Radio-Frequency Identification (RFID) Integration in Pharmaceutical Plastic Bottles to Drive Growth at 10.3% CAGR through 2031: Future Market Insights
Pharmaceutical plastic bottle manufacturers are increasingly focusing on material and design innovations, including smart dosage features to better ensure patient compliance.
Dubai, United Arab Emirates – August 9, 2021 /MarketersMedia/ —
The pharmaceutical plastic bottles market value will total US$ 29.6 Bn in 2021, as per Future Market Insights (FMI). Driven by the expansion of the healthcare industry, the market is forecast to rise at a CAGR of 10.3% over the assessment period 2021-2031. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is anticipated to register a 10.0% year-on-year growth in 2021.
The paradigm shift in consumer behavior towards the adoption of sustainable packaging solutions is fueling market growth. Features such as low-weight and cost-effectiveness, are driving sales. Advancements in the healthcare industry has propelled the demand for efficient and economical packaging solutions, creating lucrative opportunities for growth.
The rising scope for applications of corticosteroid drugs in nasal formulations for a large number of treatments are spurring sales prospects. FMI has estimated that plastic bottles for ophthalmic/nasal formulations will account for over 42.7% of pharmaceutical plastic bottles sales in 2021.
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Demand continues to grow for polyethylene terephthalate (PET) offerings owing to its high barrier strength and recyclability, thereby stimulating market growth. According to the study, PET is set to expand at a CAGR of 11.3% over the forecast period 2021-2031, surpassing a valuation of US$ 8.3 Bn in 2021.
North America will remain a highly lucrative market. Rising spending on healthcare, will allow the U.S. to dominate the market in North America. It is poised to expand 2.5 times its current market size through 2031, accounting for over 79.3% of the North America market by the end of 2031.
“Emergence of technological advancements including child-resistant closures and counterfeit protection solutions are bolstering the adoption of pharmaceutical plastic bottles especially in developed countries,” said a Future Market Insights analyst.
Key Takeaways from Pharmaceutical Plastic Bottles Market Survey
Backed by the presence of a advanced healthcare infrastructure, the U.K. market is likely to exhibit growth at a CAGR of 8% over the forecast period.
The China market is expected to grow at a CAGR of 11.4%, accounting for over 59%of the pharmaceutical plastic bottles market in East Asia.
Indian market is anticipated to rise at a significant pace, surpassing a valuation of US$ 1.9 Bn in 2021, supported by a large patient population.
The U.S. is leading the market for pharmaceutical plastic bottles in North America and is estimated to account for nearly 79.3%of sales through 2031.
Polyethylene terephthalate (PET) is expected to surpass a valuation of US$ 8.3 Bn in 2021, aided by recycling and durability characteristics.
Key Drivers
Increasing demand for sustainable packaging solutions is driving market growth.
Emergence of technological innovations are contributing to the growth of the market.
Key Restraints
The outbreak of the COVID-19 virus is a major factor impeding growth.
Increasing environmental concerns regarding plastic usage will pose a challenge to adoption.
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Competitive Landscape
Pharmaceutical plastic bottle manufacturers are focusing on undertaking expansions and acquisitions to strengthen their global presence.
In July 2019, Berry Global Inc.announced the acquisition of RPC Group. This acquisition will aid in strengthening the combined platform of both organizations with product expertise and design.
In January 2021, ALPLA Werke Alwin Lehner GmbH & Co KG, a leading global producer of plastic packaging announced an investment of more than five-million dollars in an extrusion system for the production of recycled PET in Italy.
Some of the leading players operating in the pharmaceutical plastic bottles market profiled by Future Market Insights are:
Berry Global Inc.
Amcor Plc
Gerresheimer AG
AptarGroup, Inc.
Berk Company, LLC
Alpha Packaging Holdings, Inc.
Comar, LLC
Alpack Inc.
ALPLA Werke Alwin Lehner GmbH & Co KG
Drug Plastics Group
Bormioli Pharma S.p.a.
L.Smith Company
United States Plastic Corporation
Weener Plastics Group BV
Origin Pharma Packaging
Pretium Packaging Corporation
Pro-Pac Packaging Group Pty Ltd
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global pharmaceutical plastic bottles market, analysing forecast statistics through 2021 and beyond. the survey reveals growth projections on in pharmaceutical plastic bottles market with detailed segmentation:
By Bottle Type
Plastic Bottles For Solid Formulation
Plastic Bottles For Liquid
Plastic Bottles For Ophthalmic/Nasal Formulation
By Material Type
Polyethylene (PE)
High-density polyethylene (HDPE)
Low-density polyethylene (LDPE)
Polyethylene terephthalate (PET)
Polypropylene (PP)
Polyvinyl chloride (PVC)
By Capacity
Below 100 ml
100 ml – 250 ml
Above 250 ml
By Region
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)
Key Questions Covered in the Pharmaceutical Plastic Bottles Market Report
The report offers detailed insights into pharmaceutical plastic bottles demand outlook for 2021-2031
The market study also highlights projected sales growth for pharmaceutical plastic bottles market between 2021 and 2031
Pharmaceutical plastic bottles market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Pharmaceutical plastic bottles market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Contact Info:
Name: Mr. Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/pharmaceutical-plastic-bottles-market
Source: MarketersMedia
Release ID: 89040796
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