Pharmaceutical Contract Packaging Market to hit US$ 31.7 Billion by 2028

NEW YORK - Nov. 8, 2023 - PRLog -- IMARC Group, a leading market research company, has recently releases report titled "Pharmaceutical Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The global pharmaceutical contract packaging market size reached US$ 20.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

Pharmaceutical contract packaging refers to the specialized service where pharmaceutical companies outsource their packaging activities to third-party vendors. These vendors possess the expertise, equipment, and technology to handle the packing of various pharmaceutical products such as tablets, capsules, and liquid medications into bottles, blisters, or other appropriate containers. The service is essential for pharmaceutical firms seeking to focus on their core competencies, such as research and development (R&D) and marketing, without the operational distraction of packaging. This outsourcing model is crucial for maintaining product integrity, ensuring compliance with regulations, and enhancing the speed-to-market for new medicines.

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Pharmaceutical Contract Packaging Industry Trends and Drivers:

The global pharmaceutical contract packaging market is primarily driven by the increasing complexity of drug formulations, necessitating specialized packaging solutions to maintain product stability and efficacy. This, coupled with stringent regulations surrounding pharmaceutical packaging, has led to a rise in demand for contract packaging experts who can navigate these challenges effectively. Additionally, the heightened popularity of generic drugs and over-the-counter products is expanding the market scope. In line with this, pharmaceutical companies are under constant pressure to reduce operational costs, making outsourcing an attractive option, thus fueling market growth. Furthermore, technological advancements in packaging solutions, such as the advent of smart packaging that includes anti-counterfeit features, are contributing to market growth.

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The report has segmented the market into the following categories:

By Industry:

Small Molecule
Biopharmaceutical
Vaccine

By Type:

Sterile
Non-Sterile

By Packaging:

Plastic Bottles
Caps and Closures
Blister Packs
Prefilled Syringes
Parenteral Vials and Ampoules
Others

By Region:

United States
Europe
China
India
Others

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