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Chicago, April 5 (Korea Bizwire) — The global pharmaceutical packaging market size is projected to reach USD 196.8 billion by 2026 from USD 99.9 billion in 2021, at a CAGR of 14.5% during the forecast period. The increasing demand for pharmaceutical packaging in emerging markets owing to better access to healthcare, rising healthcare expenses, and growing consumer awareness regarding healthier lifestyle. Also, advanced drug delivery and innovative packaging solutions with higher patient convenience and compliance drive the market for pharmaceutical packaging.
APAC is projected to be the fastest-growing region amongst others in the pharmaceutical packaging market in 2020, in terms of value. Increasing government initiatives in emerging pharmaceutical market, increase in contract manufacturing activities, rise in aging population, and increased spending on healthcare are driving the market in APAC. China and India are the major markets in this region. In addition, growing technological advancements in healthcare sector in countries such as Singapore, China, Malaysia, Thailand, and others, increasing urbanization, and changing lifestyle are also some of the driving factors for the market growth in pharmaceutical packaging industry.
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The increase technological advancements in pharmaceutical packaging sector and the increasing demand for anti-counterfeiting packaging in the emerging economies, such as APAC and South America, are also driving the market. The key players in the pharmaceutical packaging market include Schott AG (Germany), Amcor (Switzerland), Aptar Group (US), West Pharmaceutical Services, Inc. (US), Berry Global (US), Gerresheimer AG (Germany), Catalent (US), and WestRock (US). The pharmaceutical packaging market report analyzes the key growth strategies, such as new product launches, investments & expansions, joint ventures, agreements, partnerships, and mergers & acquisitions adopted by the leading market players between 2019 and 2021.
Berry Global (US) has gained a strong foothold in the pharmaceutical packaging market. The company has a strong product portfolio for pharmaceutical packaging. The company operates through its multiple production sites and has extensive R&D infrastructure, which helps the company attain economies of scale. It focuses on offering customized solutions, and consistent customer service orientation to cater to consumer demand and achieve growth in the market. In July 2019, Berry (US) acquired RPC Group PLC (UK), a major provider of rigid packaging solutions to a wide range of end-use industries such as food, healthcare, beverage, and others. This acquisition will enable Berry to capture higher market share through an expanded product portfolio in existing and complementary product lines.
Gerresheimer (Germany) is another major player operating in the market. The company has a strong global presence and offers a wide range of innovative pharmaceutical packaging products such as bottles, vials, ampoules, and others. The company is focusing on organic growth strategies of new product launch and investment & expansion for increasing its geographical footprints and strengthen product portfolio and hence, widening its presence in various regions such as APAC and North America and increasing its revenue. In September 2020, Gerresheimer launched two innovation and technology centers in Germany and New Jersey. These centers will provide service for biotech companies regarding product development of primary packaging, drug delivery solution and material & functional testing. This development is expected to further expand the company’s reach in biopharmaceuticals.
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APAC is projected to be the fastest-growing region amongst others in the pharmaceutical packaging market in 2020, in terms of value. Increasing government initiatives in emerging pharmaceutical market, increase in contract manufacturing activities, rise in aging population, and increased spending on healthcare are driving the market in APAC. China and India are the major markets in this region. In addition, growing technological advancements in healthcare sector in countries such as Singapore, China, Malaysia, Thailand, and others, increasing urbanization, and changing lifestyle are also some of the driving factors for the market growth in pharmaceutical packaging industry.
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