The pharmaceutical industry is witnessing a significant transition, and the focus on the development of biopharmaceutical drugs has considerably grown over the past few years.
Pharmaceutical drugs are majorly offered in tablet, capsule, liquid, and powder forms. Various packaging types, including rigid bottles, standup pouches, flat pouches, sachets, and blister packs, are used for their packaging. Packaging companies increasingly focus on incorporating dispensing mechanisms, administration aids, sustainable material, tamper-evident properties, and counterfeiting measures into the packaging to enhance their functionality and safety.
With the growing demand for advanced healthcare products and the increasing need for cost-effective and sustainable packaging solutions, the medical packaging market is poised to grow in coming years.
The global pharmaceutical packaging market size was valued at USD 127.83 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. The enormous growth of the pharmaceutical sector is one of the primary growth factors for the pharmaceutical packaging sector. The pharmaceutical business has been expanding quickly in recent years due to scientific and technological advancements, and this trend is predicted to continue over the projection period, particularly in developing nations like China, India, and Brazil. The U.S. accounted for the largest pharmaceutical market worldwide.
Increasing demand for advanced healthcare products: The global healthcare industry is growing rapidly, and this is driving the demand for advanced healthcare products. For instance, few biotechnology-driven drug therapies are unstable in liquid form and are, therefore, introduced as lyophilized or dry powder dosage forms. Lyophilized drugs demand specialized packaging for optimal performance, creating new opportunities for packaging manufacturers.
Growing need for cost-effective and sustainable packaging solutions: The medical packaging industry is under increasing pressure to develop cost-effective and sustainable packaging solutions. This is due to the rising cost of healthcare and the growing environmental awareness.
Increasing regulatory requirements for medical packaging: The regulatory requirements for medical packaging are becoming increasingly stringent. This is to ensure that medical packaging meets the highest standards of safety and quality.
Growing demand for flexible packaging: Flexible packaging is becoming increasingly popular in the medical packaging market. This is because flexible packaging is lightweight, easy to use, and can be customized to meet the specific needs of medical products.
Increasing use of active and intelligent packaging: Active and intelligent packaging are becoming increasingly popular in the medical packaging market. These types of packaging can provide information about the condition of a medical product, such as its temperature or humidity.
Growing demand for customized packaging: The medical packaging market is seeing a growing demand for customized packaging. This is because different medical products have different requirements for packaging.
Pharma manufacturing is the key end-use segment that accounted for the highest share of 49.9% in 2022 and is expected to grow strongly from 2023 to 2030. This is owing to the increasing demand for medicines. As per the World Health Organization (WHO), between 2015 and 2050, the proportion of the world’s population of age over 60 years will nearly double from 12% to 22%. The geriatric population requires additional medical assistance, thereby fueling pharmaceutical manufacturing activities. This, in turn, will likely boost the demand for pharmaceutical packaging.
Market players in the pharmaceutical industry have increased the outsourcing of packaging activities to save their expenses and time. Instead of investing in packaging products, manufacturers outsource packaging operations to specialized and highly capable contractors to ensure efficient packaging. This is expected to push the demand for contract manufacturing.
Retail pharmacies increasingly incorporate branding activities on their packaging to differentiate them from others. Polybags and paper pouches are the commonly used packaging products by such retail pharmacies. The increasing retail penetration, especially in developing countries like India, China, and Brazil, is expected to boost the retail pharmacy end-use segment.
Institutional pharmacies are the pharmaceutical outlets operating within institutions, such as medical hospitals, nursing care facilities, and assisted living communities. An increasing number of hospitals and nursing homes and rising healthcare spending are likely to have a positive impact on the institutional pharmacy end-use segment.
The Asia-Pacific region is expected to be the fastest-growing market for medical packaging during the forecast period. This is due to the increasing demand for healthcare products in the region, as well as the growing regulatory requirements for medical packaging.
The North American region is also expected to be a major market for medical packaging. This is due to the high healthcare spending in the region, as well as the increasing demand for advanced healthcare products.
The medical packaging market is highly competitive. The major players in the market include Amcor, Bemis, Berry Global, DuPont, and Sonoco. These companies are investing in research and development to develop innovative packaging solutions that meet the specific needs of the medical industry.
The global medical packaging market is a rapidly growing market, and it is expected to continue to grow in the coming years. The growth of the market will be driven by a number of factors, including the rising demand for advanced healthcare products, the increasing need for cost-effective and sustainable packaging solutions, and the growing demand for medical devices. The market is dominated by a few major players, but there are also a number of smaller companies that are competing for market share. The medical packaging market is a dynamic and evolving market, and it is expected to continue to grow in the coming years.
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