A lead analyst at AMR highlighted that the pharmaceutical packaging market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the pharmaceutical packaging market. The findings of the report state that the global market for pharmaceutical packaging generated $7.23 billion in 2020, and is projected to reach $32.41 billion by 2030, witnessing a CAGR of 16.6% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. A surge in the need to develop sustainable and eco-friendly packaging solutions, the availability of advanced manufacturing processes, and an increase in R&D activities are expected to drive the growth of the global pharmaceutical packaging market. On the other hand, the price volatility of raw materials is expected to hinder growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The growth of the global pharmaceutical packaging market is attributed to increasing in product innovations and merger & acquisition to support new demands majorly drives the market growth. Furthermore, surge in emerging generic drug market and, rapidly growing drug delivery market, and increase in R&D and use of innovative packaging further contribute toward the growth of the market,” says Onkar Sumant Manager, Healthcare at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the pharmaceutical packaging market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global pharmaceutical packaging market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in transportation restrictions, a lack of workforce, and a shortage of raw materials, which negatively impacted its demand. This was majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
The report offers a detailed segmentation of the global pharmaceutical packaging market based on product type, material, and region.
Based on product, the plastic bottles segment held the largest market share in 2021, holding more than one-fifth of the global market. The parenteral containers segment, on the other hand, is expected to cite the fastest CAGR of 7.6% during the forecast period.
Based on material, the plastics and polymers segment held the lion’s share in 2019, contributing to more than one-third of the global market. The glass segment, on the other hand, is expected to cite the fastest CAGR of 8.5% during the forecast period.
Based on region, the market across North America held the dominating market share in 2019, holding more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.9% during the forecast period.
The key players analyzed in the global pharmaceutical packaging market report 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., and SCHOTT Pharmaceutical Packaging.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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 offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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