Expected to record a market value of US$ 27.4 billion in 2023, the global antiviral drug packaging market is positioned for notable growth. Projections indicate substantial advancement, with a projected valuation of US$ 48.9 billion by 2033, propelled by a commendable Compound Annual Growth Rate (CAGR) of 5.9% throughout the forecast period. This trajectory underscores the rising demand for effective and secure packaging solutions in the antiviral drug sector, reflecting advancements in pharmaceuticals. The forecast highlights the critical role of packaging in maintaining the potency and safety of antiviral drugs, signaling a promising outlook for the market’s development.
The increasing elderly population plays a pivotal role in influencing the demand for medical equipment, disposable supplies, and antiviral packaging, directly driving product demand in the projected period. This growth is amplified by a decreasing birth rate and extended life expectancy. Concurrently, the utilization of biologics in the treatment of chronic diseases like diabetes and arthritis is anticipated to contribute to the upsurge in sales for antiviral medicine packaging solutions, reflecting the evolving landscape of healthcare needs and the critical role played by specialized packaging in ensuring the efficacy and safety of essential pharmaceuticals.
North America is expected to dominate the market of antiviral drug packaging by accumulating over 40% market share by end of the forecast period. The growth is attributed to robust pharmaceutical infrastructure, growing cases of chronic diseases, and rising concern toward product safety. The United States government is undertaking various measures such as increasing investments in infectious diseases programs and promoting research and development activities for developing innovative therapies to manage viral infections will further boost product sales in the region.
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Market Drivers:
- Increased Demand for Antiviral Drugs: The rising prevalence of viral diseases and outbreaks can drive the demand for antiviral drugs, subsequently impacting the packaging market.
- Technological Advancements in Packaging Materials: Innovations in packaging materials and technologies that enhance the stability, shelf life, and safety of antiviral drugs can be a significant driver.
- Stringent Regulatory Requirements: The pharmaceutical industry is highly regulated, and compliance with international standards and regulations can drive the demand for specialized packaging solutions.
- Focus on Patient Safety: Patient safety concerns and the need for tamper-evident and child-resistant packaging solutions can drive innovations in antiviral drug packaging.
- Globalization of Pharmaceutical Supply Chains: With pharmaceutical supply chains becoming more globalized, the need for secure and efficient packaging to ensure product integrity during transportation becomes crucial.
Market Restraints:
- Costs and Pricing Pressure: High development and production costs of specialized packaging materials and solutions can pose a challenge, especially with increasing pressure on drug pricing.
- Environmental Concerns: The pharmaceutical industry is under increasing scrutiny for its environmental impact. Sustainable and eco-friendly packaging solutions are gaining importance, and companies may face challenges in balancing environmental concerns with regulatory requirements.
- Supply Chain Disruptions: The global supply chain challenges, including disruptions caused by events like the COVID-19 pandemic, can impact the availability of packaging materials and components, affecting the antiviral drug packaging market.
Who are the Key Manufacturers and Suppliers of Antiviral Drug Packaging?
Some of the key prominent players in the industry includes
- Avery Dennison Corporation
- E.I. du Pont de Nemours
- CCL Industries Inc
- BioCote
- Avient
- Mondi
- Biomaster
- BASF
- Lonza
- Takex Labo Co. Ltd
- Berry
- Lageen Tubes.
How Competitive is the Market?
- In May 2022, Avery Dennison Corporation declared two major investments which were meant to boost its manufacturing volume and enhance its factory efficiency in Europe to meet the high demand for its label and packaging materials.
- On April 2022, Avery Dennison announced the commencement of operations in its new state-of-the-art manufacturing facility in Greater Noida, India. The new state-of-the-art plant is spread over a 12-acre area which will manufacture technologically-advanced, pressure-sensitive materials for the packaging and labeling industry and would include best practices available across Avery Dennison globally.
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Key Segmentations:
By Material:
- Rigid plastic
- Pumps
- Flexible blister foils
By Application:
- Packaging
- Tubing
By End Use:
- Pharmaceuticals
- Healthcare
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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