The pharmaceutical industry boom has increased demand for effective packaging solutions that protect the API of medications and vaccines. The pharmaceutical container market is expected to reach US$ 95.3 billion in 2023, reflecting this growing demand
NEWARK, Del., Oct. 11, 2023 /PRNewswire/ -- Pharmaceutical Container Market Forecast by Plastic, Glass, and Other Materials from 2023 to 2033
The pharmaceutical container market is likely to hold a valuation of US$ 172.4 billion by 2033. As of 2023, the market value is US$ 95.3 billion. As the demand for medications, vaccines, and advanced therapies in the medical sector foresees growth, the pharmaceutical container market, too, is expected to grow by 6.1% from 2023 to 2033.
Pharmaceutical Container Market Overview (2018 to 2033)
Attributes | Key Statistics |
Expected Base Year Value (2018) | US$ 69.73 billion |
Anticipated Forecast Value (2022) | US$ 89.7 billion |
Expected Base Year Value (2023) | US$ 95.3 billion |
Anticipated Forecast Value (2033) | US$ 172.4 billion |
Estimated Growth (2018 to 2022) | 6.5% CAGR |
Estimated Growth (2023 to 2033) | 6.1% CAGR |
Get the Sample PDF Summary to obtain an overview of the Comprehensive Pharmaceutical Container Market Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-9410
The pharmaceutical container market grew with a substantial demand for medications, vaccines, antibiotics, and medical devices. Therefore, pharmaceutical containers have a massive significance in the medicare industry as they play a critical role in preserving the efficacy and safety of pharmaceutical products while meeting stringent regulatory requirements.
The growth of personalized medical services and the emergence of doorstep delivery services of medications have also generated significant demand for drug packaging containers.
Along with these, government initiatives and the aging population have significantly expanded the pharmaceutical container market.
Emerging economies and countries with robust healthcare infrastructure, such as China, India, Germany, and the United States, have a massive demand for pharmaceutical containers as they have to cater to a large population dealing with chronic diseases like diabetes, hypertension, and obesity. As these nations continue to invest in healthcare and pharmaceuticals, the pharmaceutical container market is expected to experience sustained growth in the coming years.
"Industry experts are participating actively in innovative packaging to appeal to eco-conscious consumers with great protection power. A surge in pharma schemes taken by the government along with the aging population is navigating growth in the containers and closures market for pharmaceuticals", says Ismail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways
- The pharmaceutical container market is expected to grow at a modest rate of 6.1% from 2023 to 2033.
- Bottled pharmaceutical containers dominate the global market with an overall revenue share of 37.3%.
- India is the leading consumer of pharmaceutical container products, with a revenue share of 7.2%.
- India is followed by China (6.7%), Thailand (6.1%), Canada (5.9%), and the United Kingdom (5.4%) in terms of pharmaceutical container consumption.
- China is the highest exporter of pharmaceutical container products.
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Competitive Landscape
The pharmaceutical container market is witnessing innovative packaging opportunities with increasing government initiatives to lessen supply chain and manufacturing disruption.
Pharma packaging material manufacturers should also focus on sustainability by developing eco-friendly solutions, investing in advanced digital technologies for intelligent packaging, and enhancing product safety features to meet evolving regulatory standards and ensure patient well-being.
Recent Developments
- Gerresheimer AG and Stevanato Group announced a collaboration to develop an innovative Ready-to-use Vial Platform for the pharmaceutical industry. This partnership aims to help customers achieve greater efficiencies, elevate quality standards, accelerate time to market, reduce overall cost of ownership (TCO), and mitigate supply chain risks.
- In March 2023, Alpla Group, a plastic packaging and recycling company from Austria, joined forces with Inden Pharma, a Spanish packaging company, to expand its global presence beyond Europe into regions like India, the United States, Central America, and South America.
Exploring the Market Share Analysis of the Top Players in the Pharmaceutical Container Industry: https://www.futuremarketinsights.com/checkout/9410
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over eight years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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