
    --  Berry Global Group, Inc
    --  Schott Pharmaceutical Packaging

The report provides a detailed analysis of these key players in the global pharmaceutical packaging market. These players have adopted different strategies such as product launch, product development, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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