According to the latest report by IMARC Group, titled “India Pharmaceutical Contract Packaging Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the India pharmaceutical contract packaging market is expected to exhibit a CAGR of 9.29% during 2022-2027. Pharmaceutical contract packaging involves the packaging of medical products under contract for clients who do not have enough resources or time for in-house packaging. The process of assembling and packaging pharmaceuticals usually involves contract packagers, who handle the primary, secondary, and tertiary stages, including packaging and distribution. Contract packaging services include blister packaging, cardboard packaging, kitting, liquid dispensing and packaging, parental labeling, and sterilization. In order to reduce overall production costs and increase speed to market, pharmaceutical companies are now outsourcing packaging activities to contract packagers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Pharmaceutical Contract Packaging Market Trends:
The market in India is majorly driven by the escalating demand for cost-reduction in drug manufacturing. This can be attributed to the increasing number of outsourcings in product packaging due to a lack of standardized packaging solutions in the pharmaceutical sector. In addition to this, the emergence of various pharmaceutical hotspots across the country is creating lucrative growth opportunities for the key market players. With a considerable rise in the advent of low-cost generic medicines following the expiration of patents, the demand for pharmaceutical contract packaging is on the rise. Furthermore, the widespread adoption of polymer and plastic packaging due to their high dimensional strength and fire resistance is providing an impetus for the contract packaging market. Some of the other factors contributing to the market include the growing need for faster drug delivery, the rising geriatric population susceptible to a wide number of ailments, and extensive research and development (R&D) activities focusing on modernized packaging.
- Based on the industry, the market has been segmented into small molecule, biopharmaceutical, and vaccine.
- On the basis of the type, the market has been divided into sterile and non-sterile.
- Based on the packaging, the market has been categorized into plastic bottles, caps and closures, blister packs, prefilled syringes, parenteral vials and ampoules, and others.
- On the geographical front, the market has been segregated into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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