Pharmaceutical Packaging Market to represent a significant expansion at 6% CAGR by 2029

Global pharmaceutical packaging demand surpassed the revenues worth US$ 75 Bn in 2018. According to a new research intelligence outlook of Future Market Insights (FMI), the pharmaceutical packaging market is set to demonstrate healthy Y-o-Y growth in 2019, by more than 5%.

Bottles, with the current share of over a third of the market value, are envisaged to remain highly sought after as a type of packaging for pharmaceutical products. The report also highlights that packer bottles continue to represent higher popularity over liquid bottles. Furthermore, blisters and vials & ampoules will remain the next most preferred types of pharmaceutical packaging, particularly driven by HDPE and LDPE.

Emerging Economies Hold the Hotbed of Opportunities

While the relatively lesser penetration of cutting-edge technology enabled healthcare services and still-to-improve delivery healthcare infrastructure have been limiting the growth of market in developing Asian countries, it is highly likely that the same will attract several investments in the near future. China, India, and other fast-developing economies across APEJ have reflected significant progress in the healthcare and medical infrastructure, over the past two decades.

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The Chinese government has heavily invested in the construction of hospitals, clinics, and centers. The report opines that this scenario will create multiple growth opportunities for pharmaceutical packaging manufacturers during the course of coming years.

New Product Launches in Line with Surge in Sustainability Demand

Packaging manufacturers operating in the pharmaceutical packaging market will remain focused on the supply chain distribution, for better capturing the newly emerging market opportunities. Defined strategies such as outsourcing supply chain to third-party distributors are likely to emerge as the top developmental plan of companies for identification of existing loopholes and the efficient transport routes. Several packaging companies are also investing in long-term partnerships/contracts with distributors and sterilization service providers to generate higher sales volume and thereby increase market share in the pharmaceutical packaging industry.

In October 2017, Shott AG introduced a new iQ platform for simplifying the drug manufacturing and development process. This concept normalizes ready-to-use syringes, and cartridges within a single tub format for filling on the same filling line, minimizing the changeover time.

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In September 2017, Klockner Pentaplast Group introduced “High Technology Films” catering the need of pharmaceutical packaging applications.

In February 2017, Uflex developed a particular polyester film as an alternative to PVC and BOPA films, which are prominently used in cold form blister packaging.

In February 2016, Gerresheimer AG introduced first eco-friendly plastic containers for pharmaceutical packaging and cosmetic applications, branded “BioPack.” This newly launched brand is regarded as a substitute for traditional PE and PET-based packaging.

Key players profiled in the report titled pharmaceutical packaging market include – Amcor Limited, Schott AG, Gerresheimer AG, Berry Global, Inc., Klockner Pentaplast Group, Becton, Dickinson and Company, Catalent, Inc., Parekhplast India Ltd., Ardagh Group S.A., West Pharmaceutical Services, Inc., Uflex Ltd., ACG Pharmapack Pvt. Ltd., Bilcare Limited, Wipak Group, Mondi Group Plc, Sealed Air Corporation, Constantia Flexibles Group GmbH, Clondalkin Group Holdings B.V., Westrock Company, Piramal Glass Limited, and Bemis Company, Inc.

For additional insights on the global market scenario of pharmaceutical packaging, write to press@futuremarketinsights.com

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