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The global pharmaceutical packaging market is expected to be valued at USD 1,06,202.1 million by 2023, with a CAGR of 6.51% during the forecast period (2018–2023). The report covers segmentations and drivers for a better glimpse of the market in the coming years. Pharmaceutical packages are used for packaging pharmaceutical products and are manufactured using materials, such as paper and glass. This type of packaging provides uniformity of the drug through different production lots and ample printing space for necessary information regarding the drug’s contents. This assures patient safety and maintains the efficiency of the drug throughout the intended shelf life by preventing contamination.
Competitive Analysis
Some of the prominent players in the global pharmaceutical packaging market are Amcor Limited (Australia) SCHOTT AG (Germany), Owens-Illinois Inc. (US), Sonoco Products Company (US), West Pharmaceutical Services, Inc. (US), WestRock Company (US), Berry Global Inc. (US), CCL Industries, Inc. (Canada), AVERY DENNISON CORPORATION (US) International Paper (US), Comar, LLC (US), Gerresheimer AG (Germany).
Segmental Analysis
The global pharmaceutical packaging market is segmented based on material, type, application, and packaging. On the basis of material, the plastic segment is expected to dominate the global market, as it is a material that can be easily molded into various forms as per the packaging requirements for pharmaceutical substances and equipment, such as capsules, tablets, sterile injections, and solutions and suspensions.
On the basis of type, the bottles segment is expected to dominate the global market. The increasing demand for liquid medicines and rising technological advancements in packaging are some of the factors driving this segment.
On the basis of packaging, the rigid packaging segment is expected to dominate the global market. Rigid packaging protects the products from biological contamination, physical damage, and external influences that can damage the properties of the products.
On the basis of application, the global pharmaceutical packaging market is segmented into generic drugs, branded drugs, medical tools & equipment, test kits, nutraceuticals, and others. The generic drugs segment is expected to hold the maximum market share.
Regional Analysis
Geographic analysis of the global pharmaceutical packaging market spans across North America, Europe, Asia Pacific (APAC), and the rest of the world.
In 2017, North America was the leading region in the market with a market value of USD 25,070.45 million. The regional market value is expected to reach USD 34,402.60 million by 2023 with an impressive 5.91% CAGR during the forecast period.
In 2017, Asia-Pacific held the second largest market share in the pharmaceutical packaging market. Stringent regulations by the governments of different countries, such as China, Japan, and South Korea for plastic, glass, and paperboard packaging used in pharmaceutical companies create new opportunities for the global market players.
Europe is the fastest growing region in the global pharmaceutical packaging market. It is projected to witness significant growth during the forecast period owing to the new directives set by the European Union (EU) for pharmaceutical packaging.
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