The latest report by IMARC Group, titled “India Pharmaceutical Contract Packaging Market Report : Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, finds that The India pharmaceutical contract packaging market is expected to exhibit a CAGR of 9.29% during 2022-2027. Pharmaceutical packaging is vital in the pharmaceutical sector as the product requires being non-toxic and harmless for the patient. The requirement for the packaging specialty has boosted up an alternate industry, namely contract manufacturing, that is now progressively emerging. Major pharmaceutical companies are subcontracting the task of packaging end products to those companies that are accomplished and dedicated to handling the packaging of medicines in an effective manner. It involves the usage of different packaging materials, such as paper, paperboard, plastics, polymers, aluminum foil, and others.
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Covid-19 Outbreak:
The outbreak of COVID-19 had an impact on the pharmaceutical contract packaging market in India, thereby leading to the increasing growth of the healthcare industry and rising awareness of health issues. The pandemic highlighted the significance of packaging in the pharmaceutical industry. Packaging activities were considered necessary during the pandemic, thus benefiting pharmaceutical contract packaging companies. Pharmaceutical contract packaging companies have increased their productivity to support the increasing demand for containers, blister packs, bottles, cartridges, pouches, and others. This was due to the growing need for covid-related medications and vaccines. However, the disruption in the supply chain and shortage of infrastructure and workforce negatively affected the market.
India Pharmaceutical Contract Packaging Industry Trends:
The market in India is majorly driven by significant growth in the pharmaceutical industry. In line with this, the increasing number of the elderly population and stringent norms on packaging by governing agencies are positively influencing the market. Furthermore, the rising public interest in modernized packaging is significantly contributing to the growth of the pharmaceutical contract packaging market across India. Moreover, the growing health consciousness and the expanding burden on pharma firms for reduction of overall packaging costs are further anticipated to accelerate the growth of the market. Additionally, the growing production of low-priced generic medicines of branded drugs at the time of patent expiration is also providing a boost to the market.
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Key Market Segmentation:
Breakup by Industry:
- Small Molecule
- Biopharmaceutical
- Vaccine
Breakup by Type:
- Sterile
- Non-Sterile
Breakup by Packaging:
- Plastic Bottles
- Caps and Closures
- Blister Packs
- Prefilled Syringes
- Parenteral Vials and Ampoules
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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