by The Global Pharma Blister Packaging Market is estimated to be valued at US$ 10.5 Bn in 2023 and is expected to exhibit a CAGR of 6% 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 packaging of pharmaceutical products in a blister pack, which consists of a thermoformed plastic shell and a lidding material. This packaging technique offers several benefits such as product protection, extended shelf life, tamper-evident packaging, and ease of use. It is widely used in the pharmaceutical industry for packaging tablets, capsules, and other solid dosage forms. The demand for pharma blister packaging is increasing due to its ability to provide convenient and user-friendly drug packaging solutions.
Market Dynamics:
The pharma blister packaging market is driven by the rising demand for convenient drug packaging solutions. Blister packs provide individual unit-dose packaging, which ensures accurate dosage administration and reduces the risk of medication errors. Moreover, the increasing investments in the pharmaceutical industry, particularly in emerging economies, are driving the demand for blister packaging solutions. The growing pharmaceutical industry, coupled with stringent regulations regarding product safety and quality, is expected to propel the market growth over the forecast period. Additionally, technological advancements in blister packaging machinery and materials are further fueling market growth.
SWOT Analysis:
Strength:
– The Pharma Blister Packaging Market is experiencing a high growth rate, with a projected CAGR of 6% over the forecast period.
– Increasing demand for pharmaceutical products and the need for efficient packaging solutions are driving the growth of the market.
– Key players in the market, such as Amcor Plc, Wonderpack group, and Bilcare Limited, have extensive experience and expertise in providing innovative blister packaging solutions.
Weakness:
– The market is highly competitive, with several key players vying for market share, which may lead to price wars and lower profit margins.
– Continuous advancements in packaging technology and changing regulations regarding packaging materials pose challenges for companies to stay updated and compliant.
Opportunity:
– The rising prevalence of chronic diseases, growing geriatric population, and increasing awareness about healthcare are expected to drive the demand for pharmaceutical products, creating opportunities for pharma blister packaging.
– The expansion of e-commerce platforms for the delivery of pharmaceutical products presents a significant opportunity for blister packaging providers to cater to the packaging needs of online pharmacies.
Threats:
– The volatility in the prices of raw materials used in blister packaging production, such as aluminum and plastics, can impact the profitability of companies operating in the market.
– Strict regulations regarding packaging materials, labeling, and product safety pose a threat to companies that do not comply, leading to penalties and reputational damage.
Key Takeaways:
The Global Pharma Blister Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 6% over the forecast period (2023-2030). This growth is driven by the increasing demand for pharmaceutical products and the need for efficient packaging solutions.
The Asia-Pacific region is expected to be the fastest-growing and dominating region in the market, attributed to the rising healthcare expenditures, growing pharmaceutical industry, and increasing awareness about healthcare.
Key players operating in the Pharma Blister Packaging Market include Amcor Plc, Wonderpack group, Bilcare Limited, Sonoco Products Company, Honeywell International Inc., and more. These key players have a strong presence and expertise in providing innovative blister packaging solutions to the pharmaceutical industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
