Pharmaceutical Packaging Market Key Drivers Update: Business Statistics and Forecast Methodology

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3 min read

The global pharmaceutical packaging market size was valued at USD 99.94 billion in 2022. The market is projected to grow from USD 105.01 billion in 2023 to USD 156.12 billion by 2030, exhibiting a CAGR of 5.83% during the forecast period. The surge is due to the escalating prevalence of non-communicable and communicable diseases across various regions. This information is presented by Fortune Business Insights, in its report titled, “Pharmaceutical Packaging Market, 2023-2030.”

COVID-19 Impacts:

The coronavirus pandemic caused hardship to several businesses driven by the shortage of raw materials and interrupted supply networks. West Pharmaceutical Services’ businesses, however, were excluded from the lockdown limitations due to the importance of their operations to the neighborhood. In order to produce healthcare items, the pharmaceutical business was established, and government support for prescription meds and generic medications will encourage market expansion. The market's leading manufacturers have automated their processes to keep up with the rising demand for pharmaceutical items connected to COVID-19.

Report Coverage:

The report presents a systematic study of the market’s segments and a thorough analysis of the market overview. An in-depth evaluation of the current market trends as well as future opportunities is offered in the report.

Drivers and Restraints:

In wealthy nations such as the U.S., the U.K., and Germany as well as in developing nations such as China, India, and Brazil, the pharmaceutical sector is expanding quickly. The population is growing, technological advancements are increasing, and new government regulations are being put in place to stop the spread of infectious diseases. Additionally, the rising demand for biological products and emerging treatments such as cell and gene therapies are expected to promote the pharmaceutical packaging market growth.

However, an escalation in counterfeit drugs could hamper industry expansion to a considerable extent.

Regional Insights:

The U.S. is the largest contributor to North America, which has the largest pharmaceutical packaging market share. The region's development is attributable to the pharmaceutical industry's explosive growth. The market growth in this region is being driven by the increased need for primary packaging goods, surging healthcare spending, and rising disease prevalence.

Germany, the U.K., and Italy in Europe accounted for the second-largest market in the globe. Pre-filled syringes, plastic bottles, containers, vials, and ampoules have all aided in the expansion of this industry.

China, Japan, and India are the top three nations in the Asia Pacific contributing to the market expansion.

Key Industry Development:

August 2022 – Aptar Pharma announced its acquisition of global clinical-stage rights to the Orbital inhaler. The product was originally developed by Pharmaxis.

List of Key Players Mentioned in the Report:

  • Amcor Plc (Switzerland)

  • Gerresheimer AG (Germany)

  • SCHOTT AG (Germany)

  • Westrock (U.S.)

  • AptarGroup, Inc. (U.S.)

  • Berry Global, Inc (U.S.)

  • NIPRO (Japan)

  • CCL Industries Inc. (Canada)

  • West Pharmaceutical Services (U.S.)

Source-https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860