The global pharmaceutical packaging market is estimated to grow by $48.88 billion from 2022 to 2027, accelerating at a compound annual growth rate (CAGR) of 8.44% during the forecast period.
According to the research report by Technavio, the primary factors responsible for boosting the pharmaceutical packaging market are the increase in R&D spending in the pharmaceutical industry, growing sales of pharmaceuticals globally, and the increasing demand for convenience in pharmaceutical packaging.
These factors will fuel market growth during the forecast period. An increase in the R&D spending in the pharmaceutical industry is a major pharmaceutical packaging market driver.
Pharmaceutical companies are investing heavily in research and development allocating about 15%-20% of their revenue.
Due to the increasing demand for pharmaceutical products such as drugs, vaccines, and others, pharmaceutical packaging companies are expanding their manufacturing facilities to meet the demand.
The pharmaceutical packaging market research report extensively covers market segmentation by material, product and geography.
The market share growth by the rigid plastic segment will be significant during the forecast period (2023-2027).
Rigid plastic packaging products are mainly used for packaging over-the-counter drugs. These factors will increase segment growth during the forecast period.
For example, over-the-counter sales are expected to reach $6 billion in India by the end of the year. Rising sales of over-the-counter drugs will increase demand for rigid pharmaceutical plastic packaging.
Based on product analysis, plastic bottles hold the largest market share.
The demand for plastic bottles is rising because they eliminate the need for additional packaging layers and ensure the safety of pharmaceutical products throughout the supply chain.
The increasing demand for syrups, ophthalmic, and nasal medicines, which are commonly packaged in plastic bottles, drives the demand for pharmaceutical packaging using this material.
North America is estimated to contribute 31% to the growth of the global market during the forecast period.
The US is the major contributor to the North American pharmaceutical packaging market, driven by factors such as growing healthcare spending, a rising ageing population, and the increasing value of pharmaceutical exports.