Innovations Pushing Pharmaceutical Plastic Bottles Sales at Over 10% CAGR: FMI Report
The pharmaceutical packaging market has been registering increasing demand for counterfeit protection solutions and child-resistant packaging. In the pharmaceutical industry, counterfeiting has emerged as a major cause of concern for manufacturers and consumers.
Pharmaceutical Plastic Bottles Market
A recent market report published by Future Market Insights on the pharmaceutical plastic b...
Considering this, anti-counterfeit technologies like barcodes, labels, and tags are gaining traction among manufacturers. According to a recent report by Future Market Insights (FMI), driven by technological advancements the pharmaceutical plastic bottles sales will grow at 10.3% CAGR between 2021 and 2031. The market is expected to reach a valuation of over US$ 79 Bn in 2031.
The increase in the number of poisoning cases in underage children caused by accidental ingestion of medicines has aided the introduction of child-resistant packaging solutions. The product generally comes in a two-piece push and turn technology for the closures of bottles.
Currently, most potent drugs come in child-resistant packaging, which has significant influence on the sales of pharmaceutical plastic bottles. There is a constant need for innovation among the industry players to sustain themselves in an extremely competitive market.
The introduction of RFID to replace traditional bar codes, for instance, is aimed at increasing convenience in the tracking and tracing of products. QR codes are the latest addition to the pharmaceutical bottles industry used for several purposes like displaying detailed product information, tracking the product through the supply chain, and as a means of keeping logs by pharmacies.
Innovation in terms of increasing utilization of recycled materials also is gaining pace in the market. These innovations and technological advancements are contributing to developments.
For instance, Gerresheimer AG in January 2020 announced that the company will offer customized rigid plastic packaging solutions including pharmaceutical plastic bottles made from BIO-PET and R-PET.
Key Takeaways from Pharmaceutical Plastic Bottles Market Study
- The demand for plastic bottles for ophthalmic/nasal formulations will rise at 12.7% during 2021-2031, aided by the rise in the applications of corticosteroid drugs.
- Polyethylene terephthalate (PET) is expected to hold dominant share of 30.8% in 2031, as a result of regulations and restrictions implemented on plastics use.
- Below 100 ml capacity bottles is anticipated to witness an incremental opportunity of US$ 28.1 Bn in the next five years.
- The U.S. accounts for over 82% of the North America market in 2021. However, the country is likely to lose out value share to an active Canadian industry by the end of 2031.
- China and India will remain lucrative markets, driven by a large patient population and investments by regional pharmaceutical industries.
“Pharmaceutical plastic bottles are comparatively economical, lightweight, and convenient packaging solutions than pharmaceutical glass bottles. These products are gaining traction among manufacturers as well as consumers. Consumers often opt for plastic bottles in order to avoid the risk of breakage. These factors are anticipated to fuel demand through 2031,” says the FMI analyst.
Impact of COVID-19 on Pharmaceutical Plastic Bottles Market
The ongoing COVID-19 pandemic has negatively affected the packaging industry. Losses incurred can be attributed to the restrictions on logistics and the lockdowns imposed across the globe.
Reduced production capacity and delays in the supply of raw materials resulted in decreased manufacturing output. Manufacturers in the pharmaceutical plastic bottles industry struggled to meet the suddenly elevated demand from the market.
With ongoing relaxation of restrictions on transport and the lifting of lockdowns the market is anticipated to grow steadily through 2021 and beyond.
Who is Winning?
The tier 3 players in the pharmaceutical plastic bottles market hold 75-85% of the overall value share. Key players contribute 15-25% of the global market. Strategies involving capacity expansion and investments into product development are likely to gain traction in the industry.
Berry Global Inc., Amcor Plc, ALPLA Werke Alwin Lehner GmbH & Co KG are the top players operating in the pharmaceutical plastic bottles market. Furthermore, AptarGroup, Inc., O. Berk Company, LLC, Alpha Packaging Holdings, Inc., Comar, LLC are also some of the notable players in the pharmaceutical plastic bottles market.
Pharmaceutical Plastic Bottles Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global pharmaceutical plastic bottles market, analyzing historical demand from 2013-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the pharmaceutical plastic bottles market based on bottle type (plastic bottles for solid formulation, plastic bottles for liquid, and plastic bottles for ophthalmic/nasal formulation), material type (polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC)) and capacity (below 100 ml, 100 – 250 ml, and above 250 ml), across seven regions.
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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