Reportlinker.com announces the release of the report “Single-Use Upstream Bioprocessing Technology / Equipment Market by Type of Product, Scale of Operation and Key Geographical Regions: Industry Trends and Global Forecasts, 2022-2035”
In addition, over the next five years, the global pharmaceutical market is projected to grow at a CAGR of 4.7%, with global drug sales anticipated to raise revenues worth USD 1.5 trillion in 2023. This continuously growing pipeline of pharmaceutical drug products has inadvertently led to an increase in the demand for their associated primary and secondary packaging solutions. Specifically, pharmaceutical secondary packaging is a vital step in the product supply chain as it encloses life-saving drugs and therapies, preserving the identity, quality, integrity, and stability of the packaged drug product. It also plays a key role in marketing and brand projection for a product. However, the process of secondary packaging usually involves time-consuming and complex activities, such as blister carding, thermoforming, labeling, kitting, assembly, and cold chain storage (for temperature-sensitive biologics). Other key challenges faced by developers are limiting variability in packaging materials and ensuring compliance with stringent regulatory guidelines (for packaging designs). Considering the aforementioned concerns, many pharmaceutical players now prefer to collaborate with qualified packaging providers that offer non-traditional packaging solutions and have the required capabilities to create unique packaging designs, in a cost and time-effective manner.
As per the CDMO Outsourcing Survey conducted by Nice Insight, specifically for clinical and commercial-scale operations, nearly 60% of the pharmaceutical companies currently outsource their primary packaging needs, while 43% of the players outsource their secondary packaging requirements. At present, more than 160 companies offer secondary packaging solutions to firms engaged in the pharmaceutical sector. Further, several recent advancements in packaging designs, technologies, and materials have enabled service providers to offer a wide range of user-friendly pharmaceutical secondary packaging solutions. In addition, substantial expansions, mergers and acquisitions, and partnerships have been reported in this market as service providers strive to become one-stop shops, in order to cater to the diverse needs of their clients engaged in the healthcare industry. Driven by the ongoing innovation in this field, continuous growth in the pharmaceutical drugs pipeline, and a steady rise in drug approvals, the pharmaceutical secondary packaging market is likely to witness positive growth in the foreseen future.
SCOPE OF THE REPORT
The ‘Pharmaceutical Secondary Packaging Market – Distribution by Type of Secondary Packaging (Boxes, Cartons, and Pouches), Type of Primary Packaging Packed (Ampoules, Blister Packs, Bottles, Cartridges, Syringes, and Vials) and Key Geographies (North America, Europe, Asia-Pacific, MENA, Latin America, and Rest of the World): Industry Trends and Global Forecasts, 2022-2035’ report features an extensive study of the current market landscape and future potential of the pharmaceutical secondary packaging market. The study features an in-depth analysis, highlighting the capabilities of pharmaceutical secondary packaging providers.
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Source: Globenewswire