The pharmaceutical plastic packaging market is projected to progress to US$ 83.9 Bn by the year 2030 at a CAGR of 5.8% between 2022 and 2030.
The global pharmaceutical plastic packaging market will reflect steady growth, supported by a surge in sales of pharmaceutical products to manage the coronavirus pandemic and a wide number of other chronic ailments.
Plastic packaging is increasingly being used on account of superior barrier properties. According to Future Market Insights, the global pharmaceutical plastic packaging market is projected to surpass US$ 83 Bn by the end of 2030.
Pharmaceutical plastic packaging is highly sought-after for superior barrier characteristics. In addition, resistance to breakage, leaks and corrosion, and high compatibility with modern printing technologies make plastics a favorable option for drug manufacturers.
The market for pharmaceutical plastic packaging is witnessing a promising growth owing to efforts by manufacturers towards the incorporation of anti-counterfeiting technologies such as QR codes, and nanomaterials, along with sustainability initiatives including bio-based plastics, and recycled plastics.
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The integration of smart-packaging technologies to improve patient compliance, and to prevent unauthorized access will also support market growth.
Rising demand for medication, particularly in developing countries, the vast population of geriatrics, issues of antimicrobial resistance, and stricter rules associated to medical safety and the environment are major influencers in the market.
However, manufacturers continue to be challenged by factors such as poor ductility and heat resistance, potential risk of instability and interactions between, pharmaceutical formulations and the container. Also, plastic packaging does not provide high clarity levels, which can be an issue in terms of inspections.
Rigid plastic packaging products are gaining traction in the pharmaceutical sector owing to better protective and recyclability characteristics.
- Prefilled syringes and cartridges are displaying strong growth owing to simplicity of use and better accuracy in dosage.
- Innovations in tamper evident and child resistant designs support adoption rates.
- North America and East Asia are prominent regional markets for pharmaceutical plastic packaging.
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.
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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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