According to the report compiled by Fact.MR, the pharmaceutical packaging market is expected to witness steady growth. The market is projected to increase to 7.5% CAGR during the forecast period 2019-2029.
Increasing healthcare spending in developed countries and growing preference for convenient packaging solutions, especially among millennials, will propel growth. Market incumbents are investing in expansion strategies and research & development of sustainable packaging materials that comply with stringent government regulations.
In February 2019, European Union (EU) mandated the serialization of pharmaceutical drugs to improve tracking of pharmaceuticals and curb counterfeiting activities.
Key Takeaways of Pharmaceuticals Packaging Market Study
- Plastics & Polymers will grow 2X during the forecast on the back of increasing adoption of sub-segments such as polypropylene in sustainable packaging practices.
- Primary pharmaceutical packaging is going to grow two-folds between 2019 and 2029. Development of new drugs such as Apelisib (Piqray, Selinexor (Xpovio) will further generate demand for primary packaging.
- Contract packaging will show 2.4X growth through the end of forecast. This is attributable to prevalence of strategic partnership between pharmaceutical companies and packaging manufacturers.
- North American pharmaceutical packaging market exhibits 1.8X growth during the forecast period. Growing geriatric population, coupled with health conscious millennials opting for preventive care, positions this region as a majority shareholder of the total market value.
“Sustainability is key to growth in pharmaceutical packaging market. Governments are proactively lobbying packaging and product labelling practices and introducing regulations on a frequent basis. Manufacturers stand to gain sustainable growth by curbing environmental pollution from packaging waste. “-Says the Fact.MR Analyst
Manufacturers Leveraging Sustainable Materials at Scale
Aluminum foil packaging will gain increased traction from pharmaceutical drugs such as tablets, and capsules. Excellent recyclability quotient enables broader adoption of aluminum foil packaging. Trends such as convenient dosing and increased product information will engender demand for additional product features and innovation in packaging methods of pharmaceutical drugs. Carbon footprint reduction must be a top priority, manufacturers can start recycling initiatives such as in-store recycling where consumers return used inhalers and other devices. Biologics and other customized medicine trends will propagate niche pharmaceutical packaging during the forecast period. Market players must be vigilant about development of these trends to capitalize on remunerative growth opportunities.