The global pharma blister packaging market is estimated to be valued at US$24.1 billion in 2020 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Pharma blister packaging refers to the type of packaging used in the pharmaceutical industry for packaging tablets, capsules, and other solid dosage forms. It provides various advantages such as protection against contamination, tampering, and damage, ensuring product safety and integrity. Additionally, blister packaging offers convenience in terms of portability and ease of use, making it popular among consumers. The need for pharma blister packaging arises from the growing demand for safe and reliable packaging solutions in the pharmaceutical industry.
Market Key Trends:
One key trend in the pharma blister packaging market is the increasing adoption of sustainable and eco-friendly materials for packaging. With growing awareness about environmental conservation, pharmaceutical companies are shifting towards packaging materials that are recyclable and biodegradable. This trend is driven by the need to reduce the environmental impact of packaging waste and comply with regulations. Companies are also focusing on innovative packaging designs and technologies to minimize the use of plastic materials and improve sustainability.
Political: The political factors influencing the pharma blister packaging market include government regulations and policies regarding pharmaceutical packaging. Stringent regulations regarding product safety and quality, as well as labeling requirements, can impact the market. Additionally, trade policies and government interventions in the pharmaceutical industry can also have an influence.
Economic: The economic factors influencing the market include the overall economic growth, disposable income, and healthcare expenditure in various regions. The pharma blister packaging market is expected to benefit from the increasing healthcare expenditure and rising demand for pharmaceutical products, especially in emerging economies. However, fluctuations in currency exchange rates and economic stability can pose challenges to market growth.
Social: Social factors driving the market include the increasing population, changing demographics, and rising healthcare awareness. The demand for pharmaceutical products is driven by the aging population and the prevalence of chronic diseases. Moreover, changing lifestyle patterns and consumer preferences for convenient and tamper-evident packaging solutions also contribute to market growth.
Technological: Technological advancements in the pharma blister packaging industry are crucial for enhancing product quality, extending shelf life, and ensuring patient safety. Innovations in materials, such as eco-friendly and child-resistant packaging options, have gained significance. Automation in blister packaging production processes and the integration of smart technologies for track and trace purposes are expected to drive market growth.
The Global Pharma Blister Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2020 to 2025. This growth is primarily attributed to the increasing demand for pharmaceutical products, especially in emerging economies, coupled with the expanding healthcare expenditure. The market size for 2020 was estimated to be US$ 24.1 billion.
In terms of regional analysis, Asia-Pacific is projected to be the fastest-growing and dominating region in the pharma blister packaging market. The rising population, increasing demand for generic drugs, and government initiatives to improve healthcare infrastructure are driving the market in this region. Moreover, the presence of a large number of pharmaceutical manufacturers in countries like India and China further contributes to the market’s growth.
Key players operating in the pharma blister packaging market include Amcor Plc, Wonderpack group, Bilcare Limited, Sonoco Products Company, Honeywell International Inc., ACG Pharmapack Pvt. Ltd., West Rock Company, Constantia Flexibles GmbH, WINPAK LTD, Rohrer Corporation, Accupack, Nichrome Packaging Solutions, and Nirmala Industries. These companies focus on strategic initiatives such as product innovation, mergers and acquisitions, and collaborations to maintain a competitive edge in the market.