The global pharmaceutical contract packaging market is expected to witness robust growth in the coming years, driven by the rising prevalence of chronic diseases, increasing demand for personalized medicine, and growing outsourcing of pharmaceutical manufacturing.
NEWARK, Del., Oct. 26, 2023 /PRNewswire/ -- By the end of the year 2022, the net worth of the pharmaceutical contract packaging market was reported to have reached US$ 5.6 billion. As per our market analysis, the worldwide demand for pharmaceutical contract packaging could expand at an average of 7.5% from 2023 to 2033. By 2033, the adoption of pharmaceutical contract packaging is projected to be worth around US$ 11.9 billion, growing from US$ 6.1 billion in 2023.
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Implementing advanced manufacturing techniques and technological advancements drive pharmaceutical contract packaging market growth. Investment in Research and Development activities to enhance the quality of their services and meet consumer demands could boost the packaging services for the pharmaceutical industry.
The market is anticipated to be driven by more strict quality standards and outsourcing trends in pharmaceutical packaging to contract packagers in emerging nations.
Key Takeaways from the Pharmaceutical Contract Packaging Market Study Report
- The United States is the leading market globally for adopting pharmaceutical contract packaging solutions and could advance at 4.8% CAGR through 2033.
- With several market players providing for the outsourcing of pharmaceutical contract packaging, Germany is predicted to witness a 5% CAGR through 20233.
- The adoption of pharmaceutical contract packaging is also growing remarkably in the United Kingdom and is anticipated to experience a 6.4% CAGR from 2023 to 2033.
- In Asia, China, with a huge manufacturing base for pharmaceutical products currently leads the region in pharmaceutical packaging and could grow at 8.7% CAGR through 2033.
- India is another promising market for innovations in pharmaceutical contract packaging that could exhibit a lucrative 9.1% progress rate from 2023 to 2033.
- In all, plastic and glass materials are anticipated to have almost 83.9% of the total market share in 2023.
Competitive Landscape for Market Players
The global market for pharmaceutical contract packaging services is highly fragmented and competitive due to several global and local operators. Moreover, the growing lucrativeness in this market has encouraged the entry of contract packaging layers from the FMCG and electronics industries.
"Due to their affordable service offerings, new market players are witnessing a promising growth trend over the backs of small businesses. However, the biggest challenges small pharmaceutical businesses face are a lack of internal packaging skills, knowledge, and resources," says Ismail Sutaria (Lead Consultant, Packaging and Materials).
Recent Developments by the Market Players
By purchasing LSNE in December 2021, PCI Pharma Services took a big step toward expanding its services as a global CDMO. The company is also improving its product portfolio by leveraging its expertise in specialty manufacturing, clinical trial supply, and vaccine packaging.
Tjoapack Company purchased shares of Pharma Packaging Solutions, which is an outsourcing division of Carton Service Incorporate, in November 2021. The PPS purchase by Tjoapack will probably open up many new possibilities for developing its packaging and delivery network services.
To assist life science companies in maximizing their clinical research, launch scheduling, production, and marketing efforts, Experic and EVERSANA formed a partnership in December 2020. The Experic CMO is also a drug supply service provider, while the EVERSANA is the forerunner of future-oriented paid enterprises in life science disciplines.
Pharmaceutical Contract Packaging Market: Country-wise Insights
Countries | CAGR (2023 to 2033) |
Pharma Contract Packaging Market in the United States | 4.8 % |
Germany Pharma Contract Packaging Market | 5 % |
United Kingdom Pharma Contract packaging Market | 6.4 % |
India Pharmaceutical Contract Packaging Market | 9.1 % |
Chinese Pharmaceutical Contract Packaging Market | 8.7 % |
About the Packaging at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 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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