With a projected CAGR of 7.4% over the forecast period, the global pharmaceutical contract packaging market is anticipated to reach US$ 11,586 Million in 2032, up from US$ 5,674 Million in 2022.
It is projected that the expanding aging population would increase the prevalence of diseases like diabetes and asthma, which will boost the growth of the pharmaceutical contract packaging industry.
The pharmaceutical contract packaging market size is establishing mutually beneficial collaborations with Contract Packaging Organizations (CPOs) and Contract Development & Manufacturing (CDMOs) to prevent a lack of resources and budgets. Furthermore, the deployment of serialization, which requires barcodes and the transfer of significant amounts of data in the delivery of medicines, is expected to increase the usage of pharmaceutical contract packaging.
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The rising prevalence of atmosphere-sensitive pharmaceutical drugs surged the demand for silica-based packaging material is some of the latest pharmaceutical contract packaging market trends. Moreover, witnessing a proliferation of the geriatric population in developed regions highly dependent on pharmaceutical drugs for maintaining good health is projected to boost the sales of pharmaceutical contract packaging.
Key players:
- Catalent Pharma Solutions,
- Patheon
- , Baxter BioPharma Solutions,
- AbbVie Contract Manufacturing,
- Pfizer CentreSource,
- Daito Pharmaceutical,
- Nipro Corporation,
- Becton Dickinson & Company,
- AptarGroup Inc.,
- Drug Plastics Group,
- Gerresheimer AG,
- Schott AG,
- Owens Illinois Inc.,
- WestRock Company SGD S.A.,
- International Paper Company,
- COMAR LLC, CCL Industries Inc.,
- Vetter Pharma International,
- Adelphi Healthcare Packaging,
- Sharp Corporation, Amcor Limited,
- Berry Plastics Corporation,
- MeadWestvaco Corporation,
- Becton Dickinson and Company,
- Owens-Illinois Inc.,
- West Pharmaceuticals Services Inc.,
- Schott Pharmaceuticals Services Inc.,
- RPC Group Plc,
- Graphic Packaging International Inc., etc.
What are the Key Pharmaceutical Contract Packaging Market Dynamics?
The implementation of advanced manufacturing techniques and technological advancements, higher spending in public healthcare systems owing to population increase, and health awareness are some of the major factors driving pharmaceutical contract packaging market growth.
Government execution of new regulations to control the spreading of contagious diseases, new treatments such as gene and cell therapies, and growing demand for bio-products are some of the factors driving the adoption of pharmaceutical contract packaging.
Generic pharmaceuticals of lower cost increasing in popularity in developing economies as well as generic drugs requiring efficient packaging and protection during storage and shipping is projected to boost the demand for pharmaceutical contract packaging. The capability of vendors to take undertake several packaging projects, including sorting issues arising from complex packaging requirements surges the adoption of pharmaceutical contract packaging.
Investment in Research and Development activities to enhance the quality of their services and meet consumer demands is anticipated to boost the pharmaceutical contract packaging market growth.
