India Pharmaceutical Packaging Market Is Estimated To Witness High Growth Owing To Rising Healthcare Spending

India pharmaceutical packaging market 

The India pharmaceutical packaging market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
The pharmaceutical packaging products include bottles, blisters, vials, ampoules, bags, tubes and others. These products are used for packaging pharmaceutical solids and liquids. Bottles are extensively used for packaging tablets and capsules. Blisters are used for packaging strips of tablets and capsules. Vials and ampoules are used for liquids. Bags are used for storing solutions and suspensions. These packaging products protect drugs from moisture, gas, chemicals and provide ease of handling to end users.

Market Dynamics:
The India pharmaceutical packaging market is driven by rising healthcare spending in the country. Healthcare spending in India is expected to rise at a CAGR of 16-17% over 2022-2025, reaching US$ 372-440 billion. This rising healthcare expenditure is increasing demand for pharmaceutical drugs, thereby fuelling growth of pharmaceutical packaging market. Secondly, growing generic drug industry is also propelling market growth. India is the largest provider of generic medicines globally, accounting for 20% of global exports. The Indian government's ‘Make in India’ campaign is also driving growth of domestic drug manufacturing companies, further boosting pharmaceutical packaging demand.

SWOT ANALYSIS

Strength:
- India hosts a large pharmaceutical market with a domestic market size of US$42 billion and growing exports of $24 billion in FY22. This huge market opportunity offers scope for strong growth.
- Highly developed pharmaceutical manufacturing industry in the country dependent on quality packaging. This ensures robust demand.
- Government initiatives to boost generic drug exports like relaxation of IP laws

Weakness:
- High import dependence on certain raw materials increasing costs.
- Large unorganized packaging segment facing issues of quality and standards compliance.

Opportunity:
- Growing exports of pharmaceutical products from India opens up opportunities for packaging providers to expand globally with customers.
- Rising healthcare spends in country boosting overall pharmaceutical market growth and demand for quality packaging.

Threats:
- Stringent global and local regulatory compliance norms pose challenges for packaging material and process approvals that take time.
- Intense competition from global packaging majors with established brands and compliance track record.

Key Takeaways

The Global India Pharmaceutical Packaging Market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing healthcare spending and growth in the pharmaceutical industry. The market size is estimated to reach US$ 3.1 Bn by 2030 from US$ 1.7 Bn in 2023.

Regional analysis - The India market dominates the South Asia pharmaceutical packaging market with a share of around 80% in 2023. It is expected to continue remaining the fastest growing regional market owing to rising health awareness, increasing generic drug exports, and growth in biologics production.

Key players - Key players operating in the India pharmaceutical packaging market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. These companies cater to both domestic as well as global demand through their manufacturing bases in India and innovation in packaging materials, formats, and solutions.

Read More - https://www.dailyprbulletin.com/oral-drug-delivery-segment-is-the-largest-segment-driving-the-growth-of-india-pharmaceutical-packaging-market/

 

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