Key Takeaways:
- From 2019 to 2023, the pharmaceutical packaging market was valued at a CAGR of 6.9%
- Based on product type, the bottles segment is expected to account for a share of 33.4% in 2024.
- Global pharmaceutical packaging demand in China is predicted to account for a CAGR of 7.5% in 2024.
- In the United States, the pharmaceutical packaging industry is expected to account for a CAGR of 5.6% in 2024.
- Germany is projected to expand by a value CAGR of 5.8% between 2024 and 2034.
- Pharmaceutical packaging market in India is anticipated to record a CAGR of 7.9% in 2024.
- The adoption of advanced packaging technologies, such as smart packaging, track-and-trace systems, and anti-counterfeiting measures, is on the rise in Japan
The pharmaceutical packaging market is estimated to be worth US$ 108.9 billion in 2024 and is projected to be valued at US$ 216.2 billion in 2034, according to Future Market Insights. Between 2024 and 2034, the industry is expected to expand at a CAGR of 7.10%.
The continuous rise in global healthcare expenditure, coupled with the growing demand for pharmaceuticals driven by aging populations and the prevalence of chronic diseases, is a primary driver. As healthcare needs escalate, pharmaceutical production increases, necessitating advanced packaging solutions.
Stringent regulatory requirements imposed by health authorities worldwide play a pivotal role in the pharmaceutical packaging market. Regulations ensure product safety, traceability, and adherence to quality standards, compelling pharmaceutical companies to invest in compliant packaging solutions. Ongoing advancements in packaging technologies contribute to market growth. Innovations such as smart packaging, track-and-trace systems, and tamper-evident features enhance product security, improve patient safety, and address counterfeiting concerns.
"The rapid growth of the pharmaceutical industry and increasing focus on ensuring the protection of drugs from spoilage, breakage, and leakage is anticipated to drive the market growth during the forecast period,” says Lead Consultant, Ismail Sutaria at Future Market Insights (FMI).
The increasing production of generic drugs, prompted by patent expirations of branded medications, fuels the demand for pharmaceutical packaging. The anticipated surge in global pharmaceutical production and consumption is poised to drive significant growth in pharmaceutical packaging sales over the projected period. The growing emphasis on safeguarding drugs against spoilage, breakage, and leakage is expected to contribute to the rapid expansion of the pharmaceutical packaging market.
