Pharmaceutical packaging is an indispensable segment of packaging industry as protecting, preserving, and storing several pharmaceutical products such as drugs, medications, and several others is unavoidable. Pharmaceutical packaging is made from plastic, glass, metal, and paper. Pharmaceutical packaging not only safeguards the product but also functions as an information provider as well as a tool of advertisement.
It includes several products such as bottles, vials, ampoules, blisters, bags & pouches, prefillable syringes, containers, jars, and several others. The tremendous development of pharmaceutical industry amid COVID-19 did push the sales of pharmaceutical packaging. Also, invention or expansion of new drugs or medication to treat the new viruses and diseases generate the growth opportunity for the pharmaceutical packaging material market.
According to the report analysis, â€˜Global Pharmaceutical Packaging Material Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)â€™ states that Bemis Company, DS Smith, Smurfit Kappa, Berry Plastics Corporation, Rengo, Amcor, Gerresheimer and many more are the key companies which recently working in the global pharmaceutical packaging material market more proficiently for registering the great value of market share, leading the highest market growth, obtaining the competitive edge, and generating the highest percentage of revenue by implementing the policies of profit making and strategies of expansion, analysing the strategies and policies of government as well as contenders, improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of pharmaceutical packaging, establishing the several research and development programs, and delivering the better customer satisfaction.
The effective growth in demand for pharmaceutical packaging is due to growing healthcare expenses, and increasing consumer awareness concerning healthier lifestyle. Moreover, improved drug delivery, augmenting the emerging economy markets such as India, Thailand, China, and others, and innovative packaging solutions with greater patient convenience and compliance propel the market for pharmaceutical packaging material.
Increasing the penetration of retail pharmacies in underdeveloped regions and a growing focus on brand enhancement and product differentiation by pharmaceutical manufacturers are projected to propel the market growth. Packaging products are commonly utilized for storing solid, liquid, and semisolid forms of formulations, such as tablets, capsules, syrups, and topical drug preparations. The growing prevalence of chronic diseases owing to shifting lifestyles, eating habits, and alternation in sleep cycles are underwriting to an augmented requirement for the medications.
Asia Pacific is projected to account the fastest CAGR. The effective growth in health awareness among consumers in Asia Pacific, especially in underdeveloped countries including China and India, coupled with the growing disposable income levels, is predicted to boost the growth of the pharmaceutical industry over the forecast duration. This is projected to augment the requirement for pharmaceutical packaging. China registered the Asia Pacific market and will retain the leading position over the forthcoming years owing to growing government initiatives, such as Healthy China 2020, increasing contract-manufacturing activities, and burgeoning aging population. Therefore, it is predicted that during the near years the market of pharmaceutical packaging material will augment more proficiently over the reviewed duration.
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Ankur Gupta, Head Marketing & Communications