Prescription Bottles Market Overview:
The global Prescription Bottles Market is estimated to be valued at US$ 4.56 Bn 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. Prescription bottles are used to store or dispense medicine or supplement prescribed by healthcare professionals. They have specific features such as a child resistant cap, desiccant packets to maintain moisture levels, and labeling space for prescription details.
Prescription Bottles Market Key Trends:
One of the key trends in the prescription bottles market is the rising focus on innovative and customized product designs. Manufacturers are focusing on developing prescription bottles with advanced features to improve patient convenience and compliance. For instance, bottles are being designed with larger caps and labeling for elders, push-and-turn caps for people with reduced dexterity, customized shapes for specific solid and liquid medications, etc. Further, manufacturers are utilizing superior plastic polymers, embedded desiccants, and tamper-evident seals to improve product quality and safety.
Segment Analysis
The global prescription bottles market is dominated by the plastic segment, accounting for nearly 65% share in 2023. Plastic prescription bottles are lightweight, cost-effective, and provide excellent resistance against chemicals and moisture. This makes plastic prescription bottles ideal for pharmaceutical packaging. Also, plastic prescription bottles are recyclable and cause lesser environmental impact compared to glass bottles.
Key Takeaways
The global Prescription Bottles Market size is expected to reach US$ 6.79 Billion by 2030, expanding at a CAGR of 8.6% over the forecast period. The market is witnessing significant growth due to the increase in chronic diseases requiring long-term medication and the growing geriatric population requiring frequent medical prescriptions.
Regional Analysis
North America accounted for the largest share of over 35% of the global prescription bottles market in 2023. This is attributed to the rising healthcare expenditure and presence of major pharmaceutical companies in the region. Asia Pacific is expected to witness the fastest growth over the forecast period, expanding at a CAGR of 10.2% during 2023-2030. Rapid industrialization, increasing generic drug production, and growing medical tourism are bolstering the prescription bottles market in Asia Pacific.
Key Players
Key players operating in the prescription bottles market include 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, and Gerresheimer. These players are focusing on expanding their manufacturing facilities and product portfolio to consolidate their market position.
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