Attributing to several benefits of pharmaceutical plastic packaging the overall attractiveness of the market is expected to remain high during the forecast period. By registering a CAGR of 5.8% the overall valuation of the global pharmaceutical Plastic packaging market is anticipated to reach US$ 96,339.16 million by 2033.
Increasing pressure to dispatch novel and sensitive medicines, especially those having less shelf life is pushing demand for active packaging solutions. Technological advancements in drug packaging along with supply chain and inventory tracking play a vital role in safe drug delivery from the lab to the market.
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During the pandemic, pharmaceutical and packaging industries faced challenges in the supply chain and the need to change the packaging. Limitations on transportation were creating insufficiency of the raw material and other resources, straining the pharmaceutical plastic packaging solution production processes.
In the first quarter of 2021, the pharmaceutical plastic packaging market did recover at a rapid pace, as various nations resumed their manufacturing activities. They also started taking initiatives for reforming regulations and allowing plastic packaging of drugs for quick distribution of medicines and eliminating Covid-19.
Key Takeaways from the Pharmaceutical Plastic Packaging Market Study Report
- The United States pharmaceutical plastic packaging market is expected to witness consistent growth of 3.6% in the forecast period, owing to rising demand after the pandemic.
- East Asia has emerged as the most lucrative market for pharmaceutical plastic packaging and is expected to create an incremental opportunity of nearly US$ 12 billion by 2030.
- Among the different types of products, plastic bottles rule the roost by contributing 40% market share, followed by caps & closures.
- Primary packaging witnesses the highest demand as it comes in direct contact with the drug. Secondary and tertiary packaging implies the packaging of different groups of primary packaging.
- The next generation of prefilled syringes and cartridges is expected to outbid demand for expensive intravenous infusions (IV infusions) during the forecast period. Such advancements may lead to significant momentum in the production and sales of pharmaceutical plastic packaging going forward.
- Also, Zip-lock bags and pouches are gaining significant traction in the global market as it requires skill to slide a zipper and access the content. Further, the flap provided on the zipper covers it completely when the bag is not in use making it higher in demand these days. It could be quite lucrative for drug packaging solution providers to increase their production capacity and market position in the coming days.
Covid-19 Impact on Pharmaceutical Plastic Packaging Market
The ongoing coronavirus pandemic will have significant influence on the pharmaceutical plastic packaging industry. The outbreak has revealed faults in supply chains, and will force market players to optimize strategies, minimizing vulnerabilities. In addition, restrictions on international trade will generate opportunities for local suppliers.
Also, the pandemic is expected to result in a surge of demand for antiviral and antimicrobial properties to reduce the risk of Covid-19 transmission through packaging services.
Ampoules and vials in particular are likely to gain investments. Blister packs and trays will find lucrative opportunities. On the other hand, sustainability initiatives will lose priority, while automation and robotics in production processes will gain traction.
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Who is Winning?
Pharmaceutical Plastic Packaging Market In a new report, FMI has studied the strategies deployed by major companies participating in the pharmaceutical plastic packaging market. Market leaders have been pushing for strategic expansions of production capabilities with the deployment of new facilities or the expansion of existing ones. The expansion strategy also focuses on bolstering geographic penetration in emerging economies to leverage operational cost benefits.
Some of the participants operating in the contact tracing applications market include Gerresheimer AG, Schott AG, Alpha Packaging Holdings Inc., Klockner Pentaplast Group, Amcor plc, Berry Global Inc., Becton Dickinson and Company, Parekhplast India Ltd., West Pharmaceutical Services Inc., Wipak Group, Mondi plc, Sealed Air Corporation, and Constantia Flexibles Group GmbH.
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What to Expect in Our Report?
(1) A complete section of the Global Pharmaceutical Plastic Packaging market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Pharmaceutical Plastic Packaging market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Pharmaceutical Plastic Packaging market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Pharmaceutical Plastic Packaging market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Pharmaceutical Plastic Packaging Market report.
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