The pharmaceutical secondary packaging market is projected to grow at an annualized rate of 7.6% during the period 2022-2035, claims Roots Analysis
In order to avail benefits, such as higher flexibility, reduced cost and assistance in meeting the rising demands, several pharmaceutical companies have demonstrated a preference to outsource their secondary packaging requirements to contract packaging organizations.
Roots Analysis has announced the addition of “Pharmaceutical Secondary Packaging Market, 2022 – 2035” report to its list of offerings.
The anticipated growth in the therapeutics pipeline is likely to translate into a significant rise in the demand for cost-effective and quality secondary packaging solutions, presenting lucrative opportunities for contract packaging organisations. Driven by the growth of the overall pharmaceutical industry and increasing preference of drug developers for outsourcing certain operations, the secondary packaging providers market is expected to witness a steady increase. Driven by the ongoing innovation in this field, continuous growth in the pharmaceutical drugs pipeline and a steady rise in drug approvals, the pharmaceutical secondary packaging market is likely to witness positive growth in the foreseen future.
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Key Market Insights
Around 165 companies claim to offer pharmaceutical secondary packaging services, globally
Majority (51%) of the industry stakeholders are headquartered in Europe, followed by those based in North America (37%) and Asia-Pacific (12%). In addition, close to 65% of the secondary packaging providers offer cartons, followed by companies offering boxes (53%) and other packaging formats, such as trays and pouches (29%).
Partnership activity has grown at an annualized rate of ~85%, between 2018-2021
Maximum number of partnerships were observed in 2020 (29), indicating a recent increase in the partnership activity in this domain. Majority of these agreements were reported to be instances of acquisitions, representing over 45% of the total number of instances.
Expansion activity in this domain has grown at a CAGR of ~55%, between 2018 and 2022
Most of such initiatives were focused on expanding the existing capacity (40%), followed by instances of establishing a new facility (38%) and facility expansions (13%). Further, majority of the investments were made in facilities located in North America (54%) and Europe (35%).
Till 2035, annual demand for pharmaceutical packaging solutions is expected grow at a CAGR of ~8%
Currently, Asia-Pacific and North America capture the majority share of the overall demand for pharmaceutical secondary packaging (~70%). By 2035, the demand for secondary packaging products is projected to reach over 200 billion units. Further, currently, the highest demand (95%) is generated via secondary packaging of vials and bottles.
North America and Europe are anticipated to capture close to 60% of the market share, by 2035
In addition, the market in Asia-Pacific is likely to grow at a relatively faster pace (6.2%) in the long term. Further, in 2035, majority share (~95%) of the pharmaceutical secondary packaging revenues is likely to be generated from packaging of vials and bottles.
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About Roots Analysis
Roots Analysis is one of the fastest growing market research companies, sharing fresh and independent perspectives in the bio-pharmaceutical industry. The in-depth research, analysis and insights are driven by an experienced leadership team which has gained many years of significant experience in this sector.
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Ben Johnson
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Ben.johnson@rootsanalysis.com
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