Pharmaceutical packaging plays a critical role in protecting medicines from damage and contamination during transportation and storage. Plastic bottles, caps & closure, labels, cartons and other innovative pharmaceutical packaging solutions assist in preventing counterfeiting and ensuring the effectiveness of drugs. The increasing focus on developing new drug delivery systems along with rising demand for differentiated packaging have accelerated innovation. The global India 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the Indian pharmaceutical packaging market size is primarily driven by the rising innovation and new product launches. Pharmaceutical manufacturers are increasingly focusing on developing advanced packaging solutions to improve patient compliance. For instance, convenient packaging such as blister packs, strip packs and calendars are gaining popularity as they offer dose monitoring and ensure correct intake of medicines. Furthermore, innovative anti-counterfeiting technologies such as holograms, unique identifiers and RFID tags are being incorporated in packaging to tackle the growing issue of drug counterfeiting. Such trends are expected to continue in the forecast period with the increasing investment in R&D by leading packaging manufacturers.
Segment Analysis
The India pharmaceutical packaging market is segmented into primary packaging and secondary packaging. Primary packaging is dominating the market as it has direct contact with the medication. It includes bottles, vials, prefilled syringes, blister packs and others. Among these, bottles hold the largest market share due to high usage of tablets and capsules which require bottles for packaging.
Key Takeaways
The global India pharmaceutical packaging market is expected to witness high growth during 2024 to 2031. The market is projected to grow at a CAGR of 11% during the forecast period. The market size for 2024 is US$ 1.96 Bn.
Regional analysis: Western India dominates the regional market share due to concentration of pharmaceutical manufacturers. The region is projected to grow at the fastest pace owing to expansion of domestic pharmaceutical players.
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.
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