Pharmaceutical Packaging Market Size

Pharmaceutical Packaging Market Size

Pharmaceutical Packaging Market was valued at over USD 110 billion in 2022 and is anticipated to grow at a CAGR of over 13% between 2023 and 2032. The process of planning, building, and manufacturing containers or packaging materials for pharmaceutical items is referred to as pharmaceutical packaging. These substances guard & maintain the strength, potency, and effectiveness of medications from the point of manufacture to the point of delivery. Various materials are employed based on the requirements of the medication.

For instance, certain medications should be packaged in glass containers to avoid interactions with the contents. However, other medications may work well in plastic or other metal containers. The pharmaceutical packaging industry is expanding due to rising consumer preferences for healthier lifestyles and the increasing use of advanced drug delivery systems. For instance, in August 2023, Amcor, a packaging solutions provider company, acquired Phoenix Flexibles, located in Gujarat (India), to expand in the Indian market. Phoenix Flexibles specializes in personal care, home care, and food flexible packaging.
 

The pharmaceutical packaging industry is experiencing tremendous growth due to scientific & technological advancements for medicine packaging and drug delivery. The pharmaceutical industry is witnessing significant transformation with an increase in the creation of biological medications in recent years. Due to their instability in liquid form, a few biotechnology-driven medicinal therapies use lyophilized or dry powder dosage. Such dry forms require unique packaging for optimal performance.
 

Counterfeit drugs and fake packaging are becoming more widely available as a result of the prolonged product development cycles and high costs that delay the approval of new drugs & their packaging. False medications are manufactured with the wrong components, which when taken can lead to allergic reactions or even death. Developing nations, such as China, the Philippines & Vietnam, are witnessing the highest cases of counterfeit drugs and fake packaging. Fake goods are a major threat to consumer health and protection against such products is a major challenge faced by the healthcare industry, in turn, also hampering the market growth.