Global Pharmaceutical Contract Packaging Market Outlook
According to a new report by Expert Market Research titled “Global Pharmaceutical Contract Packaging Market Size, Share, Analysis, Report, Growth, Forecast 2023-2028″, the global pharmaceutical contract packaging market reached a value of about USD 22.49 billion in 2022. Aided by rising healthcare spending and increasing geriatric population, the market is projected to further grow at a CAGR of 7.5% between 2023 and 2028 to reach a value of nearly USD 34.6 billion by 2028.
Pharmaceutical contract packaging primarily involves outsourcing the packaging of pharmaceutical products to third-party vendors. These services can range from primary packaging, such as blister packs and ampoules, to secondary packaging like labelling. This packaging is quintessential not only to ensure the protection and preservation of medicinal products but also to provide essential information and ensure compliance with international regulatory standards.
The pharmaceutical contract packaging market demand is driven by the pharmaceutical industry’s growing need to focus on its core competencies, such as research and product development. Additionally, the complexities associated with pharmaceutical packaging, including the necessity for sterility, child resistance, and tamper evidence, are further boosting the importance of pharmaceutical contract packaging.
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A prominent shift towards innovative packaging solutions is increasingly contributing to the growing pharmaceutical contract packaging market size. Smart packaging technologies, which incorporate features like electronic tagging using Radio Frequency Identification (RFID) to monitor medication adherence and ensure patient safety, are increasingly gaining traction. Moreover, sustainable packaging solutions, with recyclable or biodegradable materials, are becoming an essential factor, aligning with global sustainability goals.
Technological advancements play an important role in boosting the pharmaceutical contract packaging market growth. Automation and robotics in packaging operations not only enhance efficiency but also ensure precision, especially crucial given the stringent regulations surrounding pharmaceutical products. The utilisation of technologies such as 3D printing for personalised medication packaging further fuels the market growth.
The market growth is also buoyed by the increasing trend of generic medicines and over-the-counter (OTC) products. Due to the competitive nature of the market, distinctive and functional packaging becomes a critical differentiator, further fuelling demand for specialised packaging services.
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Furthermore, the pharmaceutical contract packaging market analysis highlights an increase in strategic collaborations between pharmaceutical companies and contract packagers. These partnerships often aim at improving product integrity, enhancing supply chain efficiency, and shortening time-to-market, thereby providing a competitive edge in the market.
Pharmaceutical Contract Packaging Market Segmentation
The market can be divided based on industry, type, packaging, and region.
- Market Breakup by Industry
- Small Molecule
Market Breakup by Type
Market Breakup by Packaging
- Plastic Bottles
- Caps and Closures
- Blister Packs
- Prefilled Syringes
- Parenteral Vials and Ampoules
Market Breakup by Region
- United States
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pharmaceutical contract packaging market. Some of the major players explored in the report by Expert Market Research are as follows:
- Adelphi Healthcare Packaging
- Almac Group
- Berry Global Inc.
- PCI Services
- Sharp Corporation
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