October 17, 2022 10:00 ET | Source: Meticulous Market Research Pvt. Ltd. Meticulous Market Research Pvt. Ltd.

Redding, California, Oct. 17, 2022 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Pharmaceutical Contract Packaging Market by Service (Primary Packaging {Bottle, Vial, Ampoules, Blister Packs}, Secondary Packaging); Material (Plastic, Polymer, Paper, Glass, Aluminum Foil); and Geography - Global Forecast to 2029,’ published by Meticulous Research®, the pharmaceutical contract packaging market is projected to reach $42.03 billion by 2029, at a CAGR of 8.4% from 2022 to 2029.

Download Free Report Sample Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5354 Pharmaceutical contract packaging is the subcontracting of packaging functions such as drug labeling and primary and secondary packaging. Over the years, pharmaceutical companies have shifted from in-house packaging to contract packaging. Outsourcing packaging offers a significant benefit in terms of cost-effectiveness. With contract packaging, companies can introduce drugs into the market without compromising packaging quality.

Impact of COVID-19 on the Pharmaceutical Contract Packaging Market

The COVID-19 pandemic impacted all sectors globally. It created more uncertainty in the pharmaceutical sector. Pharmaceutical manufacturers are keen on R&D and getting therapies faster into the market, emphasizing a need to focus on their core competencies and subcontracting secondary operations such as packaging.

During the pandemic, contract packaging companies experienced a sharp increase in the packaging services such as cartoning, pressure-sensitive labeling, convenience vial filling, blistering, and pouching for analgesic and upper respiratory products, including headache, cough, and cold medications. Apart from the initial supply chain disruptions in the procurement of packaging materials, the overall impact of the pandemic on the pharmaceutical contract packaging market was positive.

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The global pharmaceutical contract packaging market is segmented by service (primary packaging {bottle, vial, ampoules, blister packs, and other primary packaging}, secondary packaging), material (plastics & polymers, paper & paperboard, glass, aluminum foil, and other materials) and geography. The study also evaluates the country and regional-level markets.

Based on service, in 2022, the primary packaging segment is expected to account for the largest share of the market. This segment is further segmented into bottles, vials, ampoules, blister packs, and other primary packaging. In 2022, the bottles sub-segment is expected to account for the largest share of the primary packaging market. Bottles as a unit of primary pharmaceutical packaging are suitable for packaging oral and liquid formulations. Its features such as ease of transportation, availability in different sizes and shapes, and cost-effectiveness, support the large market share of this sub-segment.

Based on material, in 2022, the plastics & polymers segment is expected to account for the largest share of the market. The demand for plastic packaging is higher due to its various advantages. For instance, the composition of plastic or other polymers is such that they are inert and do not affect the stability or efficacy of the drug. Furthermore, the trend of using recycled and biodegradable plastics is positively impacting the market.

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Based on Geography, in 2022, North America is expected to account for the largest share of the pharmaceutical contract packaging market, followed by Europe and Asia-Pacific. The large share of this market is attributed to the trend of onshoring pharmaceutical manufacturing, the presence of key players in the country, technological advancements, and the rising adoption of technologically advanced products. However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The key factors attributed to the growth of this market are the growing number of contract packaging organizations in this region, expansions of international players in Asia-Pacific, and the availability of cost-effective labor and machinery.

The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past three years (2020–2022), such as product launches, collaborations, agreements, and expansions.

Some of the key players operating in the global pharmaceutical contract packaging market are Daito Pharmaceutical Co., Ltd. (Japan), WestRock Company (U.S.), Baxter (U.S.), CCL Industries (Canada), Sharp Services, LLC (U.S.), Tjoapack Netherlands B.V. (Pharma Packaging Solutions) (Netherlands), IDT Biologika (Germany), Vetter Pharma International GmbH (Germany), Alcami Corporation, Inc. (U.S.), and CIT srl (Italy).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/pharmaceutical-contract-packaging-market-5354

Pharmaceutical Contract Packaging Market, by Service

Note: Other primary packaging includes syringes, sachets, and strips.

Pharmaceutical Contract Packaging Market, by Material

Note: Other materials include metal and paper.

Pharmaceutical Contract Packaging Market, by Geography

Download Free Report Sample Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5354 Related Reports:

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