The India Pharmaceutical Packaging Market size is estimated at USD 6.36 billion in 2024, and is expected to reach USD 9.28 billion by 2029, growing at a CAGR of 8% during the forecast period (2024- 2029). India's pharmaceutical sector is well-placed to lead in research and innovation. Innovations are expected to be driven by the country's strong science and technology base, increasing government support, and an enormous national market. Moreover, India's cost-competitive manufacturing capacity will make it an appealing location for global pharmaceutical companies to conduct research and development in India.
With research and innovation in the pharmaceutical sector, the Indian government has taken a multipronged strategy involving industry and academia, creating infrastructure, etc. These policies enable environment-favorable packaging solutions in the pharmaceutical industry.
The market for pharmaceutical packaging is predicted to grow due to increasing retail pharmacy penetration and a growing section of the population suffering from various chronic diseases. According to a WHO report, over 20% of the nation's population suffers from at least one of the chronic or non-communicable diseases predicted to cost India USD 6.2 trillion from 2012 to 2030. The majority of pharmaceutical companies are researching and developing a novel vaccine that will fuel the expansion of the pharmaceutical packaging market in India and prevent financial burdens in the coming years.
The Indian government is providing free health coverage to poor people with the help of national programs. Every year, more than six crore people are pushed into poverty because of medical expenses. For instance, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is a scheme of the National Health Policy that aims to provide free health coverage to the bottom 40% of the poor and vulnerable population. Thus, the above initiatives play a crucial role in developing the landscape for pharmaceutical packaging in India.
Packaging in the pharmaceutical industry varies from drug to drug. Usually, there are three levels of packaging, commonly referred to as primary, secondary, and tertiary packaging. The primary packaging system is the material first enveloping the product. It holds package components and subcomponents that come in contact with the product or may directly affect the product shelf-life, e.g., ampoules and vials, prefilled syringes, IV containers, blister packs, etc.
The growing population, rising health awareness, and increasing life expectancy can be attributed to the growth of the pharmaceutical packaging industry. Moreover, growing awareness of sustainable environmental problems due to traditional packaging material and adopting new regulatory standards for packaging recycling are also pushing the pharmaceutical packaging industry in India.
Addressing environmental concerns in pharma is crucial due to the significant influence of pharma production, usage, and disposal on ecosystems and human health. This includes pollution from manufacturing processes, contamination of waterways, and the development of antimicrobial resistance. Therefore, from manufacturing processes to disposal, every stage of the pharma lifecycle presents potential hazards that necessitate urgent attention. In the vast and bustling landscape of India's industrial sectors, the packaging industry stands as a shining beacon of opportunity and growth
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