NEW YORK , Sept. 18, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global pharmaceutical contract packaging market size is estimated to grow by USD 9.32 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 16.54% during the forecast period. Rising R and D spending in pharmaceutical industry is driving market growth, with a trend towards opportunities due to patent expiration of drugs.
However, high cost of anti-counterfeit packaging technology poses a challenge. Key market players include Amcor Plc, AmerisourceBergen Corp., AptarGroup Inc.
, Becton Dickinson and Co., Berlin Packaging LLC, Berry Global Inc., Bilcare Ltd.
, Catalent Inc., CCL Industries Inc., Constantia Flexibles Group GmbH, Datwyler Holding Inc.
, FedEx Corp., Gerresheimer AG, Jabil Inc., James Alexander Corp.
, KP Holding GmbH and Co. KG, Pharma Packaging Solutions, Precision Concepts International, SCHOTT AG , and WestRock Co..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report Pharmaceutical Contract Packaging Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 16.54% Market growth 2024-2028 USD 9323.
6 million Market structure Fragmented YoY growth 2022-2023 (%) 12.77 Regional analysis North America, APAC, Europe, Middle East and Africa, and South America Performing market contribution North America at 29% Key countries US, China, UK, Canada, and Germany Key companies profiled Amcor Plc, AmerisourceBergen Corp., AptarGroup Inc.
, Becton Dickinson and Co., Berlin Packaging LLC, Berry Global Inc., Bilcare Ltd.
, Catalent Inc., CCL Industries Inc., Constantia Flexibles Group GmbH, Datwyler Holding Inc.
, FedEx Corp., Gerresheimer AG, Jabil Inc., James Alexander Corp.
, KP Holding GmbH and Co. KG, Pharma Packaging Solutions, Precision Concepts International, SCHOTT AG, and WestRock Co. Market Driver The pharmaceutical industry is expected to experience an average annual increase of 3% in patent expirations from 2019 to 2024.
This trend will lead to a rise in the production of generic versions of off-patent drugs. Pharmaceutical manufacturers may find it challenging to invest in research and development for innovative and customized packaging solutions. As a result, the demand for contract packaging services is anticipated to grow.
Contract packaging vendors offer the necessary infrastructure and expertise to cater to the packaging needs of pharmaceutical companies, making them a viable option during patent expirations. This dynamic is expected to fuel the growth of the pharmaceutical contract packaging market. The Pharmaceutical Contract Packaging market is witnessing significant trends, including the adoption of electronic systems, specialized equipment, and log keeping for data administration.
Capacity expansions are underway in locations like Cookeville, Tennessee's Solid Dose Division, making authorized entities more competitive. Filling bottles, whether plastic or glass, requires careful attention to prevent broken glass. Sustainable contract packaging is a growing trend, addressing concerns of human handling errors and disposable incomes.
Geographic reach and innovative technology are key, with high-speed blister packaging and bulk medicinal ingredient services in demand. The aging population, healthcare systems, and health insurance drive market growth. Technological advancements in packaging services, quality standards, and outsourcing trends are shaping the global market.
Emerging nations and local operators in the FMCG industry, specialty manufacturing, clinical trial supply, vaccine packaging, life science companies, clinical research, launch scheduling, and production are all part of this dynamic landscape. The ecommerce sector and sustainable materials, including child-resistant packaging, are also important trends in Western medicine and the Chinese pharmaceutical sector. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This pharmaceutical contract packaging market report extensively covers market segmentation by 1.
1 Plastic bottles- The Pharmaceutical Contract Packaging Market involves companies that provide services for packaging and labeling pharmaceutical products on behalf of other businesses. This market has seen steady growth due to increasing demand for outsourcing packaging services. Companies in this market use advanced technology and adhere to strict regulations to ensure product quality and safety.
They offer various services such as blister packaging, bottling, and labeling. These companies help pharmaceutical manufacturers focus on their core competencies while they handle the packaging process. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Pharmaceutical Contract Packaging Market refers to the business of providing services for the packaging of various pharmaceutical products.
This market caters to the needs of government agencies, pharmaceutical corporations, and contract businesses. The market involves the use of various pharmaceutical packaging materials, including silicone-based and glass, metal, and plastic bottles. Services offered range from vial and ampoule filling, prefillable syringes, bottle filling (plastic and glass), and solid dosage production.
Serialization is a critical aspect of contract packaging services to prevent counterfeit medicines from entering the market. Bioproducts, generic pharmaceuticals, raw materials, oncology drugs, high-potency drugs, antibody conjugates, steroids, and various drugs are packaged using these services. Investment in the market is driven by increasing production capacity, the growing demand for ancillary services, and the need for specialized packaging for various drug types.
Patients benefit from the high-quality packaging that ensures the safety and efficacy of their medications. Market Research Overview The pharmaceutical contract packaging market is a critical segment of the global pharmaceutical industry, providing essential services for the manufacturing, packaging, and distribution of various pharmaceutical forms, including solids, liquids, injectables, and bioproducts. This market caters to various industries, including the ecommerce sector, government agencies, and pharmaceutical corporations.
Contract packaging services offer flexibility and profitability to pharmaceutical vendors, enabling them to focus on their core business while outsourcing packaging processes. Serialization, a crucial aspect of contract packaging, ensures the traceability and authenticity of medicines, combating counterfeit drugs. Pharmaceutical packaging materials, such as silicone-based and sustainable materials, play a vital role in maintaining the efficacy and safety of drugs.
The market also caters to the needs of the generic pharmaceuticals sector, providing cost-effective solutions for raw materials and packaging processes. The market's growth is driven by the global economic growth, aging population, and increasing demand for novel drugs, injectables, and oral medicines. Contract businesses offer ancillary services, including autoinjectors, prefilled syringes, and specialized equipment, to enhance the patient experience.
Capacity expansions and investment in innovative technology, such as electronic systems and sustainable materials, are essential for meeting the growing global demand. Cookeville, Tennessee's Solid Dose Division, is a significant player in the market, providing authorized entities with filling bottles, plastic bottle filling, and glass bottles, while ensuring the highest standards of safety and quality. The market also faces challenges, such as human handling errors, broken glass, and the need for sustainable materials and child-resistant packaging.
The ecommerce sector's growth and the increasing geographic reach of pharmaceutical corporations further expand the market's potential. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.
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