by The India pharmaceutical packaging market has been witnessing significant growth over the past few years. Pharmaceutical packaging plays a vital role in product safety, efficacy, stability and patient compliance. The growing pharmaceutical industry in India coupled with increasing demand for advanced and innovative packaging solutions are fueling the growth of the pharmaceutical packaging market. Stringent regulations regarding packaging of pharmaceutical products are ensuring quality and reliability of packaging. Government initiatives such as increasing healthcare spending and promotion of generic drugs are boosting the demand for pharmaceutical products and their packaging in India.
The Global India pharmaceutical packaging market is estimated to be valued at US$ 1.96 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the India pharmaceutical packaging are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. These players are focusing on innovations and development of advanced packaging solutions to strengthen their presence.
The key opportunities in the India Pharmaceutical Packaging Market Demand include rising investments in contract packaging, growth of biologic drugs which require specialized packaging and increase in pharmaceutical exports from India.
The India pharmaceutical packaging market is witnessing significant expansion globally. Indian pharmaceutical manufacturers are expanding abroad through mergers and acquisitions to leverage growth opportunities. Stringent regulations in the developed markets are driving outsourcing of packaging to India.
Market Drivers
Government initiatives towards healthcare infrastructure development and promotion of generic drugs are major market drivers in India. Various schemes and programs such as National Health Protection Scheme and Ayushman Bharat aim to make healthcare accessible and affordable for all. This is generating demand for pharmaceutical drugs and corresponding packaging. Stringent regulations governing pharmaceutical packaging in India ensure quality, safety and reliability of drugs delivered which benefits the pharmaceutical packaging market growth.
PEST Analysis
Political: The Indian pharmaceutical packaging Market industry is regulated by the Drugs and Cosmetic Act which lays down quality standards, safety norms and guidelines regarding packaging, labeling for manufacture, sale and distribution of drugs in India. Hence, political factors like changes in laws and regulations directly impact the business environment of the pharmaceutical packaging industry.
Economic: Fluctuations in the overall economic conditions like economic growth, per capita income, income levels, purchasing power, and spending power determine the demand for pharmaceutical products and packaging. An increase in disposable income boosts healthcare expenditure which has a direct positive impact on the pharmaceutical packaging industry.
Social: Increased awareness about healthcare, higher life expectancy, growing elderly population, changing lifestyle diseases and diseases patterns increase the demand for pharmaceutical products which drives the need for effective and compliant pharmaceutical packaging.
Technological: Adoption of advanced technologies likeserialization, RFID, track and trace solutions allows for authenticated packaging and helps curb counterfeiting. Innovation in materials,packaging formats aids product differentiation while automation and robotics helps improve efficiency and reduce costs.
Geographical concentration:
In terms of value, North India region which includes states like Delhi, Haryana, Punjab, Rajasthan account for around 30% share of the overall Indian pharmaceutical packaging market led by availability of raw material suppliers and manufacturing clusters.
Fastest growing region:
South India region comprising of states like Tamil Nadu, Karnataka, Telangana and Andhra Pradesh is expected to witness highest CAGR of over 13% during the forecast period on account of emerging pharmaceutical manufacturing hubs, low manufacturing costs and availability of skilled workforce.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
