Pharmaceutical Packaging Market Overview
According to Market Research Future (MRFR)’s study, the global pharmaceutical packaging market size is set to witness moderate growth during the forecast period 2017 to 2023. The advancements in pharmaceutical industry has necessitated the upgradation and modernization of traditional packaging processes. Furthermore, the stringent legislations levied for ensuring drug safety have further propelled the expansion of the pharmaceutical packaging market in the recent years. These factors are expected to work combinedly towards the growth of the global market in the forthcoming years to expedite the expansion of the pharmaceutical packaging market.
The increasing concern regarding environmental degradation has facilitated the adoption of ecofriendly packaging materials. It is a new development in the market and is projected to gain traction across the assessment period, thus, augmenting the pharmaceutical packaging market. Furthermore, the developments in the healthcare sector are prognosticated to reflect on the growth of the market in the foreseeable future.
Some of the key players in the global pharmaceutical packaging market include Amcor Ltd. (Australia), Schott AG (Germany), AptarGroup, Inc. (U.S.), Gerresheimer AG (Germany), Becton, Dickinson and Company (U.S.), Capsugel Inc. (U.S.), Owens-Illinois (U.S.), Berry Plastics Group (U.S.), Westrock Company (U.S), and COMAR LLC (U.S.).
Factors Driving the Market
The pharmaceutical packaging market is expected to witness a notable growth in the coming years, owing to the increase in convenience of handling, and delivery of the products. Recently, several pharmaceutical companies have inclined towards usage of eco-friendly pharmaceutical packages to overcome environmental challenges.
In pharmaceutical packing world, the constant innovation is the key to growing the market along with ensuring the safety of patients. In addition, the reduced costs of pharmaceutical packaging due to advancement in technology is also a key factor in maintaining the high position of the pharmaceutical packaging market. Despite, increased R&D and rise in trend of new packaging, it is creating a competitive wave among other pharmaceutical companies.
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Considering all these factors, along with the growing pharmaceutical industry, will continue to drive demands for packaging. However, the concern over the packaging industry is also to overcome challenges, such as availability and price of raw materials to meet increasing demands in the pharmaceutical industry.
The future of pharmaceutical packaging market is promising as driven by industry growth coupled with increasing healthcare services and economies as well. According to PMMI, The Association for Packaging and Processing Technologies, the market for pharmaceuticals is likely to continue growing reaching USD 350 billion which is expected to increase in numbers more in the years to come.
In the pharmaceutical packaging market, the segmentation is done over materials, type, packaging, and application.
By mode of materials, the market includes usage of plastic, glass, paper, and other materials.
By mode of type, the market has been segmented into bottle & vitals, aerosol packs, tubes, blister packs, sachets, ampoules and more.
By mode of packaging, the pharmaceutical packaging market trends has been segmented into medical tools & equipment, generic drugs, branded drugs, and others.
Geographically, the pharmaceutical packaging market has shown immense growth in regions such as Asia-Pacific, North America, Europe, and the Middle East & Africa.
High adoption of new technological pharmaceutical packaging is witnessed in North America due to the availability of raw materials and constant R&D activities. Also, an increase in investment for adequate drug delivery techniques has also driven the market to a high CAGR in recent years.
On the other hand, Asia Pacific is expected to experience high growth in the pharmaceutical packaging market in the coming year. India and China are witnessing rapid expansion of pharmaceutical manufacturing opportunities and more adoption in techniques for improving the quality of medicine packaging process.
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