By the end of the year 2022, the net worth of the pharmaceutical contract packaging market was reported to have reached US$ 5.6 billion. As per our market analysis, the worldwide demand for pharmaceutical contract packaging could expand at an average of 7.5% from 2023 to 2033. By 2033, the adoption of pharmaceutical contract packaging is projected to be worth around US$ 11.9 billion, growing from US$ 6.1 billion in 2023.
Implementing advanced manufacturing techniques and technological advancements drive pharmaceutical contract packaging market growth. Investment in Research and Development activities to enhance the quality of their services and meet consumer demands could boost the packaging services for the pharmaceutical industry.
The market is anticipated to be driven by more strict quality standards and outsourcing trends in pharmaceutical packaging to contract packagers in emerging nations.
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Key Takeaways from the Pharmaceutical Contract Packaging Market Study Report
- The United States is the leading market globally for adopting pharmaceutical contract packaging solutions and could advance at 4.8% CAGR through 2033.
- With several market players providing for the outsourcing of pharmaceutical contract packaging, Germany is predicted to witness a 5% CAGR through 20233.
- The adoption of pharmaceutical contract packaging is also growing remarkably in the United Kingdom and is anticipated to experience a 6.4% CAGR from 2023 to 2033.
- In Asia, China, with a huge manufacturing base for pharmaceutical products currently leads the region in pharmaceutical packaging and could grow at 8.7% CAGR through 2033.
- India is another promising market for innovations in pharmaceutical contract packaging that could exhibit a lucrative 9.1% progress rate from 2023 to 2033.
- In all, plastic and glass materials are anticipated to have almost 83.9% of the total market share in 2023.
Competitive Landscape for Market Players
The global market for pharmaceutical contract packaging services is highly fragmented and competitive due to several global and local operators. Moreover, the growing lucrativeness in this market has encouraged the entry of contract packaging layers from the FMCG and electronics industries.
“Due to their affordable service offerings, new market players are witnessing a promising growth trend over the backs of small businesses. However, the biggest challenges small pharmaceutical businesses face are a lack of internal packaging skills, knowledge, and resources,” says Ismail Sutaria (Lead Consultant, Packaging and Materials).
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Recent Developments by the Market Players
By purchasing LSNE in December 2021, PCI Pharma Services took a big step toward expanding its services as a global CDMO. The company is also improving its product portfolio by leveraging its expertise in specialty manufacturing, clinical trial supply, and vaccine packaging.
Tjoapack Company purchased shares of Pharma Packaging Solutions, which is an outsourcing division of Carton Service Incorporate, in November 2021. The PPS purchase by Tjoapack will probably open up many new possibilities for developing its packaging and delivery network services.
To assist life science companies in maximizing their clinical research, launch scheduling, production, and marketing efforts, Experic and EVERSANA formed a partnership in December 2020. The Experic CMO is also a drug supply service provider, while the EVERSANA is the forerunner of future-oriented paid enterprises in life science disciplines.
About the Packaging at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Pharmaceutical Contract Packaging Market Segmentation
By Product Type:
- Flexible Packaging
- Plastic or Glass Containers
- Caps or Closures
By Form Type:
- Oral
- Injectable
By Application Type:
- Autacoids & Related Drugs
- Contraceptives
- Hormone Replacement
- Cardiovascular Medicines
- Cancer Therapies
By Region:
- North America Market
- Latin America Market
- Asia Pacific Market
- Middle East and Africa (MEA) Market
- Europe Market
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