The global pharmaceutical packaging market was valued at USD 62.754 billion in 2017 and is projected to reach a value of USD 100.76 billion by 2023, at a CAGR of 8.21% over the forecast period, 2018-2023.
Pharmaceutical packaging prevents complex pharmaceuticals from being contaminated by external toxins and microbial activities, to ensure safety, and simultaneously extending the shelf life of the products. Drug manufacturers are bound by international compliance jurisdictions enforced by regulatory authorities, which maintain that packaging is a crucial element in the process of drug delivery up until the final point of purchase. Several raw materials, such as glass, plastic resins, paper & paperboard, and aluminum, find application in the production of pharmaceutical packaging, in the form of bottles, containers, blister packs, caps, closures, syringes, and tubes.
Nanotechnology has created a significant impact on the drug delivery industry with its ability to control molecules and supramolecular structures in the process of developing medical devices with automatic functions. Conventional nanoparticles, polymeric micelles, and liposomes are called nanovehicles and are used in an array of medication. The advent of new drug delivery systems and development of new biochemical compounds have not only resulted in a need for enhanced protection against factors, such as moisture, light, oxygen, and mechanical forces but also for packaging forms to play a more integral role in the drug delivery process.
Plastic has exceptional barrier properties, is chemically inert, and can be used to create attractive packages with aesthetic appeal that helps in the marketing and promotion of the drug. Though environmental concerns are growing, and more countries are formulating strict regulations for the use of plastic for packaging, the advent of effective recycling procedures is enabling the material to stay relevant in the market. Concerns about its chemical properties are challenging the growth of plastic as a primary packaging material. Plastic bottles will continue to have the highest market share among primary pharmaceutical containers, reflecting its heavy use in bulk and prescription dose packaging of oral ethical drugs and the packaging of solid dose oral and over-the-counter medicines in large quantities.
The pharmaceutical packaging market in the United States is a major contributor to the nation's overall economy. Advances in pharmaceutical packaging in the country are focused on improving the barrier properties of the packaging material. There is a need for constant innovation in the US market, as stringent regulations by agencies, such as the FDA, require manufacturers to comply with stringent regulations while packaging drugs in the region. The United States accounts for a majority of the market demand in the region, while Canada comes second to the highly dynamic market scenario.
Looking to Customize Report?