Market Size of Philippines Pharmaceutical Packaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 168.95 Million |
Market Size (2029) | USD 210.35 Million |
CAGR (2024 - 2029) | 4.48 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Philippines Pharmaceutical Packaging Market Analysis
The Philippines Pharmaceutical Packaging Market size is estimated at USD 168.95 million in 2024, and is expected to reach USD 210.35 million by 2029, growing at a CAGR of 4.48% during the forecast period (2024-2029).
The COVID-19 pandemic had both positive and negative impacts on the pharmaceutical packaging industry of the Philippines, therefore creating many potential opportunities and challenges for organizations in the industry. Like many other sectors, the COVID-19 pandemic started with significant disruptions in the pharmaceutical packaging sector owing to travel restrictions, lockdown measures, and labor shortages.
- The World Bank data indicates that the Philippines population will reach the 111-million mark in 2021. The country is currently the 13thmost populous country in the world and the 2ndmost populated among the ASEAN member states. Further, the World Bank Data indicated that, in 2021, 5.7% of the Philippine population was aged 65 years and above and increasing at a higher rate than the overall population. This age group, medically, is prone to have comorbidities such as cardiovascular diseases, hypertension, diabetes, and respiratory diseases. Such a growing population, along with a rapidly developing economy, provides a bright market outlook for the country's pharmaceutical sector.
- The COVID-19 pandemic highlighted the importance of the pharmaceutical industry in the country. The presence of multinational companies such as AstraZeneca helped the country to secure more vaccines at a rapid pace. The local production of medicines against COVID-19 was crucial to saving lives and reducing hospitalization in the country. Such developments are expected to create increased potential for investment in the pharmaceutical packaging market.
- The pandemic highlighted the need for a robust domestic pharmaceutical industry. Hence, the Board of Investments (BOI) of the Philippines has been actively promoting the country as a manufacturing hub for pharmaceutical companies to manufacture COVID-19 medicines and vaccines. For instance, in January 2022, the Board of Investments (BOI) approved a PHP 24 million project of Lloyd Laboratories, Inc. to manufacture the COVID-19 drug Molnupiravir in the country. The impact of the COVID-19 pandemic is expected to increase the spending on healthcare. Pharmaceutical companies have also witnessed a surge in demand for maintenance medicines and multivitamins owing to the COVID-19 virus outbreak.
- Implementation of government schemes such as Universal Health Coverage (UHC), rising demand for high-quality generics, high volume of a vulnerable population, growing per capita health expenditure, and increasing investments from multinational market players are some of the growth drivers of the pharmaceutical industry in the country.
- According to the Philippine Pharmaceutical Manufacturers Association (PPMA), before the implementation of the Universal Health Care (UHC) program, only nearly one-third of the Philippine population had access to the right medicine. With the implementation of the Universal Health Care (UHC) program, the government is intended to supply the required health care services and solutions, particularly to the poor member of society. Therefore, there is an opportunity during the next few years to provide a large volume of medicine in the country, with generic medicine demand expected to increase, owing to its lesser pricing, to make healthcare accessible to the masses.
Philippines Pharmaceutical Packaging Industry Segmentation
The scope of the study provides an overall understanding of the pharmaceutical and pharmaceutical packaging sector in the Philippines. Further, a broad breakdown will be provided for the bottles and containers, syringes and cartridges, vials and ampoules, and lastly, pouches and packs. The other product types are not a part of the current scope of work. The report comprises a market overview and key trends, along with the details of the performance of the pharmaceutical vendors and pharma packaging sector in the country, recent developments, and the impact of COVID-19 on the market.
Philippines Pharmaceutical Packaging Market Size Summary
The pharmaceutical packaging market in the Philippines is poised for growth, driven by a combination of demographic trends, economic development, and government initiatives. The country's rapidly growing and aging population, coupled with an increasing prevalence of non-communicable diseases, is fueling demand for pharmaceutical products and, consequently, packaging solutions. The COVID-19 pandemic underscored the critical role of the pharmaceutical industry, prompting investments in local production and packaging capabilities. Government programs like Universal Health Coverage are enhancing access to medicines, particularly generics, which are expected to see increased demand due to their affordability. The market is also witnessing a surge in organized pharmacy retail chains, which are expanding aggressively to meet the growing healthcare needs across various regions.
The competitive landscape of the Philippine pharmaceutical packaging market is characterized by the presence of major players such as Robicel Trading, Euro-med Laboratories Phil. Inc., and Bestpak Packaging Solutions Inc., who are actively seeking to expand their market share through strategic collaborations and international partnerships. The market's growth is further supported by favorable government policies aimed at attracting foreign investments and promoting the local manufacturing of pharmaceutical products. The Philippines' position as a significant market within the ASEAN region, combined with its strategic initiatives to enhance healthcare infrastructure and accessibility, presents a promising outlook for the pharmaceutical packaging industry in the coming years.
Philippines Pharmaceutical Packaging Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Pharmaceutical Sector - Market Overview
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1.2 Key Market Influencers
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1.3 Impact of COVID-19 on the Market
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1.4 List of Major Pharmaceutical Companies
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1.5 Pharmaceutical Packaging - Market Overview
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Philippines Pharmaceutical Packaging Market Size FAQs
How big is the Philippines Pharmaceutical Packaging Market?
The Philippines Pharmaceutical Packaging Market size is expected to reach USD 168.95 million in 2024 and grow at a CAGR of 4.48% to reach USD 210.35 million by 2029.
What is the current Philippines Pharmaceutical Packaging Market size?
In 2024, the Philippines Pharmaceutical Packaging Market size is expected to reach USD 168.95 million.