Market Size of Pharmaceutical Packaging Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 102.10 Billion |
| Market Size (2029) | USD 137.28 Billion |
| CAGR (2024 - 2029) | 6.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pharmaceutical Packaging Market Analysis
The Pharmaceutical Packaging Market size is estimated at USD 102.10 billion in 2024, and is expected to reach USD 137.28 billion by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029).
- The pharmaceutical industry is increasing worldwide, creating a need for packaging to treat communicable and non-communicable diseases. Therefore, the demand for packaging in pharmaceutical manufacturing is growing as it protects pharmaceuticals from damage, biological contamination, and external influences.
- Increased demand for pharmaceuticals is associated with technological advancements in the industry and directly creates demand for bottles, vials, and other packaging solutions. Additionally, the growing demand for injectables is driving the growth of glass vials in the pharmaceutical industry. Strong demand for oncology and other high-potency drugs (such as antibody conjugates and fast-acting steroids) and increasing per capita spending on pharmaceuticals are expected to be key growth drivers.
- The global demand scenario for pharmaceutical products has supported revenue generation in the packaging sector and is expected to continue during the forecast period. Overall, the pharmaceutical packaging market is projected to register a steady growth rate coupled with ongoing expansion and research and development to improve pharmaceutical packaging. Thus, demand is anticipated to witness enormous growth over the forecast period.
- The plastic packaging industry faces rising polymer costs, making plastics more expensive. Additionally, the war between Ukraine and Russia has pushed prices up again. The demand for plastics and plastic products is increasing year by year. The lack of supply keeping up with the increase in demand is also one factor driving higher polymer prices, expected to hinder the market growth.
- Owing to the spread of COVID-19, the market is expected to grow significantly. Due to the pandemic, customers shifted toward online purchasing. The COVID-19 pandemic hit hard on expanding packaging materials in developing and developed countries. However, strong demand for sterilized pharmaceutical packaging encouraged investment in the landscape. Moreover, industry players expect the healthcare industry to show strong demand for packaging technology.
