by The prescription bottles market consists of plastic and glass bottles used for dispensing prescription medication by healthcare providers and pharmacies. Prescription bottles provide convenient storage and dosage tracking for prescription drugs. With growing urbanization and aging population, demands for pharmaceutical products and healthcare services are increasing rapidly. This is driving the growth of the prescription bottles market.
The global Prescription Bottles Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing urban population worldwide is one of the major factors augmenting the growth of the global prescription bottles market. As per United Nations estimates, approximately 68% of the total global population will live in urban areas by 2050. Urban settlers have better access to healthcare facilities and higher disposable income for healthcare expenditure as compared to their rural counterparts. Moreover, with rising life expectancy and growing geriatric population, demands for prescription drugs and medication are increasing rapidly worldwide. This is positively impacting the prescription bottles market growth over the forecast period. However, introduction of restrictive regulations on the usage of plastics and adoption of digital medication management solutions may restrain the market growth.
SWOT Analysis
Strength: Prescription bottles are durable and provide protection to medicines from external factors like moisture, light, etc. ensuring quality and efficacy of drugs.
Weakness: Frequent changes in pharmaceutical regulations can impact bottle manufacturing processes. Certain materials used in bottles may not be environment-friendly.
Opportunity: Growth in pharmaceutical and healthcare industries worldwide along with rising lifestyle diseases and aging population present opportunities for prescription bottle manufacturers. Increased awareness about medications adherence offers scope.
Threats: Availability of alternative medication packaging and stringent regulations associated with bottle manufacturing are threats.
Key Takeaways
The Global Prescription Bottles Market Size is expected to witness high growth. The global Prescription Bottles Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global market currently due to well-established pharmaceutical industries and increasing healthcare expenditure. Asia Pacific is expected to grow at fastest pace owing to rising incomes, growing medical tourism and increase in healthcare infrastructure development in countries like India and China.
Key players operating in the prescription bottles market are Gerresheimer AG, O.Berk Company, LLC, United Drug Plc, James Alexander Corporation, Sandmeyer Steel Company, MJS Packaging, SGD Pharma, Precise Packaging, Körber Medipak Systems, Schott AG, West Pharmaceutical Services, Inc.
Key players are focusing on increasing production capacities and developing innovative bottles to comply with regulations as well as patient needs. Adoption of sustainable manufacturing practices and strategic collaborations are other important strategies being followed by leading prescription bottle manufacturers.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
