SAN FRANCISCO, July 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Pharmaceutical Packaging - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: June 2021
Executive Pool: 3043
Companies: 246 - Players covered include 3M Company; Amcor plc; AptarGroup, Inc.; Becton, Dickinson and Company; Berry Global, Inc.; Catalent, Inc.; CCL Industries Inc.; Flexituff Ventures International Ltd.; Gerresheimer AG; KlÃ¶ckner Pentaplast Group; MaxQ; McKesson Corporation; Schott AG; Vetter Pharma International GmbH; W. L. Gore & Associates, Inc.; West Pharmaceutical Services, Inc.; WestRock Company and Others.
Coverage: All major geographies and key segments
Segments: Material (Plastics & Polymers, Paper & Paperboards, Glass, Metals, Other Materials); Product Type (Plastic Bottles, Parenteral Containers, Caps & Closures, Blister Packs, Labels & Accessories, Pre-Fillable Syringes, Pre-Fillable Inhalers, Other Product Types); End-Use (Pharmaceutical Manufacturing, Contract Packaging, Retail Pharmacy, Institutional Pharmacy, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; Rest of Asia-Pacific; Latin America; Brazil; Rest of Latin America; Middle East; Africa.
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Global Pharmaceutical Packaging Market to Reach $161.6 Billion by 2026
A key sector of the global packaging industry, pharmaceutical packaging is designed to offer protection and storage of various types of pharmaceutical products like medications, drugs and others. Growth in the global market is being driven by increasing healthcare awareness, new drug approvals, rising healthcare spending and buoyant market for biopharmaceuticals and generics. The demand for packaging in pharmaceutical industry is also propelled by regulations pertaining to tracing and serialization of products. The advent of novel biochemical compounds and drug delivery systems along with innovations in pharmaceuticals like blow fill seal vials, prefilled syringes and powder applications are influencing the packaging market. Another factor driving the market growth is rising geriatric population and increasing incident of chronic conditions, pushing the demand for new and effective pharmaceutical products. The rapid growth of the pharmaceutical industry, in view of the ongoing COVID-19 pandemic, is providing support to the growth of pharmaceutical packaging market.
Amid the COVID-19 crisis, the global market for Pharmaceutical Packaging estimated at US$98.2 Billion in the year 2020, is projected to reach a revised size of US$161.6 Billion by 2026, growing at a CAGR of 8.4% over the analysis period. Plastics & Polymers, one of the segments analyzed in the report, is projected to grow at a 9.1% CAGR to reach US$83.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Paper & Paperboards segment is readjusted to a revised 8.3% CAGR for the next 7-year period. This segment currently accounts for a 25.1% share of the global Pharmaceutical Packaging market. Plastics and polymers segment dominate market share, due to their easily moldable nature and ability to provide protective capabilities in a cost effective manner. Paper and paperboard is another key type of material used in packaging of pharmaceutical products, specifically for secondary and tertiary packaging purposes. The material finds use in making shrink wraps, cartons, cardboards, and boxes.
The U.S. Market is Estimated at $38.5 Billion in 2021, While China is Forecast to Reach $24 Billion by 2026
The Pharmaceutical Packaging market in the U.S. is estimated at US$38.5 Billion in the year 2021. The country currently accounts for a 34.87% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$24 Billion in the year 2026 trailing a CAGR of 10.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.9% and 7.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR while Rest of European market (as defined in the study) will reach US$26.1 Billion by the end of the analysis period. North America is a major market and likely to play an active role in driving the popularity and adoption of pharmaceutical packaging solutions in the region due to launch of various products with specific packaging needs. The region benefits from the presence of major pharmaceutical companies, availability of advanced technological research platforms, include the increasing funding towards research and development and increased government support. Growth in Europe is fueled by increasing pharmaceutical production and rising adoption of flexible packaging solutions by leading pharmaceutical companies. Asia-Pacific region is expected to witness high growth due to expansion of the pharmaceutical industry, increasing pharmaceutical production, a sizeable patient pool, rising consumer awareness and the need for novel packaging materials.
Glass Segment to Reach $25 Billion by 2026
Glass is a key material used in pharmaceutical packaging, primarily due to the inert nature of glass. The market for glass packaging material is expected to continue witnessing high demand drive by the increasing availability and manufacture of atmosphere-sensitive pharmaceutical drugs. In the global Glass segment, USA, Canada, Japan, China and Europe will drive the 7.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.7 Billion in the year 2020 will reach a projected size of US$19.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.9 Billion by the year 2026, while Latin America will expand at a 8.4% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyRtm
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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