The India pharmaceutical packaging market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The pharmaceutical packaging products include bottles, blisters, vials, ampoules, bags, tubes and others. These products are used for packaging pharmaceutical solids and liquids. Bottles are extensively used for packaging tablets and capsules. Blisters are used for packaging strips of tablets and capsules. Vials and ampoules are used for liquids. Bags are used for storing solutions and suspensions. These packaging products protect drugs from moisture, gas, chemicals and provide ease of handling to end users.
Market Dynamics:
The India pharmaceutical packaging market is driven by rising healthcare spending in the country. Healthcare spending in India is expected to rise at a CAGR of 16-17% over 2022-2025, reaching US$ 372-440 billion. This rising healthcare expenditure is increasing demand for pharmaceutical drugs, thereby fuelling growth of pharmaceutical packaging market. Secondly, growing generic drug industry is also propelling market growth. India is the largest provider of generic medicines globally, accounting for 20% of global exports. The Indian government's ‘Make in India’ campaign is also driving growth of domestic drug manufacturing companies, further boosting pharmaceutical packaging demand.
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