by The Prescription Bottles Market is estimated to be valued at US$ 4.56 Billion in 2022 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prescription bottles, also known as vials, are containers for storing solid oral pharmaceutical formulations like tablets and capsules. Most prescription bottles are made from plastic or glass. Plastic prescription bottles are increasingly popular due to their lightweight and shatterproof properties. Key pharmaceutical companies partner with prescription bottle manufacturers to package their medicines for easy dispensing and compliance.
Market Dynamics:
The growing pharmaceutical industry worldwide is driving the demand for prescription bottles as more drugs get developed and approved each year. Global pharmaceutical sales have grown steadily over the past decade. Additionally, the shift from glass to plastic prescription bottles is boosting market revenues. Plastic bottles offer advantages such as durability, impact resistance and cheaper manufacturing costs compared to glass. Changing lifestyle diseases and aging populations are leading to increased medication usage, fueling prescription bottle consumption. However, stringent regulations on plastic packaging waste disposal pose a challenge to market players.
Segment Analysis
The Prescription Bottles Market is dominated by the plastic segment, which holds around 70% share globally. Plastic is the most preferred material for prescription bottles as it is lightweight, affordable, and durable. It also provides easy access and convenient transportation of medicines compared to glass bottles. Glass bottles accounted for a smaller share as plastic offers better impact resistance to prevent breakage during transportation or handling.
PEST Analysis
Political: Regulations related to labeling, packaging, and serialization requirements laid down by various regulatory bodies such as FDA influence demand for prescription bottles that conform to standards.
Economic: A growing economy and rising disposable incomes have boosted healthcare spending, driving the need for prescription drugs and associated packaging such as bottles.
Social: An aging population base that is more prone to chronic diseases and illnesses favors market growth. Also, increasing health awareness fuels medicine consumption.
Technological: Advances in plastic molding and high-efficiencyproduction technologies have improved output capacity and lowered costs, benefiting manufacturers.
Key Takeaways
The global Prescription Bottles market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing healthcare spending globally and demand for customized packaging solutions.
North America holds the major share in the global prescription bottles market owing to large pharmaceutical industry and spend on prescription drugs in the region. Asia Pacific is expected to witness fastest growth over the forecast period attributed to expansion of healthcare facilities and rapidly growing medical sector in emerging economies such as India and China.
Key players operating in the prescription bottles market are AptarGroup, Weener Plastics Group, Bormioli Rocco Pharma, Pacific Packaging Components, PCC Exol, SHL Group, O.Berk Company, Winfield Laboratories, O.Berk, Comar, RPC Group, Alpha Packaging, Pretium Packaging, Silgan Holdings, Origin Pharma Packaging, Vidchem pty ltd, Mold-Rite Plastics, Berry Global, Amcor, Gerresheimer. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
