by The global pharmaceutical plastic packaging market is poised for substantial growth in the coming years, with rapid technological advancements and the expanding pharmaceutical sector driving market expansion. A recent market analysis report reveals key insights into this burgeoning industry, including market valuation, growth drivers, regional dynamics, and prominent market players.
Market Overview
The pharmaceutical plastic packaging market, a significant segment within the broader pharmaceutical packaging market, currently contributes nearly half of the industrys total revenue, which is estimated at approximately US$100 billion. The markets robust growth prospects are primarily attributed to the rapid expansion of the pharmaceutical industry, driven in part by the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular conditions. Moreover, ongoing technological and scientific advancements are expected to further fuel market growth, creating favorable conditions for the global pharmaceutical plastic packaging industry.
Key Findings
- Technological Advancements Fuel Growth: Cutting-edge technologies, such as nano-drug delivery systems utilizing nanoparticles, are revolutionizing drug delivery by enabling targeted and controlled release of therapeutic agents. These innovations hold tremendous potential for the treatment of various diseases, including cancer, cardiovascular diseases, diabetes, and inflammatory conditions.
- Emphasis on Child-Resistant Packaging: Child-resistant packaging (CRP) is extensively employed to prevent accidental ingestion of hazardous substances by children. Regulatory mandates in several developed countries for prescription drugs and over-the-counter medications have driven the adoption of CRP, contributing significantly to the growth of the pharmaceutical plastic packaging market.
- Focus on Primary Pharmaceutical Packaging: Primary pharmaceutical packaging, including plastic bottles, prefilled syringes, glass bottles, inhalers, blister packaging, and medication tubes, is witnessing robust demand. Pre-fillable syringes and inhalers are particularly in high demand, while innovations in biotechnology are driving the development of new injectable therapies and unit dosage packaging for diseases like diabetes.
- Plastics as an Ideal Raw Material: Plastic remains the preferred raw material for pharmaceutical plastic packaging due to its design flexibility, affordability, and exceptional properties such as rigidity, shatter resistance, moldability, and lightweight characteristics. These attributes make plastic packaging ideal for transportation and handling.
Key Market Segments
- Plastic Bottles Segment: Plastic bottles are the most popular packaging choice for pharmaceuticals, suitable for both liquid and solid forms of drugs. They offer versatility by accommodating various types of caps and closures for different applications, such as nasal sprays and ophthalmic drops.
- Nasal Drugs Lead the Way: Nasal drugs, often in liquid or powder form, are gaining prominence. Powder formulations provide stability and support device advancements. Nasal drug delivery containers, commonly known as nasal sprays, offer metered doses for precise drug administration.
Regional Opportunities
- North America: With a strong pharmaceutical manufacturing hub and extensive in-house production, North America is poised for substantial growth. The region boasts a significant number of pharmaceutical plastic bottle manufacturers, meeting the rising demand for such packaging.
- Asia Pacific: The Asia Pacific region is anticipated to witness rapid growth, driven by increasing consumer awareness, rising disposable incomes, government initiatives, expanding pharmaceutical contract manufacturing activities, and a growing geriatric population, especially in China and India.
Leading Industry Players
Prominent players in the global pharmaceutical plastic packaging market include Amcor plc, Becton, Dickinson and Company, AptarGroup, Inc., Drug Plastics Group, Gerresheimer AG, Schott AG, Owens Illinois, Inc., West Pharmaceutical Services, Inc., Berry Global, Inc., WestRock Company, SGD Pharma, International Paper, Comar, LLC, CCL Industries, Inc., and Vetter Pharma International. These companies are actively pursuing strategies such as mergers and acquisitions while focusing on innovation to enhance market penetration.
The global pharmaceutical plastic packaging market is set to experience remarkable growth in the coming years, driven by technological innovation and the ever-expanding pharmaceutical landscape. Industry leaders are poised to capitalize on these opportunities, positioning the market for a prosperous future.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/pharmaceutical-plastic-packaging-market
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This press release first seen on Brilad
COMTEX_441833685/2840/2023-10-13T06:23:42
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.