Pharmaceutical packaging market size is worth $160.12 billion, globally, by 2028 at a CAGR of 4.49%, according to The Brainy Insights

NEWARK, NJ, August 16, 2022 /PRNewswire/ — According to a report published by The Brainy Insights, the global pharmaceutical packaging market is expected to grow from $108.0 billion in 2020 for $160.12 billion by 2028, at a CAGR of 4.49% over the forecast period 2021-2028. The North American region has emerged as the largest market for pharmaceutical packaging, with a 34.6% market revenue share in 2020. This share is mainly driven by new drug innovations and scientific advancements in the region , such as nanomedicines and biologics. Also, improved healthcare coverage and improved business models such as third-party alliances and outsourced R&D in the pharmaceutical industry are expected to drive the demand for pharmaceutical packaging.

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The pre-filled syringe segment is expected to witness the fastest growth with a CAGR of around 6.7% over the forecast period.

The type segment is divided into plastic bottles, labels and accessories, blisters, caps and closures, vials, prefilled syringes and ampoules. The pre-filled syringe segment is expected to witness the fastest growth with a CAGR of around 6.7% over the forecast period. The growth of the elderly population and the increase in non-communicable diseases like diabetes are the main reasons fueling the demand for pre-filled syringes.

The plastics and polymers segment held the largest market share of around 30.4% and a market value of around $32.83 billion in 2020.

The raw materials segment includes plastics and polymers, glass, paper and paperboards, metals and others. The plastics and polymers segment held the largest market value of approximately $32.83 billion in 2020 because plastic is easy to handle and lightweight. Plastics are the materials often used in pharmaceutical packaging. Due to properties such as moisture barrier, high dimensional stability, high impact power, resistance to deformation, low water absorption, transparency, heat, flammability, etc. , plastics have become increasingly essential in the packaging of pharmaceutical products.

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Regional Segmentation Analysis:

Regions assessed for Global Pharmaceutical Packaging Market include North America, Europe, South America, Asia Pacific, Middle Eastand Africa. The North American region leads the global pharmaceutical packaging market with revenue of $37.36 billion in 2020. North America is known for its technological development and product innovation, which motivates manufacturers to provide high quality pharmaceutical packaging solutions. Major factors driving the growth of the North American pharmaceutical packaging industry include the contribution of nanotechnology advancements in manufacturing processes and technological innovation, increasing demand for drug delivery devices medicines and blister packs.

Competitive analysis:

The major players in the global pharmaceutical packaging market are Amcor plc, AptarGroup, Inc., Becton, Dickinson, and Company, Berry Global, Inc., Catalent, Inc., CCL Industries Inc., Comar LLC, Gerresheimer AG, International Paper Company , Nipro Corporation, Schott AG, Vetter Pharma International, West Pharmaceutical Services, Inc. and WestRock Company, among others.

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This study forecasts global, regional and country-level revenue growth from 2018 to 2028. The Brainy Insights has segmented the global pharmaceutical packaging market based on the segments below:

Global Pharmaceutical Packaging Market by Type:

  • plastic bottles
  • Bandage packs
  • Labels and accessories
  • Caps and closures
  • Pre-filled syringes
  • Vials
  • Bulbs

Global Pharmaceutical Packaging Market By Raw Material:

  • Plastics and polymers
  • Paper and cardboard
  • Glass
  • Metals
  • Others

About the report:

The global pharmaceutical packaging market is analyzed on the basis of value (Billion USD). All segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.

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About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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SOURCE Smart Ideas