Description
The global pharmaceutical packaging market size is estimated to be accounted for USD 95,163.6 million in 2020 and reach USD 144,233.3 million by 2027, registering a CAGR of 6.1% from 2021 to 2027. Pharmaceutical packing is a method of storing and transporting pharmaceutical formulations. It shields medications from the effects of the environment and ensures their physical and chemical stability (drugs & biological). Furthermore, pharmaceutical packaging contributes to the safety of medications throughout transportation, distribution, and storage. The pharmaceutical sector is rapidly expanding, which has a beneficial influence on the pharmaceutical packaging market. Furthermore, as more firms rely on packaging, labeling, and media to preserve and sell their products, the need for pharmaceutical packaging continues to rise.

During the projected period, the market is predicted to increase significantly. Advanced manufacturing techniques to provide sustainable and eco-friendly packaging solutions, increased product developments, and mergers and acquisitions to fulfill new needs contribute to the company's success. In addition, the pharmaceutical packaging industry is being driven by serialized medication tracking and tracing, the expanding generic medicine market, the quickly growing drug delivery market, increased R&D efforts, and the adoption of novel packaging.

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However, raw material price volatility and strict government rules and requirements may limit the pharmaceutical packaging market's growth. On the contrary, advancement in the biotechnology sector results in introducing new parenteral therapies, increasing demand for innovative packaging products, and growing use of smart packaging for patient engagement & identification, such as ActiveGuard Connect packaging and smart ultra-thin ICS packaging. Additionally, an increase in patient-oriented medicines, including biologics, is expected to uplift the market growth during the forecast period.

COVID-19 Impact on the Global Pharmaceutical Packaging Market
Coronavirus was discovered in late December in Hubei province of Wuhan City, China. The virus that causes the condition, known as severe acute respiratory syndrome coronavirus 2, is spread from person to person. The illness quickly spread to other regions of the world after discovering Wuhan. Furthermore, this virus causes various symptoms in a patient, ranging from common symptoms to serious symptoms. For instance, the common symptoms include dry cough, fatigue, and fever. Though, serious symptoms include difficulty breathing or shortness of breath, chest pain or pressure, and loss of speech or movement.

Furthermore, the virus has a high potential for lethality in the geriatric population. On 11th March 2020, the World Health Organization assessed that COVID-19 could be characterized as a pandemic. In addition, there are no currently licensed drugs for COVID-19 treatment or prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, various countries worldwide have adopted nationwide lockdown to maintain social distancing.

Packaging companies will depend on their portfolios of products and exposures to different regions; end uses for packaging and substrates. The demand for packaging will rise for groceries, healthcare products, and e-commerce transportation. Further, the plastic sector has the highest demand, and several manufacturers have started using plastic for healthcare safety in the packaging industry. After months, the government has allowed the running of packaging plants with minimal strength in the current situation. Thus, the demand for flexible blister foils, closures, rigid plastics, and pumps is increasing in the packaging industry. On the other hand, due lack of workforce, transportation restrictions, shortage in raw materials, and implementation of lockdown across the globe are hampering the supply of products.

Global Pharmaceutical Packaging Market Dynamics
Drivers: Advanced manufacturing processes to develop sustainable and eco-friendly packaging solutions
Developing innovative manufacturing techniques for pharmaceutical packages is critical to the global pharmaceutical packaging market. Green packaging solutions, for example, employ environmentally friendly materials to create pharmaceutical containers that cause the least amount of environmental damage. These biodegradable and environmentally friendly packaging materials are gradually replacing traditional packaging materials. Paper, cardboard, and corn starch are some of the main materials utilized in eco-friendly packaging. The use of biodegradable materials helps ensure the long-term viability of pharmaceutical products at all stages of their lifetime; as a result, pharmaceutical companies are increasing their demand for environmentally friendly packaging.

Restraints: Price volatility of raw materials
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The market's expansion is being stifled by the price volatility of raw materials used in pharmaceutical packaging. Plastics, resins, and films are the most common basic materials used in pharmaceutical packaging. Secondary raw materials utilized in the pharmaceutical packaging business include packaging adhesives. Changes in market fluctuations, worldwide supply and demand, government regulation, and other variables can affect the price of other raw materials and packaging materials. The cost of raw materials and packaging has risen dramatically in recent years, and prices are anticipated to rise more in the future. Packaging manufacturers' operating expenses will rise as the prices of these raw materials and packaging materials continue to rise. A protracted delay in the supply of these raw ingredients raises their prices significantly and slows the creation of pharmaceutical packages.

Opportunities: Advancement in the biotechnology sector results in the introduction of new parenteral therapies and demand for innovative packaging products
Advancements in the biotechnology sector help maintain steady parenteral therapies that require pre-fillable solutions, which deliver drug therapies to consumers. This increases the demand for pure and high-quality packaging components for injectable biologics and biosimilars. Several biotech drugs have unique requirements, and polymer systems provide various patient safety and compliance solutions. In addition, there is a variety of products available that can help mitigate the risks, such as barrier films for elastomer components that reduce potentially extractable and leachable formation. However, some materials are sensitive to cyclic olefin polymers; glass can be molded into various shapes and sizes to accommodate drug products and large-volume doses. The cyclic olefins can be molded to suit innovative delivery devices, offering differentiation in the market.

Scope of the Pharmaceutical Packaging Market Report
The study categorizes the pharmaceutical packaging market based on product and material type at the regional and global levels.

By Product Outlook (Sales, USD Million, 2017-2027)
Plastic Bottle
Parenteral Container
Blister Packing
Specialty Bags
Closures
Labels
Others
By Material Type Outlook (Sales, USD Million, 2017-2027)
Glass
Aluminum Foils
Plastics & Polymers
Paper & Paperboards
Others
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The plastic bottles segment is projected to account for the largest market share by product
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Based on product, the global pharmaceutical packaging market is divided into parenteral containers, blister packaging, closures, plastic bottles, specialty bags, labels, and others. The plastic bottles segment is accounted to dominate the market share in 2020 as plastic bottles have always been the preferred mode of packaging tablets and capsules—wide usage of plastic bottles for packaging liquid dosages, like syrups, nasal, and ophthalmic medications. Plastic packaging systems define a set of packaging materials composed wholly or in a substantial portion of plastic materials that contain or are intended to contain pharmaceutical formulations. They are very commonly used as packaging materials for most pharmaceutical dosage forms due to their advantages over glass containers. A large variety of plastics can be used, such as high-density polyethylene, polyvinyl chloride, and others. Plastics offer advantages like heat resistance, resistance to breakage, hygienic properties, and the ability to help retain the drug's medicinal properties.

The demand for plastic bottles is expected to increase due to benefits such as strength, lightweight, reasonable inertness, and chemical resistance. It can be made from various polymers for various applications. Plastic bottles are extensively used for pharmaceutical packaging formulations such as liquid orals, dry syrups, oral hygiene products, lotions, eye/ear/nose drops, transfusion solutions, and others. Plastic bottles can keep the composition of the products consistent in the changing external environment; thus, preventing contamination. PET is one of the most popular types of plastics. Thus, it has gained importance in the past few decades and is widely used in the healthcare industry due to its safety and quality standards.

Asia Pacific accounts for the highest CAGR during the forecast period

On the basis of region, the pharmaceutical packaging market is categorized into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global pharmaceutical packaging market during the forecast period. Growth in the purchasing power of populated countries such as China and India is projected to boost the growth of the Asia-Pacific pharmaceutical packaging market. In addition, increase in healthcare coverage by the government for people in this region. For instance, in 2018, India launched Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY), a scheme of the National Health Policy that aims to provide free health coverage to the bottom 40% poor and vulnerable population. Further, the Asia-Pacific region has the largest generic medicine supply and the largest pharmaceuticals industry with a large raw material base.

Asia-Pacific is expected to grow at the fastest rate during the forecast period. This is attributed to brand enhancement and differentiation requirements, new packaging material development, increasing awareness of environmental issues, and new regulatory requirements on recycling packages. Also, an increase in contract-based pharmaceutical packaging provides a great opportunity for new entrants in this region. In addition, rise in a large number of product launches and business expansion of pharmaceutical packaging by the top players such as West Pharmaceutical Packaging India Pvt. Ltd., Huhtamaki PPL Ltd, SGD Pharma India Ltd, Amcor Flexibles India Pvt Ltd, and Uflex Limited in this region has resulted in uplifting the growth of the market. An increase in the export of the drugs to treat COVID-19 in this region has increased the demand for a better pharmaceutical secondary and tertiary packaging market in India. However, with technological advancements and product innovations, mid-size to smaller companies increase their market presence by securing new contracts and tapping new markets.

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Key Pharmaceutical Packaging Market Players
The pharmaceutical packaging market is mildly concentrated in nature, with few numbers global players operating in the market such as Dickinson and Company, AptarGroup, Inc., Amcor plc, Becton, Drug Plastics Group, Owens Illinois, Inc., West Pharmaceutical Services, Inc., Berry Global, Inc., WestRock Company, SGD Pharma, International Paper, Comar, LLC, CCL Industries, Inc., Gerresheimer AG, Schott AG, and Vetter Pharma International. Every company follows its business strategy to attain the maximum market share.