The global pharmaceutical packaging market is expected to reach USD 160.12 billion by 2028, at a CAGR of 4.49% from 2021 to 2028.

NEWARK, USA, NEW JERSEY, November 16, 2021 /EINPresswire.com/ – According to the report published by The Brainy Insights, the global pharmaceutical packaging market is expected to grow from USD 108.0 billion in 2020 to 160.12 billion USD by 2028, at a CAGR of 4.49% during the forecast period 2021-2028. The North America region has emerged as the largest pharmaceutical packaging market, with a 34.6% share of market revenue in 2020. This is largely due to new pharmaceutical innovations in the region, scientific advancements, such as nanomedicines and biologics. In addition, improved healthcare coverage, improved business models such as alliances with third parties and outsourced R&D in the pharmaceutical industry are expected to drive demand for pharmaceutical packaging.

The major players in the global pharmaceutical packaging market are Amcor plc, AptarGroup, Inc., Becton, Dickinson, and Company, Berry Global, Inc., Catalent, Inc., CCL Industries Inc., Comar LLC, Gerresheimer AG, International Paper Company, Nipro Corporation, Schott AG, Vetter Pharma International, West Pharmaceutical Services, Inc. and WestRock Company, among others. The growing emphasis on sustainability by pharmaceutical packaging manufacturers with the adoption of recyclable and biodegradable materials is likely to drive the growth of the market. In addition, the increasing demand for convenient forms of packaging, such as auto-injectors and pre-filled syringes, is expected to generate growth opportunities for companies operating in the market.

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The type segment is divided into plastic bottles, labels and accessories, blisters, caps and closures, ampoules, vials, pre-filled syringes. The pre-filled syringe segment is expected to be the fastest growing type with a CAGR of around 6.7% during the forecast period. Pre-filled syringes replace traditional syringes and vials. Pre-filled syringes aim to reduce wastage by providing a self-administered metered dose, maintaining patient compliance. The presence of the above properties, ease of handling and reduced risk of breakage provided by these syringes increase the demand for pre-filled syringes.

The raw materials segment includes plastics and polymers, glass, paper and cardboard, metals and others. The plastics and polymers segment held the largest market share of around 30.4% in 2020. Indeed, different types of plastics and polymers, including polyvinyl chloride, polyethylene terephthalate, polypropylene, polystyrene and polyethylene, are widely used in the production of many pharmaceutical packaging products among others. Polypropylene is expected to have the fastest growth rate during the projected period.

The development of improved and more advanced healthcare facilities, combined with the growth of pharmaceutical companies through alliances and collaborations (to maintain a presence, both nationally and internationally), is expected to fuel the market growth of pharmaceutical packaging in the near future. However, the main hindrances to the growth of the pharmaceutical packaging industry are the increase in total packaging costs, due to strict regulations and aggressive regulatory actions by governing bodies on the manufacture of counterfeit drugs.

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