The global sales of prescription pharmacy bags market are estimated to be worth USD 2.6 billion in 2021 and are anticipated to reach a value of USD 4.2 billion by 2031. Sales are projected to rise at a CAGR of 5.0% over the forecast period between 2021 and 2031. The revenue generated by prescription pharmacy bags market in 2020 was USD 2.5 billion.
The high demand for safe and unobtrusive packaging formats in the health and pharmaceutical industries precedes the growth in the prescription pharmacy bags market. In turn, this demand, which has risen due to growing prescription drug usage-particularly aging populations managing chronic diseases-making up the lion's share of this demand, the requirement for pharmacy bags too grew.
Innovations in materials, including tamper-evident and eco-friendly options, correspond to regulatory necessities and sustainability trends. The increasing trend of mail order pharmacies and home delivery services also raises demand for durable and protective prescription bags. The higher awareness related to privacy issues and safety concerning medication takers further accelerates the market. Expansion of access to healthcare and retail pharmacy services continues to drive the market.
Global Prescription Pharmacy Bags Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 2.5 billion |
| Estimated Size, 2021 | USD 2.6 billion |
| Projected Size, 2031 | USD 4.2 billion |
| Value-based CAGR (2021 to 2031) | 5.0% |
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Prescription pharmacy bags are widely used by pharmacies, hospitals, veterinary clinics, and dispensaries primarily to safeguard patients’ medical information. Most people prefer to keep their conditions private, as a variety of ailments may be considered distressing. The need to maintain confidentiality will drive the sales of prescription pharmacy bags.
Further, prescription pharmacy bags lend a sense of professionalism to pharmacies and healthcare facilities. While generic prescription pharmacy bags are the norm, businesses can personalise their bags with their logos as a way of reinforcing their brand and as a marketing tool. The aforementioned reasons are expected to drive the demand for customised prescription pharmacy bags.
Community pharmacies are vital because it provide patients with a direct point of contact, putting them on the front lines of public health. Following the Covid-19 outbreak, pharmacists faced a slew of issues, including operating with restricted resources and labour.
As countries re-open, community pharmacies will witness an increase in sales, which is anticipated to drive the demand for prescription pharmacy bags as it is convenient and sustainable.
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The USA and Canada market for prescription pharmacy bags is estimated to witness steady growth owing to manufacturers investing in innovations and sustainable technology in the region. Many manufacturers are switching to recycling prescription pharmacy bags. Across the United States, Albertsons Companies pharmacies, a leading pharmaceutical brand, are switching from conventional white prescription bags to a new recyclable brown bag by partnering with Novolex.
A large percentage of people in North America use prescription medications, and the average pharmacy in the region fills roughly 700 prescriptions every week. The use of prescription pharmacy bags will increase the visibility and legitimacy of these pharmacies among their clients, fuelling demand.
Ongoing research and development in recycled paper-based packaging are expected to drive market growth since they provide a low-cost raw material that can be used to reduce plastic pollution.
Customers criticised Boots, the UK's top pharmaceutical and beauty products retailer, for utilising plastic prescription bags. With increased consumer understanding about what plastic may do to the environment, Europe prescription pharmacy bags are anticipated to foresee substantial growth in the paper bag segment.
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Prescription Pharmacy Bags Market
