Pharmaceutical Packaging Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

Pharmaceutical Packaging Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

The pharmaceutical packaging market is expected to grow at a CAGR of 8.24% during the forecast period (2022-2027). Pharmaceutical packaging mainly corresponds to products developed for transferring and storing medications that are packaged using compatible materials. Packaging materials are selected from various material types and product kinds based on the nature of the drug to offer protection, identification, and integrity for the contained drug product.

• Pharmaceuticals should be safeguarded against mechanical, chemical, biological, and environmental threats. For use in different drug delivery routes, including oral, pulmonary, injectable, transdermal, topical, interventional, nasal, and ocular, medicines are packaged using various basic materials, including plastics,glass, among others.
• The pharmaceutical industry has evolved considerably, owing to various factors, including the growth in regulatory norms worldwide and the focus on population health management and invention. In addition, the increased demand for over-the-counter medicines and a more informed customer base are also driving the market's growth.
• Packaging manufacturers are ensuring that the design of pharmaceutical containers for biologics addresses the challenge of extractable and leachable (E&L) that can diminish a biologic's purity and therapeutic effectiveness due to the risk of drug/container interaction. For instance, syriQ BioPure syringes are designed such that a range of coated plunger stoppers address the challenges, especially for sensitive applications. The company tested more than 48 combinations featuring premium quality elastomer components.
• Furthermore, nanotechnology, the science of very small materials, has a huge impact on pharmaceutical packaging, as it introduces innovative and new-gen packaging solutions to the market, thus, driving growth. Improved barrier properties in plastics and enhanced functionality for nanotechnology facilitate the development of the pharmaceutical packaging market. Hence, innovations in nanotechnology aid the growth and expansion of the plastic pharmaceutical packaging segment.
• However, the major constraints, such as financial limitations, a lack of knowledge, outdated equipment, a shortage of qualified staff, and awareness of basic healthcare procedures, restrict access to healthcare services. The market for pharmaceutical packaging may also be constrained by the volatility of raw material prices and strict government rules and standards.
• The spread of COVID-19 negatively impacted the market due to supply chain disruptions due to extended factory closures globally. Logistically, it has been difficult for bottles, blister packaging, prefillable syringes, vials, and ampoules manufacturers to provide to pharma companies.
• The global demand for pharmaceutical packaging is expected to increase for the next two to three years for COVID-19 vaccine supply. Various vendors expand their capacity to meet this surge in demand. Another major trend includes the growing demand for packaging products with antiviral and antibacterial properties. The market is further spurred by the fear of consumers and microbes' ability to stay alive on packaging surfaces.

• Glass packaging is one of the primary methods used by the pharmaceutical industry, as it limits the alkalinity and hydrolytic resistance of the glass container. Within the pharmaceutical packaging market, glass bottles are expected to occupy a significant share by volume, driven by an increasing number of applications in both solid and liquid oral medications. Glass containers provide convenience, safety, and security to consumers.
• Glass containers offer high transparency, which allows easy inspection of contents, and enable protection as they are relatively impermeable to air and moisture and are chemical resistant to most medicinal products.
• The United States dominates the North American market for pharmaceutical glass packaging due to the presence of global players like Owens-Illinois, Corning, etc. These companies cater to some of the largest pharmaceutical companies, like Abbott, Pfizer, Roche, and Novartis. These pharmaceutical companies cater to domestic and international customers from their North American facilities.
• The demand for pharmaceutical glass and containers majorly arises from densely populated economies, such as India and China. Growing pharmaceutical production in these countries further increases demand.
• Also, China's National Health Commission expects the size of the Chinese healthcare industry to reach CNY 16 trillion (USD 2.39 trillion) by 2030. According to the Chinese Center for Disease Control and Prevention, Institute for Health Metrics and Evaluation, China reached a "tipping point," with chronic conditions replacing infectious diseases as the leading causes of early death. Such huge investments are anticipated to drive the growth of the market.
• In September 2021, Schott completed an expansion at its pharmaceutical glass tubing site in Jinyun, China. The plant started its production in November 2020, after a 15-month ramp-up period. Customers and government representatives officially inaugurated it in the summer of 2021, and it supplies borosilicate glass tubing to produce containers for vaccines and other drugs.
• According to the International Trade Center, exports of glass and glassware in 2021 were valued at around USD 89.33 billion, up 21% from the previous year's USD 73.75 billion. The increasing trend in glass exports may signify rising glass packaging demand in the pharmaceutical industry.

• North America is known for its technological development and product innovations, which motivate manufacturers to produce high-class packaging solutions for the pharmaceutical industry. Major factors driving the growth of the North American pharmaceutical packaging market include the contribution of nanotechnology advancement in manufacturing processes and technological innovation, growing demand for drug delivery devices, and blister packaging in the pharmaceutical packaging market.
• The United States will continue to be the largest national pharmaceutical packaging market as its advanced drug-producing sector commercializes new sophisticated therapies with specialized packaging needs. Advances in pharmaceutical packaging in the country are focused on improving the barrier properties of the packaging material.
• Moreover, the United States dominates the North American pharmaceutical packaging market due to the significant presence of global players, like Amcor plc, AptarGroup, Inc., West Pharmaceutical Services, Inc., Becton, Dickinson and Company, McKesson Corporation, etc. These companies cater to some of the largest pharmaceutical companies, like Abbott, Pfizer, Roche, and Novartis. These pharma companies provide domestic and international customers from their North American facilities.
• Pharmaceutical drug sales are increasing as people become more health conscious and adopt a healthy lifestyle in the United States and Canada. The trend makes the sales of pharmaceutical packaging products, such as refillable syringes, vials, blister packs, etc. There is a need for constant innovation in the United States market, as stringent regulations by agencies, such as the FDA, require manufacturers to comply with strict rules while packaging drugs in the region.
• Various regional companies intend to collaborate in enhancing sustainable packaging options while developing and transforming the pharmaceutical industry with innovative plant-based packaging. For instance, in September 2021, Jones Healthcare Group, a market player in advanced packaging and medication dispensing solutions, and good-natured Products Inc., a North American player in environmentally friendly plant-based products, announced a new partnership to expand sustainable packaging solutions. Jones' blister packaging goods are created with amiable Bio-PET, a bioplastic that is curbside recyclable and suitable for use with food. With the help of this new plant-based solution, Jones can optimize its packaging design, eliminate potentially harmful chemicals, and guarantee that most North American families can easily recycle its packaging. In Canada, regional and national pharmacy chains will carry this new custom-designed blister packaging.

The pharmaceutical packaging market is consolidated, where a few firms contribute a significant market share while established companies focus on innovation and acquisition. Companies invest resources and money in R&D to innovate new products, meet the environment, and comply with government compliance. Digital mass serialization is becoming a popular solution to combat counterfeiting. Some of the recent developments in the market are -

• April 2022 - Amcor plc announced an investment to build new thermoforming capabilities for medical packaging in its Sligo, Ireland, healthcare packaging facility. The multi-million dollar investment will reinforce Amcor's dominance in the expanding sterile packaging market and give customers in Europe and North America access to a new location with comprehensive healthcare solutions.
• February 2022 - Aptar Pharma announced the construction of a new plant in India at a ceremony commemorating Aptar Mumbai's tenth anniversary. To provide more innovative product solutions to pharma customers in South East Asia, Aptar Pharma's expansion plans in Mumbai will significantly increase its manufacturing capacity, including the addition of moulding capabilities. The new Aptar Mumbai facility is consistent with Aptar's localization strategy and a direct response to the region's continuing consumer demand.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support