According to a new report published by Allied Market Research, titled, “Pharmaceutical Packaging Market by Product ad Material: Opportunity Analysis and Industry Forecast, 2021โ2027,” the global pharmaceutical packaging market was valued at $ 88,880 million in 2019, and is projected to reach $ 144,233 million by 2027, registering a CAGR of 6.1% from 2020 to 2027.
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Prominent players operating in the pharmaceutical packaging market include Amcor Ltd, Aptar Group, Inc., Catalent Inc., CCL Industries Inc., Becton, Dickinson and Company, Gerresheimer AG, West Pharmaceutical Services, Inc., Nipro Corporation, Berry Global Group, Inc., SCHOTT Pharmaceutical Packaging.
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- Based on product type, the others segment accounted for XX% revenue share of the market in 2019.
- On the basis of region, North America occupied XX% revenue share of the global hormone replacement therapy market in 2019,
- Asia-Pacific market is anticipated to grow with the highest CAGR of XX% throughout the forecast period.
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During the coronavirus pandemic, people are becoming more aware about the health safety leading to the more concerns regarding picking up of the packaged health products. Further, many pharmaceutical companies have also got benefited due to the healthcare related concerns. For instance, INEOS plans to build a hand sanitizer plant within ten days so that, it can produce on million bottles per month. SCHOTT also support the worldโs fight against COVID-19 with vials capable of holding up to 2 billion vaccination doses. Furthermore, Borosilicate glass is the most widely used material to package vaccines and has been used for more than a century. Approximately 50 billion borosilicate glass containers are made annually worldwide for use with a wide variety of vaccines and treatments. With well-established infrastructure and long-term fill/finish experience, most COVID-19 vaccines will likely use this packaging format. For instance, SCHOTT, which operates a global validated production network with 20 plants and more than 600 production lines for pharma glass and packaging, already has delivered millions of glass vials to SARS-CoV-2 programs, including supplying three out of every four COVID-19 vaccine projects undergoing Phase I, II, and III testing. There, these aforementioned reasons are expected to propel the market growth.
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The key factors that drive the growth of the global pharmaceutical packaging market comprise advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions, increase in product innovations and merger & acquisition to support new demands, serialized tracking and tracing of drugs. In addition, emerging generic drug market and rapidly growing drug delivery market and Increase in R&D and use of innovative packaging are further uplifting the growth of hormone replacement therapy market. However, price volatility of raw materials and stringent government regulations and standards are hampering the market growth. On the contrary, advancement in the biotechnology sector results in the introduction of new parenteral therapies and demand for innovative packaging products, growth in use of the smart packaging for patient engagement and identification, and increase in a patient-oriented medicines including biologics are expected to propel the pharmaceutical packaging market growth during the forecast period.
By product type, the plastic bottles segment is accounted to dominate the market share in 2019 as plastic bottles have always been the preferred mode of packaging tablets and capsules. Wide usage of plastic bottle for packaging liquid dosages, like syrups, nasal, and ophthalmic medications. The advantage of a plastic bottle is that pharmaceutical manufacturers can place more tablets in bottles more efficiently and cost-effectively. Further, the parenteral containers segment is expected to propel the market growth as plastic is slowly being eliminated from the parenteral packaging ecosystem. Companies are shifting toward prefilled and ready-to-use containers, which is expected to augment the usability of parenteral products in self-medication.
Region wise, the global pharmaceutical packaging market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North American market had witnessed supremacy in terms of revenue in 2019, owing to high purchasing power coupled with rise in adoption rate of smart and advanced packages. Further, U.S. in North America region has accounted for generating largest share, and will continue to be the largest share. This is attributed as U.S. is the advanced drug-producing sector commercializes new sophisticated therapies with specialized packaging needs. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR in terms of revenue during the forecast period pertaining to growth in the purchasing power of populated countries such as China, Japan, and India. Further, requirements for brand enhancement and differentiation, new packaging material development, increasing awareness of environmental issues, and the adoption of new regulatory requirements on recycling packages are projected to boost growth of the Asia-Pacific pharmaceutical packaging market.
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