Global Pharma Blister Packaging Market Is Estimated To Witness High...

Global Pharma Blister Packaging Market Is Estimated To Witness High Growth Owing To Increasing Demand for Pharmaceutical Products and Growing Preference for Blister Packaging

Posted 2023-09-22 13:39:29

The Pharma Blister Packaging Market is estimated to be valued at US$ 24.1 billion in 2020 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Pharma blister packaging refers to the use of pre-formed plastic cavities or blisters to hold pharmaceutical products. It offers benefits such as product protection, tamper-evidence, extended shelf life, and improved patient compliance. The market for pharma blister packaging is driven by the increasing demand for pharmaceutical products and the growing preference for blister packaging among manufacturers. Blister packaging provides a barrier against moisture, oxygen, and other contaminants, ensuring the integrity and quality of the pharmaceutical products. Moreover, advancements in blister packaging technologies, such as child-resistant and senior-friendly packaging, are further fueling the market growth.

Market Dynamics:
The growing demand for pharmaceutical products, driven by factors such as the aging population, increasing prevalence of chronic diseases, and advancements in healthcare infrastructure, is a major driver for the pharma blister packaging market. Additionally, the strict regulations and guidelines regarding the packaging of pharmaceutical products, emphasizing safety and quality, are boosting the adoption of blister packaging in the industry. Furthermore, the advantages offered by blister packaging, such as ease of use, enhanced product visibility, and improved patient compliance, are further propelling market growth. Innovation in blister packaging designs and materials to cater to the specific needs of different pharmaceutical products is expected to create lucrative opportunities in the market.

SWOT Analysis:

Strengths: The pharma blister packaging market is expected to experience high growth due to the increasing demand for convenient and tamper-evident packaging in the pharmaceutical industry. Blister packaging offers protection against moisture, oxygen, and light, ensuring the integrity and efficacy of pharmaceutical products. Additionally, blister packaging allows for easy identification and dosage management for consumers.

Weaknesses: One weakness of blister packaging is its limitation in accommodating larger-sized products or irregularly shaped pharmaceuticals. This may limit its use for certain medications or medical devices. Another weakness is the environmental impact of blister packaging, as it is primarily made from plastic materials that are not easily recyclable or biodegradable.

Opportunities: The pharmaceutical blister packaging market presents opportunities for innovation and advancements in materials, design, and sustainability. There is an increasing focus on sustainable packaging solutions in the industry, creating opportunities for eco-friendly blister packaging alternatives. Furthermore, the growing pharmaceutical industry in emerging economies provides opportunities for market expansion and increased demand for blister packaging.

Threats: One threat to the pharma blister packaging market is the increasingly stringent regulations and standards for pharmaceutical packaging, which may require additional investments in compliance. Another threat is the potential competition from alternative packaging solutions, such as pouches or vials, which may offer different advantages and be preferred by certain pharmaceutical manufacturers.

Key Takeaways:

The Global Pharma Blister Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2023-2030. This growth can be attributed to the increasing demand for convenient and tamper-evident packaging in the pharmaceutical industry.

In terms of regional analysis, North America is expected to be the fastest-growing region in the pharma blister packaging market, driven by factors such as the presence of a large pharmaceutical industry, stringent regulations, and increasing focus on patient safety and compliance.

Key players operating in the pharma blister packaging market include Amcor Plc, Wonderpack group, Bilcare Limited, Sonoco Products Company, Honeywell International Inc., ACG Pharmapack Pvt. Ltd., West Rock Company, Constantia Flexibles GmbH, WINPAK LTD, Rohrer Corporation, Accupack, Nichrome Packaging Solutions, Nirmala Industries, among others. These key players play a crucial role in driving innovation, meeting industry regulations, and catering to the diverse packaging needs of pharmaceutical companies.