The Prescription Bottles market is estimated to be valued at US$ 4.56 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Prescription bottles find extensive applications in the pharmaceutical industry for storing and dispensing medicines, supplements and vitamins. They are available in various materials such as plastic, HDPE and glass. Plastic prescription bottles are widely used owing to their cost-effectiveness and shatter resistance as compared to glass bottles. Prescription bottles help pharmaceutical companies and consumers handle medicines carefully and prevent contamination.
The prescription bottles market growth is expected to be driven by the rising prevalence of chronic diseases across the globe. As per the World Health Organization (WHO), chronic diseases accounted for around 60% of the reported deaths globally in 2001. Furthermore, growing geriatric population is also contributing to the increasing chronic disease burden worldwide. For instance, according to the U.S. Census Bureau, the number of people aged 65 years or older in the U.S. is projected to grow from 52 million in 2018 to 95 million by 2060. The increasing cases of chronic diseases are fueling the demand for medications, thereby propelling the prescription bottles market growth.
Another key factor driving the market growth is rising adoption of medication therapy management programs in developed economies. These programs help patients improve adherence to medications through prescription bottle labeling, reminders and education. This in turn supports prescription bottle demand over the forecast period.
Strength: Prescription bottles market has strong growth potential due to increasing use of medicine packaging worldwide. The market has several regulations in place regarding packaging quality and safety which ensures customer trust. Manufacturers offer high quality and durable bottles in various designs, sizes and material types to cater diverse medicinal needs.
Weakness: Frequent fluctuation in raw material prices increases production cost for manufacturers. Strict quality certifications and protocols increase initial investment and operational expenses. Lack of standardization in rules across regions creates challenges for companies to maintain product quality.
Opportunity: Growing pharmaceutical sector in developing economies offer new growth avenues. Rising health awareness and increasing chronic diseases drives the demand. Innovation in bottle designs for effective dosing, child resistance and senior friendly features present new opportunities.
Threats: High entry barriers for new players due to regulatory permits and quality certifications. Shift towards alternative packaging such as blisters and pouches poses threat to bottle sales. Stringent environmental regulations on plastic use can limit the market growth.
The global Prescription Bottles Market Share is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period, due to increasing healthcare expenditure and rising pharmaceutical industry worldwide.
North America leads prescription bottles market share due to larger pharmaceutical industry and increasing elderly population driving medicine demand in the US and Canada. Asia Pacific exhibits fastest growth with rising chronic diseases and growing penetration of health insurance in China, India and South East Asian countries.
Key players operating in the prescription bottles market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer.