Various pharmaceutical activities such as drug discovery and drug development have witnessed an upswing as companies attempt to find new formulations and focus on offering novel drugs to treat chronic ailments. This aspect continues to remain instrumental in driving the need for advanced packaging methods, consequently pushing the pharmaceutical packaging market growth. The rising demand for over-the-counter (OTC) drugs has further influenced the market’s growth emphasizing need for different pharmaceutical packaging materials. In addition, macro aspects such as stable increase in the GDP per capita along with economic transformation have created a positive arena for the pharmaceutical sector and sales of new and effective drugs. This effort in introducing new drugs to combat disorders continues to shape the pharmaceutical packaging market.
COVID-19’s Influence on the Pharmaceutical Packaging Market
The COVID-19 pandemic has directly impacted the packaging industry as a whole with demand for advanced packaging techniques rises. Pharmaceutical drug manufacturers have been involved in the development of discovering an effective antidote and vaccine for the SARS-CoV-2 virus. This called for temperature-controlled packaging solution, which paved potential opportunities apropos to use of various packaging materials. This is likely to trigger use of plastics, glass vials and other material in pharmaceutical packaging process. After the vaccination drives for COVID-19, there has been a significant capacity bottleneck created worldwide. This is poised to further trigger the use of pharmaceutical packaging materials in turn complementing the market growth in the following years.
Plastic to Remain a Sought-After Material in Pharmaceutical Packaging
Demand for pharmaceutical packaging solutions using plastic material is expected to witness a significant boost in the years to follow. Plastic pharmaceutical packaging is the most sought-after solution owing to its perceived benefits such as significantly lower costs, light weight, enhanced barrier property and strength. Moreover, higher resistance against intervention of foreign particles, better dimensional stability and accuracy coupled with increased flexibility of plastic material has pushed its adoption in pharmaceutical packaging. This is one of the crucial factors that have influenced the use of plastic ampoules used in the packaging of medicines and drugs. The upcoming years are expected to showcase dominance of plastic over other material used in the packaging of drugs, in turn complementing to the valuation of the pharmaceutical packaging market worldwide.
Development of New Environment Friendly and Biodegradable Solutions to Bolster Growth of the Pharmaceutical Packaging Market
Increasing demand for convenience and rising health awareness worldwide has necessitated brand differentiation with the development of advanced pharmaceutical packaging solutions. To complement this, growing awareness regarding environment health along with prevalence of regulatory standards for recycling of packaging material is likely to impact the pharmaceutical packaging market. Companies offering pharmaceutical packaging solutions are transitioning towards development of novel biodegradable packaging solutions. For example, Natupharma has introduced a plastic pharmaceutical packaging that is essentially 100% biodegradable, recyclable and environment friendly. This was carried out using the combination of sugarcane and a completely biodegradable plastic additive to produce green plastic. Such novel breakthroughs are expected to augur well for the pharmaceutical packaging market. In addition, development of Child Resistant Packaging (CRP) and RFID has further influenced demand, consequently augmenting growth of the pharmaceutical packaging market.
Asia Pacific to Remain an Opportunistic Revenue Region
Developing economies in the Asia Pacific region are expected to showcase higher lucrativeness apropos to growth potential in the following years. This can be attributed towards momentous growth in the pharmaceutical industry across emerging economies such as India and China. Moreover, increasing population size along with growing aging population is likely to influence sales of drugs and medicines, in turn calling for advanced pharmaceutical packaging solutions. Other aspects such as increased healthcare spending, favorable government initiatives and growth in contract manufacturing activities continue to fuel growth of the pharmaceutical packaging market in Asia Pacific region.
Pharmaceutical packaging Market: Competitive Landscape
Companies in the pharmaceutical packaging market are developing new products, increasing their production capacity and also involved in acquisitions, collaborations and partnerships to maintain market position. For instance, in 2020, new oval tubes were introduced by Berry Global in the US. These packaging solutions are compatible with various products such as homecare and personal care. On the other hand, in 2021, Pharma Packaging Solutions, a US based packaging company, was acquired by Tjoapack. With this acquisition, Tjoapack will gain opportunities in supply chain and contract packaging services for the pharma sector.
Few of the key players in the pharmaceutical packaging market include Schott AG, Berry Global, Amcor, WestRock, West Pharmaceutical Services Inc., and Gerresheimer.
Global Pharmaceutical Packaging Market is Segmented as Below:
By Drug Delivery
Key Elements Included In The Study: Global Pharmaceutical Packaging Market
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