Rising health awareness adoption of new regulatory standards for packaging recycling acts as the major driving force of Indian pharmaceutical packaging market
PORTLAND, OR, UNITED STATES, September 15, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “India Pharmaceutical Packaging Market by Product type and Material: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the Indian pharmaceutical packaging market was valued at $1434.1 million in 2020, and is projected to reach $3027.14 million by 2030 at a CAGR of 7.54% from 2021 to 2030.
Packaging plays a crucial role in the pharma industry, where its function extends beyond serving as a branding aid and providing barrier protection to products for the shelf-life period. It is increasingly playing a vital role in ensuring overall patient safety by carrying key information pertaining to the product, ensuring tamper-evidence and traceability of products. Pharmaceutical packaging is usually the economic means of providing presentation, protection, identification, information, convenience, integrity, and stability of the product.
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The major factors that drive the growth of Indian pharmaceutical packaging market are a surge in health awareness, rise in population, increase in life expectancy, and new regulatory standards. Moreover, the surge in awareness of environmental issues due to traditional packaging material and packaging recycling drives the growth of the pharmaceutical packaging industry in India. India is the second most populated country with 1.34 billion people and is the third-largest economy. The specific needs of the elderly and handicapped are being integrated into packaging design, thus making the product more convenient to use. Brand protection to prevent counterfeiting is also an important factor that enhances competition in the market. The development of new packaging types such as child-resistant packaging (CRP), radiofrequency identification technology, and others with improved properties have led to the rapid growth of the market. The adoption and compliance with regulatory norms in pharmaceutical packaging, along with standards about packaging recycling, is also fuelling the growth of the market.
The India pharmaceutical packaging market is segmented into product and material. On the basis of product type, the market is divided into specialty bags, parenteral containers,s, and others. The specialty bags are further segmented urinary collection bags, bile collection bags, blood bags, sterile packaging bags, and enteral feeding. Further, the parenteral container is split into bags, bottles, ampoules, vials, cartridges, and others. The material type segment is further divided into glass, aluminum foils, plastics and polymers, paper and paperboards, and others.
The COVID-19 outbreak positively impacted the growth of the India pharmaceutical packaging market. The COVID-19 pandemic has stressed the healthcare systems of the world. Due to lockdown in India, the companies involved in the manufacturing of bottles, caps, vials, tubes, ampoules, and blisters find it difficult to supply the products to pharma companies logistically. The supply chain was disrupted due to the lockdown affected the market at the initial lockdown. COVID-19 has created a demand for sterile packaging in the market as it has created fear among consumers about the ability of the virus to stay alive in packaging surfaces, which has created an opportunity between key players to meet demands for the market growth. Different packaging materials used in the packaging of the pharmaceutical dosage forms are glass, aluminum foil as well as plastic.
The spread of the COVID-19 pandemic is significantly propelling the demand for pharmaceutical packaging in order to develop more medicines to support the treatment of the current ongoing COVID-19 pandemic Moreover, due to post covid complications and rise in case of infections there has been a sudden rise in sterile packaging which may boost Indian pharmaceutical packaging market. India has banned import on drugs which are involved in treatment in COVID-19 such as paracetamol and remdesivir, this has again increased the demand for better pharmaceutical secondary and tertiary packaging market in India.
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KEY FINDINGS OF THE STUDY
• By product, the parenteral container segment accounted for nearly 19.3% share of the India pharmaceutical packaging market in 2020.
• By material, the plastic and polymers segment held largest market share in of 35.5% in 2020 and is expected to remain dominant throughout the forecast period.
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