INDIA PHARMACEUTICAL PACKAGING MARKET ANALYSIS

India pharmaceutical packaging market is projected to reach around US$ 3.25 Billion by 2030, in terms of revenue, exhibiting a CAGR of 9.7% during the forecast period (2023-2030).

India Pharmaceutical Packaging Market: Drivers

• Growing adoption of eco-friendly pharmaceutical packages: The increasing adoption of eco-friendly pharmaceutical packages by various pharmaceutical drug manufacturing companies to address environmental concerns is driving market growth. Moreover, various packaging companies are developing eco-friendly packaging products for pharmaceutical companies, which is again fostering market growth. Therefore, the above-mentioned reasons have contributed to eco-friendly packaging solutions, which have boosted the growth of India pharmaceutical packaging market.
• Rapid change technological advancement and innovative packaging solutions: Growing technological advancements in packaging solutions to offer innovative applications to the pharmaceutical packaging solution is boosting market growth. For example, recent popular advancements in packaging design include zip-lock bags. These bags offer a lightweight and compact way of securing medicine. Moreover, the next generation of pre-filled syringes offers patients a stress-free and safe subcutaneous drug delivery option.

India Pharmaceutical Packaging Market: Restraints

• Rapid change in prices of raw materials: Fluctuating prices of raw materials used in packaging solutions are expected to hinder market growth. Resins, plastics, and films are majorly used in developing packaging solutions. Stringent government regulations and standards for packaging are again projected to restrict market growth. Stable Raw materials Prices can boost the India Pharmaceutical Packaging market growth.

India Pharmaceutical Packaging Market: Opportunity

• Increase in advancement in biotechnology sector and use of smart technology: Advancement in the biotechnology sector has led to the introduction of new parenteral therapies and the demand for novel packaging products. This is expected to offer potential growth opportunities for market players in the near future. Increasing use of smart packaging for patient engagement and identification is expected to provide major growth opportunities in the market. Various companies are now adopting smart labeling technology such as radio frequency identification (RFID) and near-field communication (NFC) tags to track products and engage with patients.

India Pharmaceutical Packaging Market: Trends

• Increase in advanced pharmaceutical packaging solution: The rise in prevalence of chronic disease due to the changing lifestyle of consumers and their eating habits is contributing to the demand for various drugs. This, in turn, creates demand for advanced pharmaceutical packaging solutions. Key companies are focusing on the utilization of postconsumer recycled (PCR) material to promote sustainability. Moreover, various companies have developed packaging solutions from compostable material to increase sustainability, and this trend is projected to continue in the near future as well.

India Pharmaceutical Packaging Market: Key Developments

In July 2022, the consumer health division of Cipla (Cipla) entered into a definitive contract to acquire Endura Mass (Endura Mass Weight Gain), a nutritional supplement for weight gain, from the private limited liability company Medinnbelle Herbalcare Pvt.Ltd. for an undisclosed sum.

In May 2022, Hong Kong-Nun Corporation (HK.N. Corporation) entered into an exclusive co-operation agreement with the Indian pharmaceutical and biopharmaceutical research and development company Dr.Reddy's Laboratories to supply and commercialize the patented novel molecule of HK.N. corporation, Tegoprazane, for the treatment of gastrointestinal diseases in the Indian market and six key emerging markets.

In June 2022, Glenmark Pharmaceuticals Limited, a global pharmaceutical company focused on innovation, launched a novel fixed-dose combination drug, Indacaterol+Mometasone, in India for the treatment of patients with uncontrolled asthma. The company has launched the Fixed-dose combination under its Indamet brand, and the medication will be available in three strengths: indacaterol (150 mcg), mometasone (80 mcg), and 320 mcg (160 mcg) once daily.

In March 2022, VIRALEX, an antiviral drug developed by Themis Medicare Ltd. Has granted marketing authorization by the DCGI. Double-blind, randomized, and compound (RCT) clinical trials have demonstrated that the drug aids in the initial relief of clinical symptoms in patients with mild to moderate COVID-19 infection.

India Pharmaceutical Packaging Market: Segmentation

The India pharmaceutical packaging market is segmented on the basis of product type and material type. Further, it is divided on the basis of product type: specialty bags (urinary collection bags, bile collection bags, blood bags, sterile packaging bags, enteral feeding), parenteral container (bags, bottles, ampoules, vials, and cartridges, others, parenteral container), others and on the basis of material type: glass, aluminum foils, plastics and polymers, paper & paperboards, others.

Figure 1. India Pharmaceutical Packaging Market Share (%), By Product Type, 2023

To learn more about this report, request a free sample copy

On the basis of product type, in 2022, the others segment accounted for the largest market share of 69% in terms of value, followed by the parenteral container and specialty bags, respectively.

Figure 2. India Pharmaceutical Packaging Market Share (%), By Material Type, 2023

To learn more about this report, request a free sample copy

On the basis of material type, in 2022, the plastics and polymers segment accounted for the largest market share of 35% in terms of value, followed by the paper and paperboards and aluminum foils, respectively.

India Pharmaceutical Packaging Market: Impact of Coronavirus (COVID-19) Pandemic

The financial impact of the COVID-19 pandemic was significant, particularly in the initial stages, due to the nationwide lockdown, government regulation, and the gradual increase in national infection rates. Nevertheless, the pandemic also led to an increase in market demand for packaging as consumers became increasingly concerned about the virus's viability on packaging surfaces.

India Pharmaceutical Packaging Market: Key Companies

Key Companies operating in India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited

*Definition: Pharmaceutical packaging designs are based on scientific principles to ensure patient safety and ease of use. These packaging designs are intended to make the products easier to swallow and more convenient for patients. Additionally, they have designed packaging that fits into the modern consumer's lifestyle, which improves the likelihood of patient compliance. Packaging designs in the pharmaceutical industry include primary and secondary packaging.