Pharmaceutical Packaging Market to Surpass US$ 144.00 Billion by 2025, Globally
Pharmaceutical packaging, also known as drug packaging, involves activities from pharmaceutical production to distribution to the end user, through the distribution channels. Technological advancements, rise in demand for devices of drug delivery, increasing demand for eco-friendly and reusable packaging, rapid development in healthcare services coupled with rapid urbanization especially in the emerging economies such as India, and China are some of the major factors responsible for the growth of the pharmaceutical packaging market at the global level.
However, fluctuating prices of the raw materials used for the manufacturing of pharmaceutical packaging products is one of the major factors restraining the growth of the market currently. However, the impact of this restraint is expected to remain medium throughout the forecast period.
Sale of counterfeit medicines is another major factor that is hindering the growth of the market at present. Asia Pacific accounts for a large share for the sale of counterfeit medicines. Counterfeiters use regular packaging for the sale of counterfeit medicines, which is greatly hindering the growth of the pharmaceutical packaging market in the region. However, the impact of this restraint is expected to subside by the end of the forecast period on account of rising consumer awareness about counterfeit medicines, rising media interference regarding the same and stringent actions taken up by the governing bodies. For instance, in 2017, under the new Anti-Falsification Directive in Europe, drugs that are prescribed by the doctors will have to be provided with a unique code number, which will signify that the packaging is authentic and new.
North America dominated the pharmaceutical packaging equipment market in 2016, accounting for a market share of over 40% and is expected to retain its position throughout the forecast period. U.S. is the major contributor to the growth of this market and is expected to project a strong growth during the forecast period on account of frequent product launches by the major manufacturers in the field of pharmaceutical packaging. Furthermore, large presence of major manufacturers operating in the pharmaceutical industry such as Pfizer are creating huge opportunities for the manufacturers of pharmaceutical packaging in the country, which in turn is augmenting the growth of this market in North America.
Asia Pacific market is expected to project the highest CAGR of 10.37% during the forecast period due to growing urbanization and rising demand for healthcare services. India, Australia, China, South Korea and Japan are some major economies contributing to the growth of pharmaceutical packaging market in this region.
On the basis of material, plastics and polymers segment dominated the pharmaceutical packaging market in 2016, with a revenue of US$ 34.68 billion in the same year. Availability of numerous grades for plastic, easy handling due to light weight and its property of being chemically inert are some of the major factors responsible for the large market share of this segment.
On the basis of product, plastic bottles are witnessed to lead the market throughout the forecast period.
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Among the end users of pharmaceutical packaging, the pharmaceutical manufacturing segment dominated the market in 2016, and is expected to lead the market throughout the forecast period. However, contract packaging is expected to have rapid growth due to increasing number of manufacturing facilities, especially in the developing countries coupled with increasing efforts taken up by the manufacturers in order to minimize costs and maximize product development.
North America led the pharmaceutical packaging market in 2016 and is expected to retain market dominance throughout the forecast period. However, Asia Pacific is anticipated to exhibit the fastest growth in the pharmaceutical packaging market during the forecast period.
Major Players in Global Pharmaceutical Packaging Market
Major players operating in the market of pharmaceutical packaging include Amcor Limited, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc and Graphic Packaging International Inc.
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