U.S. Pharmaceutical Packaging Market- Focused Insights 2023-2028

U.S. PHARMACEUTICAL PACKAGING MARKET INSIGHTS 

The U.S. pharmaceutical packaging market was valued at USD 28.33 billion in 2022 and is projected to reach USD 36.58 billion in 2028, with a CAGR of 4.35% during the study period. This momentous growth is rooted in the U.S. pharmaceutical market's relentless dedication to research and development. Pharma companies invest in R&D, fostering breakthrough innovation and industry-wide improvements. Furthermore, the U.S. is one of North America's fastest-growing pharmaceutical packaging markets. In the U.S., the pharmaceutical packaging market is growing gradually due to the demand for prescription drugs, the presence of leading key vendors, and high investments in drug development. 

MARKET DEFINITION  

Pharmaceutical packaging is the packaging process for pharmaceutical preparations, and it is an integral part of the pharmaceutical product. Packaging often involves dosing, dispensing, and using the pharmaceutical product. Packaging plays a significant role in keeping the drug safe, and one of the important aspects is that the material used for the packaging of the drugs should remain safe as it should not react with the drug packaged. 

MARKET TRENDS & DRIVERS 

Growing Demand for Pharmaceuticals: Growing healthcare demand and new technologies are transforming the pharmaceutical industry. As the elderly population grows, it will double to more than 1.5 billion people in 2050. As a result, chronic conditions are on the rise, and patients are often suffering from more than just one ailment, which, in turn, increases the demand for pharmaceuticals. This increases the demand for pharmaceuticals, thus driving the pharmaceutical packaging market. 

Rising Demand for Flexible Packaging: The demand for product protection, easy shipping, growing initiatives by the states to reduce packaging waste, and increasing concern for contamination during primary packaging are driving the demand for flexible packaging. In 2021, Amcor, a leading company in pharmaceutical packaging, witnessed an increase of 52.9% in flexible packaging from 2019. 

U.S. PHARMACEUTICAL PACKAGING MARKET HIGHLIGHTS

• Parenteral containers show the quickest demand growth among all pharmaceutical packaging product groups. This surge can be attributed to the strides in biotechnology that have led to the introduction of new injectable therapies. 
• In 2022, the U.S. accounted for a significant market share in the North American pharmaceutical packaging market due to increasing demand for prescription drugs, leading pharmaceutical players, well-developed infrastructure, high investments in drug development, and high per capita income. 
• Primary packaging accounted for the highest share of the U.S. pharmaceutical packaging market due to the growing demand for blister packs, bottles, vials, ampoules, pouches, sachets, and bags, with the increasing demand for pharmaceuticals. 
• Based on primary packaging type, the strips & blister packaging segment accounted for the largest U.S. pharmaceutical packaging market share. It dominated the other segments due to its wide usage as an essential primary packaging element for pharmaceutical products. 
• Based on material type, the paper segment is leading the U.S. Pharmaceutical packaging market share, which can be attributable to its highest demand in secondary & tertiary packaging and increasing demand for recyclable materials. 
• The pharmaceutical and biotech companies accounted for the fastest growing segment with a CAGR of 4.71% in the U.S. Pharmaceutical packaging market during the forecast period, owing to the growing aged population, growing demand for branded drugs, OTC drugs, and specialty medicines, increasing patent expiring drugs, and higher drug prices.