Smart packaging market valued at almost $3b
Posted on the 28th September 2023
Global demand for electronic smart packaging on pharmaceutical products is soaring.
A report by IDTechEx states that, with a projected compound annual growth rate (CAGR) of 15.4 per cent, the market will be worth an estimated minimum of $2.6 billion over the next ten years.
This figure is based solely on the value of the electronic hardware in the packaging and does not include the additional revenue that will be generated through new infrastructure, software, and services.
While packaging developments can be incredibly lucrative, experts are warning that adopting these solutions at scale will be challenging.
Currently, smart packaging has mainly taken the form of radio-frequency identification (RFID) tags and QR codes.
However, with its potential for the integration of electronic functionality, enabling compliance, material identification, condition monitoring and asset tracking of pharmaceutical products, the wider interest in smart packaging is enormous and growing.
Current and emerging technologies in this sector include:
- Identification technologies such as capacitive ink approaches
- Electronic articles surveillance (EAS) for anti-theft
- Data loggers for temperature, shock, vibration, and time/location monitoring
- Interactive packaging with functionalities including illumination and use-monitoring
- Chemical indicators, including temperature, frozen chemical visual indicators, and active packaging for produce and pharmaceutical monitoring.
The report also highlighted further potential developments, such as illumination-based electronic packaging, electronic shelf labels, electronic smart blister packaging, chemical sensors smart packaging, printed and flexible batteries, printed and flexible sensors, and electronic article surveillance.
While highly innovative and fast-moving, new packaging and the technology producing it will mean both revised and new regulations from global Health Authorities.
Often complicated and varying considerably from organization to organization, these rules must be stringently complied with to ensure products are brought to market successfully and remain there.
At G&L Healthcare Advisors, our industry-leading CMC experts design and deliver essential support and services speciﬁc to every client’s needs to ensure their products remain compliant throughout their entire lifespan.
To find out how we can help you stay ahead of changes and up to date with industry developments, speak to our experts now.
Related: The route to market