The market for pharmaceutical packaging is predicted to increase at a CAGR of 8.75% through to 2026, with PET packaging contributing $45.12bn of this.
Sourced through Scoop.it from: www.in-pharmatechnologist.com
The Pharmaceutical Packaging market is forecast to increase at a CAGR of 8.75% all the way until 2026, with PET packaging accounting for about $45.12 billion of this growth.
During 2017 the total Pharmaceutical Packaging market was estimated to be worth $70.16 billion, about €61.6 billion Euro.
It is projected that this will double by 2026. Research & Markets expect it will total over $149.25.
Emerging economies are one of the key drivers of this upward trend.
India is still and emerging economy and is the producer of many of the generic, ‘household name’ medicines we use.
Indeed the India Brand Equity Foundation estimates that the country is responsible for 50% of global vaccine usage, 40% of the generic demand in the United States whilst for the United Kingdom India manufactures a huge 25% of all medicines.
The report also looks into the products motivating the increase in demand. The two biggest areas of growth are for drug delivery services and blister packaging.
Globally PET Packaging is growing at a faster rate than the overall market. Despite being a sub set of the bigger picture the forecast shows that it will expand from $14.36 billion to $45.12 billion by 2026. The Compound annual growth rate measures this rate of growth at 13.6%.
PET is a type of plastic that’s use is widespread in packaging. Primarily for oral drug formulations as well as common ‘over the counter’ Pediatric & Geriatric drugs.
Serialzation & Validation
As you can imagine Pharmaceutical Packaging is already a heavily regulated industry. Further complex regulation is expected, which could hinder further growth into the future.
The most prominent is that in Europe and the United States where serial codes must be added to medical packaging.
The global standard for sterile packaging primarily focuses around EN 868. This focuses on standards for testing as well as best practices and processes for packaging materials and their heat sealing. This must be done by a Medical Heat Sealer that is validatable to code and record the packaging,
With costs increasing for the pharmaceutical companies some have whispered rumours that their may be money to be made in the gathering of patient data through these new regulations.
As you can see there are now a whole host of additional burdens on Pharmaceutical Packaging Companies
in order to sell products into the largest areas of growth, whilst conforming to all the rules surrounding serialization.