In 2017, the global market for pharmaceutical packaging was calculated to be worth $70.16bn (€61.6bn) and is set to more than double by 2026, when it is projected to reach $149.25, according to a report by Research and Markets.
The market is expected to mature at a compound annual growth rate (CAGR) of 8.75%, with one of the key drivers being the growth of the industry in emerging economies.
India, an emerging economy, is already home to the production of a large proportion of the world’s generic medicine, with the India Brand Equity Foundation estimating that the country is responsible for 50% of global demand for vaccines, 40% of generic demand in the US and 25% of all medicines in the UK.
The report also suggests that the increased demand for drug delivery devices and blister packaging is responsible for the growth of the market.
In addition to this, selected companies in the market are looking to provide a complete production operation that will also see them produce the packaging for finished products. ACG has taken this route to be able to produce oral solid dosage formulation medicine in one facility.
The global PET packaging, a particular sub-sect of the packaging market is developing at a faster rate than the overall market, according to a supplementary report by Research and Markets covering the same timeframe.
The market projection for PET packaging predicts that it will grow from $14.36bn to $45.12bn by 2026, this pace of growth sees the report estimate a CAGR of 13.6%.
PET (polyethylene terephthalate) is a type of plastic widely used in the healthcare industry for liquid oral drug formulations, whilst also being commonly used for paediatric and geriatric drugs.
One potential hindrance to the overall growth of the global market is the increase in regulation creating greater complexity for packaging.
The most significant of which, see Europe and the US necessitate serial codes to be added to medicine packaging, with the additional demands raising costs for those in the pharmaceutical packaging market increase.
In response to this, there have been suggestions that the data generated could be used to recoup some of the expense of implementing the changes.
Despite the burden placed on the packaging industry, the additional requirements to sell products into two of the largest markets has created an industry built around providing serialization services to those needing to adjust.