According to IMARC Group, the global pharmaceutical contract packaging market reached a value of US$ 17 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Pharmaceutical contract packaging refers to the outsourcing of secondary operations like drug packaging and labeling to third parties. A contract pharmaceutical packager provides services, facilities, and equipments which range from designing drug packaging to the testing of the packaged drug. Pharmaceutical companies contract the packaging firms for secondary functions as it is more flexible, profitable and helps in keeping up with the changing times. A skilled packager provides benefits like brand awareness and consumer preference to the company.
IMARC’s latest study “Pharmaceutical Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” segments the market according to the type of packaging. Plastic bottles represented the biggest packaging category accounting for around a fifth of the total global market in 2018 followed by caps and closures, blister packs, prefilled syringes, parenteral vials and ampules, prefilled inhalers, pouches and medication tubes. Country wise, the United States represented the world’s biggest pharmaceutical contract packaging market accounting for around one-third of the total global sales. The United States was followed by Europe, China, and India. India currently represents the fastest growing market followed by China. Looking forward, IMARC Group expects the global pharmaceutical contract packaging market to exhibit moderate growth during the next five years.
The report provides a detailed roadmap for starting a pharmaceutical contract packaging plant. The study, done by one of the world’s leading research and advisory firms, covers all the essential aspects of the pharmaceutical contract packaging market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the pharmaceutical contract packaging market in any manner.
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