Pharmaceutical Packaging Market Trends

Growth Drivers

• Increasing World Medical Expenditure – People are spending more money than ever on healthcare to prevent sickness as modern healthcare facilities and better diagnostics evolve. In the United States, health spending and funding (per capita, current prices) grew from USD 11859.2 in 2020 to USD 12318.1 in 2021, according to the OECD.

• Increased Government Spending on Healthcare – The figures for the U.S. showed that government spending on healthcare increased by nearly 35% in 2020, a major increase from the 6% growth in 2019. This expansion was more rapid in part because of the COVID-19 epidemic.

• A Marked Rise in the Frequency of Chronic Diseases – Diseases which often require a long, undergoing treatment and are generally incurable are called chronic diseases. They often require regular medication to manage symptoms. According to the CDC, 6 out of 10 people in the U.S.  have at least one chronic disease, such as heart disease, diabetes, stroke or cancer.

• Better and Safer Supply Chains – Better supply chains will reduce costs, and enhance the reach and use of pharmaceutical products, directly benefitting the pharmaceutical packaging market. Furthermore, pharma products need a proper cold chain logistics to cover a long distance, and it is expected to drive the growth of the market. Post-pandemic, the world has realized the importance of better supply chains, and over 60% of businesses feel they have a competitive advantage thanks to supply chain management.

• Increased Use of Pharma Products Post-Pandemic – According to Our World in Data, 67.9% of the total people in the world have received at least the first dose of the COVID vaccine.  Over 12.71 billion doses have been used all over the world, and 3.5 million doses are being used per day. Each vaccine is contained inside a glass vial, and the pharmaceutical packaging market is benefitting from it.

Challenges

• Growth in Counterfeit Pharmaceutical Drugs - A counterfeit pharmaceutical medication is purposefully and illegally mislabeled in terms of its identity. Pharmaceutical products that are phoney may have the proper components, the incorrect ingredients, no active ingredients, the incorrect ingredients with an incorrect amount of an active ingredient, or fraudulent packaging. With the prevalence of fake goods increasing, the market for pharmaceutical packaging is facing a significant obstacle.

• Breakages, Spillage and Improper Handling

• Maintaining Sustainability and Preventing Environmental Harm