The global high barrier packaging films for pharmaceuticals market is forecast to expand at 5.3% CAGR over the estimated time-period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 484.8 million in 2023.
Regionally, the global pharmaceutical industry demonstrates a dynamic landscape, each with its unique attributes and growth factors. North America has historically maintained a prominent position in the pharmaceutical sector, demanding high-grade packaging to meet stringent quality standards. Consequently, there is a heightened demand for high barrier packaging films for pharmaceuticals to ensure the safe and unadulterated distribution of medicines, both domestically and globally.
Europe follows closely, with countries like Belgium and Denmark dedicating a significant portion of their GDP to the pharmaceutical sector, reinforcing the demand for advanced pharmaceutical packaging solutions.
The Asian region is poised for remarkable growth, driven by the surge in medical tourism in countries such as Malaysia, Singapore, Thailand, India, and China. Furthermore, healthcare infrastructure is undergoing rapid upgrades, enhancing the pharmaceutical sector’s efficiency and capacity.
Latin America is experiencing significant growth, with Brazil and Argentina playing central roles in this expansion. Middle and East Africa are also expected to contribute to the pharmaceutical industry’s revenue generation, gradually becoming key players on the global stage. The overall regional scenario underscores the vitality and dynamism of the pharmaceutical industry across the world.
Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-6402
The industry is inundated with the demand for multi-layered packaging films. High barrier packaging films contain multiple layers that restrict any adverse response caused by UV light and mineral oil. This packaging also creates a barrier between the contents of the packaging and external factors like moisture, oxygen, and other gases such as carbon dioxide. Since high barrier films are solvent-free and do not react with pharmaceutical packaged goods, they are observing high demand in pharmaceuticals.
High barrier packaging films have umpteen factors supporting their widespread use in the pharmaceutical industry. Some of these factors include cost-effectiveness, isolation from the outside environment, ease of handling, and a high level of protection. These films help regulate the temperature inside the packaging, thus contributing to its market expansion.
The films also help prolong the shelf life of a product by protecting it from light, moisture, biological contamination, and gases. Packaging manufacturers are shifting their focus to biodegradable innovative packaging solutions, which is expected to initiate the development of improved versions of additives and plastic films. Growing demand for customer-friendly packaging is also projected to have a positive impact on the high barrier packaging films for the pharmaceuticals industry.
Top Highlights from the FMI’s Analysis of High Barrier Packaging Films for the Pharmaceuticals Industry:
- The North America market attained a market share of 32.1% in 2022.
- The United States showcased a prominent market share of 29.1% in the year 2022.
- Europe is expected to trail behind North America. The European region is projected to grasp a market share of 29.6%.
- The German market is expected to experience a market share of 6.5% in 2022.
- The United Kingdom market is expected to expand at a CAGR of 5.6%.
- Within Asia Pacific, India, and China are projected to attain a CAGR of 7.1% and 6.8%, respectively, in the forecast period.
- On the basis of product type, coextruded films accounted for 80.7% in 2022.
- Based on application, blisters garnered a market share of 65.8% in 2022.
Market Drivers-
- Stringent Regulatory Standards: Pharmaceutical packaging is subject to rigorous regulations to ensure the safety and integrity of drugs. High barrier packaging films are essential to meet these standards, such as those set by the FDA and other international health agencies.
- Product Protection and Preservation: High barrier packaging films are designed to protect pharmaceutical products from external factors like moisture, oxygen, UV radiation, and contaminants. This preservation is vital in ensuring the stability and effectiveness of drugs over their shelf life.
- Extended Shelf Life: Pharmaceutical manufacturers are increasingly looking for ways to extend the shelf life of their products. High barrier films help achieve this goal by preventing the degradation of medicines due to environmental factors, which is especially crucial for biologics and other sensitive drugs.
- Rise in Generic Drugs: As the global demand for generic pharmaceuticals continues to grow, the need for efficient and cost-effective packaging solutions is on the rise. High barrier films play a pivotal role in ensuring the quality and safety of generic drugs.
- Innovations in Drug Delivery: The pharmaceutical industry is witnessing innovations in drug delivery methods, such as prefilled syringes, transdermal patches, and more. High barrier packaging films are adaptable to these evolving drug delivery systems.
Ready to Learn About Our Approach? Explore Our Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-6402
Competitive Landscape
- Amcor plc
- Bemis Company, Inc.
- Sealed Air
- KUREHA CORPORATION
- FLAIR Flexible packaging Corporation
- WINPAK Ltd.
- MULTIVAC
- DuPont, BERNHARDT Packaging & Process
Key Developments in the High Barrier Packaging Films for Pharmaceuticals Market:
- ACG’s high barrier ULTRASAFE and ACLAR films are coming across as being explicitly transparent and make provisions for the highest barrier against moisture and oxygen. These films go well on blister packaging machines and give better output with abysmal wastage.
- In April 2022, Toppan introduced high-barrier transparent film for applications focused on food and pharma. The new series of transparent barrier films are of a new grade that offers high-barrier performance clubbed with light shielding. The new solution has expanded the application spectrum and is present in markets in Japan and overseas.
Stay Updated with Recent Developments in the High Barrier Packaging Films for Pharmaceuticals Market
- Raven Industries Inc., in August 2020, launched the BioFlex I-series, which is a new product in its plastic film line. The latex-free film is utilized in personal defense equipment (PPE). This innovation is utilized in laboratories and hospitals to avoid hospital acquired infections (HAIs). It goes without saying that the product complements the company’s product line.
- In September 2021, Flex Films introduced ultra-high barrier film made of metallic polyester ‘F-UHB-M’ for the substitution of AI foil. This recyclable film is made of high-value proposition. The film has economic benefits, metal bond performance, and sustainability quotient.
Market Restraints-
- Cost of Materials: High barrier packaging films often use specialized materials and manufacturing processes to achieve the required barrier properties. This can result in higher production costs, which may be a limiting factor for pharmaceutical companies, especially for generic drug manufacturers and those operating in cost-sensitive markets.
- Environmental Concerns: While the pharmaceutical industry is increasingly focused on sustainability and reducing its carbon footprint, some high barrier packaging materials may not align with these goals. The use of non-recyclable or non-biodegradable materials in packaging can be a significant concern.
- Complexity in Recycling: High barrier films, with their multi-layered and often composite structures, can be challenging to recycle. The complex separation of materials can lead to difficulties in managing packaging waste effectively, which may not align with sustainability initiatives.
- Regulatory Hurdles: Meeting regulatory requirements for pharmaceutical packaging can be a complex and costly process. Changes in regulations and compliance standards can affect packaging designs and necessitate costly adjustments for manufacturers.
- Limited Innovation in Barrier Materials: Although there have been advancements in barrier materials, there may still be limitations in creating new, cost-effective, and sustainable materials with the required properties. This can restrict innovation in high barrier packaging.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-6402
Key Segments Covered in High Barrier Packaging Films for Pharmaceuticals Industry Research
by Product
- Cold-Formable Films
- Coextruded Films
- Thermo-Formable Films
by Material
- Aluminium
- Plastics
by Adhesion
- Bags and Pouches
- Blisters
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube