Pharmaceutical Packaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Pharmaceutical Packaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Pharmaceutical Packaging Market size is estimated at USD 102.10 billion in 2024, and is expected to reach USD 137.28 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).

Key Highlights

• The pharmaceutical industry is growing worldwide, creating a need for packaging to treat communicable and non-communicable diseases. Therefore, the demand for packaging in pharmaceutical manufacturing is growing as it protects pharmaceuticals from damage, biological contamination, and external influences.
• Increased demand for pharmaceuticals is associated with technological advancements in the industry and directly creates demand for bottles, vials, and other packaging solutions. Additionally, the growing demand for injectables is driving the growth of glass vials in the pharmaceutical industry. Strong demand for oncology and other high-potency drugs (such as antibody conjugates and fast-acting steroids) and increasing per capita spending on pharmaceuticals are expected to be key growth drivers.
• The global demand scenario for pharmaceutical products has supported revenue generation in the packaging sector and is expected to continue during the forecast period. Overall, the pharmaceutical packaging market is projected to register a steady growth rate due to ongoing expansion and research and development to improve pharmaceutical packaging. Thus, demand is anticipated to increase significantly during the forecast period.
• The plastic packaging industry faces rising polymer costs, making plastics more expensive. Additionally, the war between Ukraine and Russia has pushed prices up again. The demand for plastics and plastic products is increasing Y-o-Y. The lack of supply to keep up with the increase in demand is also one factor driving higher polymer prices, which is expected to hinder market growth.
• Owing to the spread of COVID-19, the market is expected to grow significantly. Due to the COVID-19 pandemic, customers shifted toward online purchasing. The COVID-19 pandemic hit hard on expanding packaging materials in developing and developed countries. However, strong demand for sterilized pharmaceutical packaging encouraged investment in the landscape. Moreover, industry players expect the healthcare industry to show strong demand for packaging technology.

Pharmaceutical Packaging Market Trends

Plastic Packaging Holds a Significant Market Share

• Plastic is one of the most popular materials for pharmaceutical packaging as it is more applicable, durable, flexible, and sustainable. Pharmaceutical packaging utilizes plastic bottles constructed from various materials, including polyvinyl chloride, polyethylene, polypropylene, and polystyrene. The industry uses transparent, durable, lightweight plastic to store and market.
• Plastics are used for packaging blister packs, sachets, prefilled syringes and inhalers, parenteral solution pouches, and bottles. Materials used in pharmaceutical packaging need to be chemically inert, have low permeability to water vapor, and are easy to handle. In addition, packaging materials come in direct contact with pharmaceuticals and biological agents and, hence, need to comply with strict regulations from regulatory authorities. Plastics and polymers meet these requirements; therefore, they are often used in pharmaceutical packaging.
• Bottles for pharmaceutical packaging consist of child-resistant caps and closures. The US FDA requires pharmaceutical plastic manufacturers to highlight "child-resistant packaging" on product labels for consumer evaluation. Rising demand for child-safe packaging is one of the factors driving the pharmaceutical plastic packaging market during the forecast period.
• Companies are focused on expanding their business as part of leveraging pharmaceutical packaging. For instance, in September 2024, Germany-based healthcare packaging firm Sanner unveiled blueprints for a fresh production site and its new headquarters in Bensheim. Specializing in plastic packaging for solid medications and single-dose primary packaging for liquids, Sanner has been at the forefront of promoting desiccant packaging in the pharmaceutical realm. This move to expand its presence in the region is poised to catalyze growth in the sector under scrutiny.
• Moreover, polyvinyl chloride and PVDC (polyvinylidene chloride), commonly used as principal packaging materials, protect pharmaceutical items from oxygen and odor, moisture, water vapor transmission, contamination, and bacteria. This makes PVC and PVDC the preferred materials for blister packing. Their superior organoleptic qualities ensure that the flavor of packaged food and medications remains unaffected. PVC mono films are sunlight and UV-ray-resistant and serve as a barrier against contamination by halting the spread of germs during production and distribution.

Asia-Pacific to Occupy Major Share

• The robust growth of the Chinese pharmaceutical sector creates significant business opportunities for the country's pharmaceutical packaging companies. It is now becoming critical for companies to look for packaging concepts that meet emerging needs in the pharmaceutical packaging market.
• The Chinese government's policies to accelerate the transformation of the country's medical regime are expected to promote the development of the pharmaceutical packaging sector. Furthermore, China is actively upgrading its pharmaceutical packaging facilities and materials and diversifying its pharmaceutical products, bringing new opportunities to pharmaceutical packaging firms.
• The future of the pharmaceutical packaging market in Japan looks good, driven by the pharmaceutical industry's growth and improving healthcare services in developing economies. In this market, plastic, glass, paper, and aluminum foil are the main material types. Emerging trends directly impacting the dynamics of the pharmaceutical packaging industry include rising demand for eco-friendly packaging, increasing use of nano-enabled packaging, and increasing adoption of blow-fill-seal technology.
• The pharmaceutical packaging industry in India has been experiencing substantial growth for several years. Due to innovations and emerging treatments, there is room for further growth in this section of the pharma industry. The COVID-19 pandemic has brought a new awareness of the need to package and distribute products efficiently. There will be expectations to manufacture and distribute products quicker, right down to the packaging. Packaging companies will face new pressures to develop solutions to get things moving faster and increase demand.
• South Korea is one of the fastest-growing pharma regions in Asia, emerging as a critical contributor to global healthcare innovation. It has tremendously advanced new drug research and development in the last few years. Especially during the past few years, Korea has developed new drug R&D capabilities in the global pharmaceutical and biotech landscape.
• The scope of the Rest of Asia-Pacific includes multiple countries, such as Indonesia, Australia, Singapore, Thailand, and Malaysia. The market is driven by the surge of international partnerships, biosimilars, an expansion in the export of finished formulations, and a robust generics market.

Pharmaceutical Packaging Industry Overview

The rivalry among the existing players is intense in the pharmaceutical packaging market. The market is fragmented with the presence of various major players, such as Amcor PLC, Schott AG, WestRock Company, Berry Global, and Aptar Group Inc. Companies are expanding their business through product launches, collaborations, and investments.

• May 2024: Gerresheimer AG, a key player in the pharmaceutical plastic packaging sector, announced its acquisition plans for Bormioli Pharma. This strategic move aims to integrate Bormioli Pharma's specialized offerings, such as the Dual Chamber and Child Proof / TE Closures Accessories, into Gerresheimer's portfolio, bolstering its presence in the pharmaceutical packaging landscape.
• January 2024: Bormioli Pharma, soon to be under the ownership of Gerresheimer AG, collaborated with Loop Industries, a clean technology firm. With a goal to meet the rising need for sustainable packaging, the collaboration is offering packaging made exclusively from Loop PET resin, a high-quality material sourced from recycled sources. This move underscores the growing demand for PET materials in the pharmaceutical packaging sector.

Additional Benefits:

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