Global Pharmaceutical Packaging Market: Snapshot
A quality management system must be followed to ensure the consumers and patients receive high-quality drugs at their disposal. As per the WHO guidelines on packaging for pharmaceutical products, “drug packaging needs to be protected and consequently needs to be secured in exclusive containers as per the prescribed standards, particularly to safeguard the intrusion of moisture, light, and other biological contaminators.” Such imminent needs for safeguarding the health of patients is attributed to pharmaceutical packaging market growth.
According to a recent IndustryARC market research report, the global pharmaceutical packaging market oozed from opportunities worth $95 billion to $97 billion as of 2018. And if the ongoing trend is followed, the pharmaceutical packaging market value is anticipated to grow at a positive CAGR of 6% to 7% during the forecast period of 2019 to 2025. The pharma manufacturing end-user industry is the most lucrative segment for the pharmaceutical packaging market and is expected to flourish at a positive CAGR of 5.5% to 6.5% during the aforementioned forecast period.
As per the IndustryARC business analysis, The North American region possesses the highest demands from the pharmaceutical packaging industry. It shares about 40% to 42% of the total market demand among all other regions. In terms of developing economies, the information gathered from the National Centre for Biotechnology Information says that, the sales of pharmaceutical markets in the BRICS (Brazil, Russia, India, China, and South Africa) and MIST (Mexico, Indonesia, South Korea, and Turkey), has doubled in five years as of 2017, reaching almost 20% of the total pharmaceutical marketplace. The shift is accredited to the increasing population, rising disposable income, and escalating life expectancy. These changes escort a swing in disease patterns. An unpredictable exponential rise in the incidence of non-communicable diseases such as diabetes, oncologic illness, and cardiovascular diseases are observed, which are presumed to subsidize to the pharmaceutical packaging market.
The available information is presented from the IndustryARC’s report titled “pharmaceutical packaging market: by type (blister, strip, ampules, vials, bottles, collapsible tubes); by material (plastic, paperboard, glass, aluminum) & geography – forecast (2019 – 2025).”
Global Pharmaceutical Packaging Market Companies: Recent Developments
Some of the key players influencing the global market are -Amcor Ltd., Gerresheimer, Schott AG, Westrock Company, Comar LLC, Capsugel, Owens-Illinois, Berry Plastics Group, Becton Dickinson & Company, and the Aptar Group.
Amcor is considered one of the global leaders in developing high-quality responsible packaging products for a variety of home, personal care, food and beverage products including packaging for pharmaceutical products and medical devices. Following the pharmaceutical packaging trends, the company installed its digital pharmaceutical labeling press at Cramlington, U.K. in 2017. As per their Vice President Paul Vega, this investment have helped them expedite their delivery timelines which have consequently assisted them to achieve an advantage over their completion in the pharmaceutical packaging market.
The company offers products for drug distribution integrated with pharmaceutical preparations. The company is known for its packaging products such as primary glasses, glass tubes, and polymer packaging products including analytical laboratory services. Dr. Nicolas Eon, the global product manager for the syriQ syringe portfolio has innovated a packaging solution for biotech drugs. One such solution for preserving high-sensitivity drugs is syriQ BioPure syringes. These prefill able glass syringes are specifically designed to ensure drug stability and ease administration for the patients at the time of drug delivery.
The packaging company TemperPack, developed a novel solution for pharmaceutical packaging. They used recycled cotton formed into a low-density insulation linear packaging material as their pharmaceutical packaging product. This eco-friendly packaging promotes sustainability while protecting the integrity of the medication. As per a Forbes article, the company secured an investment of $22.5 million from Steve Case Revolution Growth which totaled its funding to $40 million in January 2019.
The global pharmaceutical packaging industry is flourishing owing to the prominent need for secure drug delivery. The rising trend of patient treatment at their residential sites has exponentially advocated for the growth in the pharmaceutical packaging market. Innovations in packaging products have bolstered the market revenue in the specific market. Manufacturing sustainable packaging products for the pharmaceutical industry has turned out to be one important competitive factor for the pharmaceutical packaging market.
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