Coherent Market Insights

Pharmaceutical Packaging Market to Surpass US$ 388.83 Bn by 2031.

Pharmaceutical Packaging Market to Surpass US$ 388.83 Bn by 2031. - Coherent Market Insights

Publish In: Feb 27, 2024

Pharmaceutical Packaging Market, By Material (Plastic & Polymers (High Density Polyethylene, Polyester, Low density Polyethylene, and Polyvinyl Chloride), Aluminium Foil, Paper and Paperboard, Glass and Others), By Product Type (Plastic Bottles (Dispensing Bottles, Standard Bottles, Jars and Cans), Blister Packs (Wallet Packs and Compartment Packs), Caps and Closures, Pre-Fillable Syringes, Medical Specialty Bags, Pouches and Strip Packs, Pre-Filled Inhalers (Dry Powder Inhalers and Meter Dose Inhalers), Medication Tubes (Composite Tubes, All-Plastic Tubes and Collapsible Metal Tubes) and Others), By End Use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging, Institutional Pharmacy, and Others), By Livestock (Poultry, Porcine, Equine, Acquaculture, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 145.29 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 15.1% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.

The major factors propelling the growth of the global pharmaceutical packaging market at the global level include rising demand for eco-friendly and biodegradable packaging, and increasing demand for pre-fillable syringes since they are associated with various advantages such as reduced drug wastage, convenience, and easy drug administration. Factors hindering the growth of the market include fluctuating prices of the raw materials that are used for manufacturing pharmaceutical packaging products, and increasing sale of counterfeit medicines.

Global Pharmaceutical Packaging Market - Impact of Coronavirus (Covid-19) Pandemic

The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.

The COVID-19 pandemic has had a positive impact on this market, as the increased production and consumption of medicines, along with investments in drug discovery, have paved the way for increased demand for packaging. The packaging sector has proven to be resilient through challenging economic environments, such as the COVID-19 pandemic, driving the demand for packaging that ensures product integrity and minimizes contamination risks.

Recent Developments

  • In August 2023, Amcor plc. announced the North American launch of curbside-recyclable AmFiberTM Performance Paper, which is part of the company's AmFiber portfolio. This initiative aims to provide more sustainable end-of-life outcomes for packaging, including pharmaceutical, and medical products. Amcor plc is a global packaging company that develops and produces flexible packaging, rigid containers, specialty cartons, closures, and services for various industries, including food, beverage, pharmaceutical, and medical devices.
  • In January 2022, Amcor plc. launched the AmFiberTM platform, which offers paper-based packaging products for various sectors, including pharmaceuticals, medical, home- and personal-care, and other products

Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Pharmaceutical Packaging Market”- Forecast to 2031, Global Pharmaceutical Packaging Market, By Material (Plastic & Polymers (High Density Polyethylene, Polyester, Low density Polyethylene, and Polyvinyl Chloride), Aluminium Foil, Paper and Paperboard, Glass and Others), By Product Type (Plastic Bottles (Dispensing Bottles, Standard Bottles, Jars and Cans), Blister Packs (Wallet Packs and Compartment Packs), Caps and Closures, Pre-Fillable Syringes, Medical Specialty Bags, Pouches and Strip Packs, Pre-Filled Inhalers (Dry Powder Inhalers and Meter Dose Inhalers), Medication Tubes (Composite Tubes, All-Plastic Tubes and Collapsible Metal Tubes) and Others), By End Use Industry (Pharmaceutical Manufacturing, Retail Pharmacies, Contract Packaging, Institutional Pharmacy, and Others), By Livestock (Poultry, Porcine, Equine, Acquaculture, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)

Link: https://www.coherentmarketinsights.com/market-insight/pharmaceutical-packaging-market-891

Key Takeaways of the Market

  • Global pharmaceutical packaging market was valued at US$ 145.29 Bn in 2024 and is forecast to reach a value of US$ 388.83 Bn by 2031 at a CAGR of 15.1% between 2024 and 2031
  • Major players operating in the global pharmaceutical packaging market include Amcor plc, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois Inc., West Pharmaceuticals Services Inc., Schott Pharmaceuticals Services Inc., RPC Group Plc. and Graphic Packaging International Inc.
  • Key market players operating in the global pharmaceutical packaging market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.

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