The global topical drug packaging market is expected to grow at a steady pace during the forecast period. the global dispensing trays market is set to enjoy a valuation of US$ 22.5 billion in 2023, and further expand at a CAGR of 9.2% to reach US$ 54.2 billion by the year 2033. The demand for topical drugs packaging is increasing on the back of increased healthcare expenses and growing consumer awareness
The factors supporting the market growth are –
Rapidly growing healthcare expenditure
Technological advancement and innovation in packaging
Increase in the use of topical drugs
Increasing the pharmaceutical packaging market
North America dominates the market share of the global topical drugs packaging market
Topical drugs are used for the treatment of a particular place, typically skin in the body, and affect that area only. These topical drugs come in different formats like creams, gels, ointments, lotion, powder, eye drops, ear drops, and others. The material used for packaging of topical drugs include plastic, glass, aluminum, and paper. The topical drugs can be packed in plastic bottles, plastic tubes, glass bottles, and inhalers.
Topical drugs are mostly used in the treatment of skin infections but can be used in other body parts as well. Packing is the most important part of topical drugs to keep them safe from physical damage and contamination. The packaging helps in maintaining the stability of the drugs throughout the shelf life and increases the usage period as well. The increasing prevalence of eye diseases boosts the topical drug packaging market.
The growth of the market is attributed to the growing pharmaceutical industry in emerging economies. The increasing use of medications like ointments, gels, lotions, creams, and increased usage of asthma medication drive the growth of the topical drug packaging market during the forecast period. Increasing preference for administering drugs over oral drugs drives the growth of topical drug packaging to some extent. Also, the increasing trend of eco-friendly packagings like glass, paper, and biodegradable plastics contributes well for market growth.
North America is anticipated to be the largest market for pharmaceutical packaging due to the development in manufacturing procedures and technological advances. Asia Pacific is expected to increase the demand for topical drug packaging mainly due to increased technological innovation and increased healthcare awareness. Covid -19 negatively affected the topical drugs market majorly due to the supply chain shortage as well as raw material shortage.
The plastic bottles segment accounts for a high market share as they can store the drugs in liquid as well as solid formats. Also, the plastic bottles can be equipped with correct caps and closures for specific drugs like nasal sprays and ophthalmic drops.
FMI research indicates that topical drugs packaging shows great potential for not only durability but improving outcomes for buyers in different areas as topical drugs packaging offers benefits like:
Increased product shelf life
Avoid physical damage and contamination
Eco-friendly packaging
easy availability
To meet all these objectives, the manufacturer of topical drugs packaging offers a wide selection of sizes, shapes, and materials with easy-to-handle formats to bring out the best in packaging. Also, the manufacturer of topical drug packaging has increased R&D to address technological innovations and to provide customized and sustainable packaging solutions. Moreover, the key players developed the packaging solutions that are more durable, high quality and high performance.
Not just domestic players but a number of international market participants are developing and using new technology to increase commercial capacity to gain a major revenue share. Key players in the market include Origin pharma packaging, Halo Pharma, Johnson & Johnson, Novartis AG, and GlaxoSmithKline. The market players are focusing on strategic collaborations, partnerships, and new product launches to increase their market share.
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Topical Drugs Packaging Market Overview
Topical drugs are the types of drugs which is used for the treatment of particular place, typically skin in the body and affects that specific area only. These topical drugs can be of different types like creams, gels, pastes, ointments, lotions, powders, eye drops, ear drops and inhalational.
Topical drugs can mostly be found for treatment of skin infection or diseases but topical drugs have application in other body parts as well. The topical drug packaging is important so that the topical drugs are safe from any physical damages and other contamination. This packaging also helps the drug to maintain its stability throughout its shelf life thereby increasing its usage period also.
The pharmaceutical industry is growing at a rapid rate which involves topical drugs as well, due to which the topical drug packaging is also growing at an unprecedented rate.
Topical Drugs Packaging Market: Dynamics
The topical drug packaging market is majorly driven by high usage of topical medication like ointments, gels, lotions, drops and creams for treatment of skin and tissue infection, ears and eye diseases, high usage of asthma medications which includes inhalers and topical medications applied to other parts of the body as well.
The preference of administrating drugs through the skin and using this process as an alternative to the oral consumption of drugs is sure to drive the growth of topical drags packaging.
Furthermore, growth in demand for self-administration and home care would extend the profitable opportunities to the topical drug delivery market players in the forecast period.
Topical drug packaging protects the drugs from any type of damage or contamination from microbial growth and also increases its shelf life by assuring product safety. Another factor which drives the market of topical drug packaging is technological advancements and innovations. Pharmaceutical packaging market is now focusing on more eco-friendly solution for packaging like glass, bioplastic, biodegradable plastic, paper and paperboard materials, which are going to contribute greatly in the growth of drug packaging.
With new topical drugs launching in market, the topical drug packaging market is also expected have high growth. For instance, in Jan 2021, Benvitimod cream is launched in China which would serve as an effective solution for plaque psoriasis.
The availability of these topical drugs through online shopping now a days has increased the ease of getting these topical drugs which in turn also boosted the packaging industry. Another factor for driving topical drugs packaging is the emergence of new markets across the globe which implies that new market players are constantly entering this packaging market and competition is going to rise.
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Topical Drugs Packaging Market: Key challenges
The growth in counterfeit pharmaceutical drugs is a major obstruction in the growth of this market. This growth of counterfeit drugs is mainly due to extra shift packaging, where the manufacturers are trying to have an extra profit by producing additional drugs and selling those drugs to the counterfeiters. Hence, this growth of counterfeit drugs can pose as an obstruction in the topical drugs packaging market.
Many customers believe that when these drugs are applied on skin it tends to get absorbed in the skin surface and would penetrate skin layers, getting mix with the blood stream therefore, they tend to avoid using topical drugs. This belief is restricting the customers from buying topical drugs. The overall cost of topical drugs has also increased which poses as an obstruction in buying these drugs due to their expensive pricing.
Another factor which poses as a challenge in topical drug packaging is the environmental standards. Now a days due to high demand for topical drugs the manufacturers are making more drugs but at the cost of affecting our environment.
These topical drug packages are also discarded by the customers after usage and thus medical wastages are also increasing day by day both from the consumer end and manufacturer end. So, the manufacturers have to take all these restraining factors into account while packaging topical drugs.
Topical Drugs Packaging Market: Key players
Some of the manufacturers of topical drug packaging market are listed below:
Origin Pharma Packaging
Halo Pharma
Johnson & Johnson
Novartis AG
GlaxoSmithKline
Bausch Health companies
Merk & Co
Bayer AG
Aphena Pharma Solutions
Glenmark Pharmaceuticals
Allergan
West Pharmaceutical Services, Inc.
Encore Dermatology, Inc.
Aclaris Therapeutics, Inc.
North America and Europe is anticipated to be the largest market for consumption of pharmaceutical packaging material due to their development in manufacturing process and technological development. Strategic developments such as e-retailing of pharmaceutical products in Asia-Pacific region is expected to accelerate the demand for drug packaging.
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