The global antiviral drug packaging market is anticipated to register a market value of US$ 27.4 billion in 2023 and is projected to accumulate a valuation of US$ 48.9 billion by exhibiting a CAGR of 5.9% in the forecast period 2023 to 2033. The Antiviral Drug Packaging market registered a CAGR of 4.9% in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 27.4 billion |
| Projected Market Value in 2033 | US$ 48.9 billion |
| Growth Rate (2023 to 2033) | 5.9% CAGR |
The advent of generic versions of antiviral drugs and increasing awareness about the availability of vaccines for viral infections is driving the growth of antiviral drug packaging market. The rising prevalence of viral infections like herpes, HIV, Influenza, and others is anticipated to fuel the demand for antiviral medicines which will directly amplify product sales.
Rising prevalence of chronic ailments and the advancement of healthcare facilities around the world are fostering growth in the market. In addition, antiviral medicine packaging market is anticipated to gain momentum due to the adoption of technologically superior manufacturing practices. Antiviral packaging improves the shelf life of products, which provides a longer lifespan for pharmaceutical drugs.
Along with this, rising incidences of viral infection around the globe is driving the demand for antiviral drugs which is shaping the demand for antiviral medicine packaging solutions. According to World Health Organization (WHO), approximately 325 million people are living with hepatitis infection across the globe, and out of these, more than 71 million have chronic hepatitis C virus infection.
A growing number of patients is expected to increase the demand for antiviral drugs which will directly drive the demand for antiviral drug packaging solutions in the forthcoming period. According to the United States Census Bureau, the geriatric population in this region is estimated to double, by 2060 making up 25% of the overall population. The same trend has been noticed in other regions of the world, where older individuals constitute approximately a third of all healthcare spending.
The rising aging population is a significant factor in shaping the demand for medical equipment and other disposable supplies, as well as for antiviral packaging which will directly create product demand in the forecast period. The growth is further fuelled by a declining birth rate and increased life expectancy. On the other hand, use of biologics in treating chronic diseases such as diabetes and arthritis is expected to boost the sales of antiviral medicine packaging solutions.
As these biologics are protein components taken from live creatures, the manufacturing procedure becomes extremely complex and the need for stability rises from this point. Thus, maintaining and preserving biologics calls for a high level of competence which motivates the key players to innovate new products in antiviral packaging solutions. To cater to the needs of the biologics market, packaging companies have launched various container closure technologies, which are expected to accelerate the product demand in the next ten years.
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.
The market in Asia Pacific is anticipated to grow with fastest CAGR of 5.8% during the forecast period. Factors such as rising prevalence and treatment rate of viral infections, rapidly growing healthcare infrastructure, and growing awareness among people with regard to infectious diseases are expected to drive up the product demand in this region. Also, the strong presence of generic pharmaceutical manufacturing companies in China, India, and other Asian countries and the ever-increasing geriatric population will further foster growth in the regional market.
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Recent innovations, product launches, breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing antiviral drug packaging are expected to create new opportunities for market expansion during the forecast period.
According to the latest study by FMI, antiviral drug packaging market is expected to grow at a significant rate owing to the rising concerns regarding numerous viral infection. Significant increase in demand for much safer packaging solution especially in the pharmaceutical sector is propelling the sales of materials used for packaging.
Moreover, constant demand for antiviral drugs to cure various viral infections is projected to bolster the demand and sales while growing a CAGR of around ~7% over the forecast period.
Over the past decade there has been a rise in infection related diseases. Also COVID-19 pandemic has shown urgency in making packaging solutions safer and efficient in order to reduce the spread of virus.
Antiviral drugs needs to be protected from contamination of various microbial organisms in order to protect the health of consumers. Also consumers today demand an overall safety through packaging to prevent themselves from the exposure of virus. Hence constant demand for more efficient packaging solutions will propel its sales in the long run.
Moreover, over past half decade there has been a surge in sales of antiviral drugs. This can be attributed to the rising cases of various viral infectious diseases along with innovation in the drug development. This surge in sales of drugs has called for more efficient and durable packaging of products thus increasing the sales of materials used for packaging in the long run.
Principal Consultant
North America is poised to show strong growth in the sales of packaging material for antiviral drugs mainly attributed to the well-established pharmaceutical sector in the region.
Additionally, approval of various antiviral drugs by government agencies such as Antiviral Veklury manufactured by prominent drug manufacturer Gilead has provided an uptick rise in demand and sales of respective drug.
Moreover, rise in number of cases and rapid spread of virus has propelled the sales of antiviral drugs which in turn has spearheaded the demand of packaging materials.
Such notable key trends in the region is projected to help increase the sales of packaging material used by antiviral drug manufacturers over the projected forecast period.
Asia Pacific is expected to be the most lucrative market for antiviral drugs and its packaging materials owing to increasing health infrastructure and high government spending. Also drug development in the region has picked up pace with production and innovation taking place.
For instance, it has been projected that in next five years healthcare spending in Asia Pacific is poised to grow by ~40% expanding at the rate 2x than world average.
Moreover, COVID-19 pandemic has propelled the overall sales of various antiviral drugs in the region and has come out to be the most promising region for drug sales. These factors have called for efficient packaging materials to be produced thus driving its demand and sales in the long run.
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Some of the key prominent players in the industry includes
Above mentioned key players have mainly relied on organic growth strategies such as innovation and product launches.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Antiviral Drug Packaging Market
