Study: Pharmaceutical plastic packaging manufacturers need to provide smart offerings
The global pharmaceutical plastic packaging market will reflect steady growth, supported by a surge in sales of pharmaceutical products to manage the coronavirus pandemic and a wide number of other chronic ailments, according to a new study by Future Market Insights.
The global pharmaceutical plastic packaging market is projected to surpass $83bn (~€69bn) by the end of 2030.
The market for pharmaceutical plastic packaging is witnessing a promising growth owing to efforts by manufacturers towards the incorporation of anti-counterfeiting technologies such as QR codes, and nanomaterials, along with sustainability initiatives including bio-based plastics, and recycled plastics.
The integration of smart-packaging technologies to improve patient compliance, and to prevent unauthorized access will also support market growth.
Manufacturers continue to be challenged by factors such as poor ductility and heat resistance, potential risk of instability and interactions between, pharmaceutical formulations and the container. Also, plastic packaging does not provide high clarity levels, which can be an issue in terms of inspections.
An analyst involved in the study said: “In the near future, pharma plastic packaging will transition towards sustainable material options for design and production. Efforts to minimise plastic waste will bolster use of polyethene terephthalate (PET), which can be easily recycled.”
The ongoing Coronavirus pandemic will have significant influence on the pharmaceutical plastic packaging industry. The outbreak has revealed faults in supply chains, and will force market players to optimise strategies and minimise vulnerabilities.
Ampoules and vials in particular are likely to gain investments. Blister packs and trays will find lucrative opportunities.
The report studies the strategies deployed by major companies participating in the pharmaceutical plastic packaging market. Market leaders have been pushing for strategic expansions of production capabilities with the deployment of new facilities or the expansion of existing ones. The expansion strategy also focuses on bolstering geographic penetration in emerging economies to leverage operational cost benefits.