by The global 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 are containers specially designed for storage and dispensing of medications prescribed by physicians and other healthcare professionals. They provide easy accessibility to medications while protecting them from contamination and tampering. Prescription bottles are commonly made from plastic or glass and come with various safety features like child-resistant caps, desiccant packets, and moisture absorbers to protect medication efficacy. Their standardized designs allow easy identification of medication details for patients. The need for proper medication storage and compliance with prescription dosages drives the demand for prescription bottles globally.
Market Key Trends:
One of the key trends spurring growth in the prescription bottles market is the rising implementation of stringent regulatory standards for pharmaceutical packaging across regions. Regulatory bodies like the FDA in the US have introduced new rules regarding prescription bottle labeling, child-resistant packaging, and serialization standards to curb medication errors and counterfeiting. They mandate inclusion of critical information like NDC codes, expiration dates, and prescription details on bottles. This necessitates frequent up-gradation of existing prescription bottle designs. Additionally, growing geriatric population prone to polypharmacy and increasing online pharmaceutical sales are boosting the prescription bottles consumption globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Prescription Bottles Market is low due to high initial capital investment and technical expertise required. Established brands and compliance with stringent regulations also pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers in the prescription bottles market is high. Large buyers like pharmaceutical companies negotiate on the basis of price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Industry players source raw materials like plastic, glass and metal from a large number of suppliers globally.
Threat of new substitutes: Threat of substitutes is low. Prescription bottles are required to package prescription medications and there are limited substitutes for this application.
Competitive rivalry: The competitive rivalry in the prescription bottles industry is high among the top players. Industry players compete on the basis of product innovation, quality, and pricing.
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 demand for prescription drugs amid rising prevalence of chronic and infectious diseases.
The U.S. is expected to dominate the North America Prescription Bottles market over the forecast period, owing to increasing healthcare spending, large patient pool and presence of major market players in the region.
China is expected to grow at a fastest rate in Asia Pacific Prescription Bottles market during 2023-2030. This is attributed to rising geriatric population, improving healthcare infrastructure and growing pharmaceutical industry in the country.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
