NEW YORK, Nov. 5, 2023 /PRNewswire/ — The global pharmaceutical packaging market size is estimated to grow by USD 48.88 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.44%. The rise in R&D spending in the pharmaceutical industry is driving market growth. Pharmaceutical companies are investing heavily in R&D, which is expected to increase the number of pharmaceutical products in the market. Moreover, pharmaceutical manufacturers can lower their capital expenditure and operating cost by outsourcing packaging operations to third-party players, which would help them concentrate on their core business. The rising R&D spending by pharmaceutical manufacturers is expected to increase the demand for innovative packaging to differentiate the products in the market. These factors will fuel market growth during the forecast period. For more insights on the historic period (2017-2021) and forecast market size (2023-2027) – Request a sample report
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Pharmaceutical packaging market – Segmentation assessment
Segment overview
Technavio has segmented the market based on material (rigid plastic, flexible plastic, glass, and others), product (plastic bottles, caps and closures, blister packs, pre-fillable syringes, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The rigid plastic segment will account for a significant share of market growth during the forecast period. Rigid plastic bottles are generally made from polyethylene polymer. They can also be customized to various specifications. Rigid plastic packaging products are used for over-the-counter drugs such as oral drugs and tablets. Therefore, the increasing sales of over-the-counter drugs are expected to fuel the demand for rigid plastic packaging during the forecast period.
- North America will account for 31% of market growth during the forecast period. This growth is attributed to factors such as the increasing value of US pharmaceutical exports, rising healthcare spending, and aging population. Government health insurance programs are also boosting market growth. The US pharmaceutical industry receives a lot of venture capital investment, which further fuels the regional market’s growth.
Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a sample report
Pharmaceutical packaging market – Market dynamics
Leading trends influencing the market
- The rising demand for innovative lightweight materials is a leading trend in the market.
- Suppliers are offering lightweight, high-performance corrugated grades to lower costs and improve packaging performance.
- These packaging materials provide a barrier that is resistant to light, air, and moisture.
- Materials such as hard plastic help protect the content from moisture, particulate, and oxidation. For instance, Amcor Plc has developed a lightweight, hot-fill beverage plastic bottle.
- Therefore, the rise in the adoption of lightweight packaging materials will support the growth of the market during the forecast period.
Major challenges hindering the market growth
- A fragmented marketplace will challenge market growth.
- Established players focus on material production, product innovation, and high-volume supply, which increases suppliers’ unit cost of production.
- The presence of many small vendors leads to price wars, as they offer products at lower prices.
- Moreover, pharmaceutical manufacturers find it challenging to maintain profitability due to high raw material prices, transportation cost, and overall production cost.
- Therefore, pharmaceutical manufacturers expect packaging companies to offer products at low prices.
- These factors can negatively affect the growth of the market during the forecast period.
Insights on market drivers, trends, & challenges, historic period (2017 to 2021) and forecast period (2023 to 2027) – Request a sample report!
What are the key data covered in this pharmaceutical packaging market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the pharmaceutical packaging market between 2023 and 2027
- Precise estimation of the size of the pharmaceutical packaging market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the pharmaceutical packaging market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of pharmaceutical packaging market vendors
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
