India Pharmaceutical Packaging Market is Anticipated to Witness High Growth Owing to Increased Pharm
Author : Ishika cmi | Published On : 21 Mar 2024
The pharmaceutical packaging market in India has witnessed significant growth over the past few years. Pharmaceutical packaging offers product safety, protection against external factors like contamination from moisture, oxygen, and sunlight. It further facilitates ease of transportation, inventory management, product identification, and brand promotion. The pharmaceutical industry in India has witnessed substantial growth in recent times and has emerged as the third-largest pharmaceutical market globally. Factors such as increasing healthcare awareness, availability of affordable medicines, access to healthcare facilities, and government initiatives contributing to the pharmaceutical sector growth are key aspects fueling the packaging demand.
The Indian pharmaceutical packaging market is estimated to be valued at US$ 1.96 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 2024 to 2031.
With increased accessibility and affordability of medicines, coupled with a robust distribution network, India has become one of the leading pharmaceutical markets globally. Factors such as digitalization, strategic initiatives to promote local manufacturing, push towards self-sufficiency during the COVID crisis are further strengthening the pharmaceutical sector in India. This anticipated growth trajectory of the pharmaceutical industry will continue driving packaging demand over the coming years.
Key Takeaways
Key players operating in the India pharmaceutical packaging market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. These key players are focusing on expanding their product portfolio and market presence through new product launches and mergers & acquisitions.
Various opportunities exist in the India Pharmaceutical Packaging Market Size including growth in chronic disease treatment, development of biopharmaceuticals, growth of medical devices industry. Additionally, increasing focus on patient safety and compliance is further driving innovative packaging solutions.
Growing pharmaceutical exports from India coupled with increased global focus on reducing medical costs through affordable drugs from India provide significant potential for global expansion of Indian pharmaceutical packaging companies. To capitalize on this opportunity, key packaging players are investing in increasing their manufacturing capabilities and distribution networks.
Market drivers: Growing pharmaceutical industry in India: Increase in chronic diseases, health awareness, expenditure on healthcare is contributing significantly to pharmaceutical industry growth thus driving packaging demand.
Market restraints: Stringent regulatory landscape: Frequent regulatory changes regarding packaging material selection, design and labeling requirements particularly for temperature sensitive drugs can hinder packaging innovation.
Segment Analysis
The India pharmaceutical packaging market can be segmented based on packaging type into primary packaging, secondary packaging, and tertiary packaging. Within primary packaging, blister packaging dominates as it provides efficient protection and dispensing of drugs in solid, semi-solid, and liquid forms. Blister packaging prevents contamination and product damage and allows producing drugs in unit doses, thus ensuring product safety and efficacy.
The secondary segment can be divided into label & accessories and container. Label & accessories is the fastest growing secondary segment due to stringent serialization & labelling regulations in the country. The labelling segment is seeing increased innovation to include advanced digital solutions such as 2D barcodes to enable supply chain traceability and prevent counterfeiting.
Global Analysis
Regionally, Southern India dominates the pharmaceutical packaging market backed by the presence of a large number of pharmaceutical companies in cities like Hyderabad, Chennai and Bengaluru. The stringent implementation of the Pharmacopoeia and serialization requirements are also boosting market growth in this region.
Meanwhile, the Western region is the fastest growing region due to rising investments from domestic as well as international pharma players in states like Gujarat and Maharashtra. This has necessitated increased local production and packaging of drugs. Furthermore, these regions are witnessing growing demand for compliance with global packaging standards to facilitate exports.
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