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Pharmaceutical Packaging Market: Segmented: By End User Vertical (Retail Pharmacy, Institutional Pharmacy, Pharmaceutical Manufacturing, Contract Packaging, and Others); By Product Packaging (Primary, Secondary, and Tertiary); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Pharmaceutical packaging market to surpass USD 280.2 Billion by 2030, which is valued at 86 billion in 2019 at a compound annual growth rate of 11.40%
Pharmaceutical packaging can be described as packaging products manufactured using medicinal-compatible materials to secure, identify, and ensure the quality of the medicinal products contained within. They are made to protect the temperature and light-sensitive drugs from external environmental condition. The stored product can be protected from physical damage, chemical transaction, biological effects, and climate hazards using primary or secondary packaging. The key product section covers medical and drug products and equipment like tubes, blisters and accessories, caps and medical gloves, pre-filled syringes, containers, strip packing, pre-filled inhalers, vials, ampoules, jars & canisters, and cartridges.
According to the report, in line with the growth of numerous end-users of Pharmaceutical packaging throughout the world, the demand is expected to rise. Due to continuous rising demography, rising disposable income in developing economies, especially in Asian countries is expected to create demand from the end-user in the market. Moreover, the rising emphasis of medical sectors on increased life expectancy is expected to fuel the market growth. Strict government policies and a drive towards the usage of biodegradable and recyclable material has been the major reason for the rising demand in the pharmaceutical packaging market.
Primary Packaging is expected to dominate the market in 2019 and is anticipated to maintain its dominance throughout the projected period. This growth is attributed due to several reasons which the segment grows mainly due to several benefits like prevention of contamination, quality control, supply chain transport protection, and improved end-user efficiency. Due to increased patient adherence and comfort, the surge of incommunicable and other chronic diseases like migraine, cancer pain, asthma, etc has resulted in the new mode of oral drug delivery which has created further demand for primary packaging products like bottles, syringes, etc. However, secondary packaging is also anticipated to grow at a high rate as secondary packaging is a successive packaging or coating that holds product packages for grouping purposes. Secondary packaging is primarily used for distribution, marking, and display. This form of the product is not only used for drugs but the safety of the primary box.
The global Pharmaceutical Packaging market is segmented by end-user vertical into retail pharmacy, institutional pharmacy, pharmaceutical manufacturing, contract packaging, and others. Strong global demand for improved healthcare services, combined with rising demography, is expected to have a positive effect on growth in the coming years. Furthermore, increased government initiatives, especially in the developing economies, are expected to strengthen demand for the product over the predicted period. However, the contract packaging segment is also anticipated to grow with high numbers as the pharmaceutical sector has externalized the packaging operations to save time and cut packaging operations costs. The key players instead of investing in the infrastructure and capital prefer to redistribute the resources to the competent and skilled contractors for packaging.
Growing health consciousness
In the intensely challenging pharmaceutical packaging industry, increased safety awareness and the need for convenience in particular demands continuous assurance and difference through the production of new product content. The increasing awareness of environmental concerns and the introduction of new packaging recycling regulatory requirements also serve as the growing agents for the pharmaceutical packaging industry.
Improved design and technological advancements
Through the package design, the individual needs of elderly and disabled people are addressed, making the product more convenient to use. Brand safety from counterfeiting is also a crucial factor in improving market competitiveness. The development of new types of packaging like CRP, the technology used to detect radio frequency, and others with enhanced characteristics, have contributed to drastic market growth.
Government regulations
The rising emphasis of medical sectors on increased life expectancy is expected to fuel the market growth. Strict government policies and a drive towards the usage of biodegradable and recyclable material has been the major reason for the rising demand in the pharmaceutical packaging market.
Improper knowledge and inadequate resources.
Poverty, lack of adequate infrastructure, low literacy rates, and the proliferation in emerging markets of inappropriate health systems hinder the market growth. Within developing countries, poverty constitutes a major obstacle in accessing health care facilities. The major force that impedes access to healthcare services is the financial constraints, poor information, obsolete facilities, the lack of sufficient personnel, and improper knowledge of good healthcare practices.
In terms of value and volume, North America was the largest market accounting for XX% of the total market volume share in 2019
North America maintained its hegemony in the global Pharmaceutical packaging market in 2019 owing to key pharmaceutical players in countries like the USA, Mexico, and Canada. These players make a high investment in pharmaceutical products due to government regulations and drive towards increased mortality and high life expectancy rates. High per capita income leads to better standards of living which demand a potential health care system. This has led to huge investment in the pharmaceutical packaging market and major players have emerged who specialize in such sectors. APAC's market demand is powered by rising governmental policies in the global pharmaceutical industry, increasing contract manufacturing activities, growing population aging, and increased health care expenditure. China has emerged as the major player in the APAC region. However, consistent economic growth coupled with high population growth led to a rise in demand in countries like India, Brazil, etc
The global pharmaceutical packaging market is further segmented by region into:
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