- Overwhelming need for safe packaging in the pharma sector and compliance to regulatory norms will offer profitable growth opportunities for the blister packaging market for pharmaceutical industry
- The blister packaging market for pharmaceutical industry is expected to expand at a CAGR of 5.1% during the forecast period of 2021-2031
ALBANY, N.Y., July 28, 2021 /PRNewswire/ -- The proper packaging in the pharmaceutical sector ensures safety of medicines from damage or degradation. Thus, all these factors will help enhance the growth opportunities of the blister packaging market for pharmaceutical industry during the forecast period of 2021-2031.
Blister packaging can be described as a pre-formed plastic packaging type that uses a backing card containing a clear plastic pocket known as a blister. The packaging is made from either plastic or aluminum foil. This packaging type is prominently used for packing tablets, capsules, lozenges, granules, and other medication types. The benefits provided through the means of plastic packaging will serve as a crucial growth-generating factor for the blister packaging market for pharmaceutical industry.
Transparency Market Research (TMR) has conducted thorough research on all the factors associated with the growth of the blister packaging market for pharmaceutical industry. The TMR analysts project the blister packaging market for pharmaceutical industry to expand at a CAGR of 5.1%from 2021 to 2031. The global blister packaging market for pharmaceutical industry is expected to reach a valuation of US$ 8.9 Bn by 2031.
The properties of blister packaging will serve as a prominent growth factor for the market during the forecast period. The adoption rate of medicinal products in blister packaging is also increasing at a rapid pace. This factor will enhance the growth prospects of the blister packaging market for pharmaceutical industry. Furthermore, the rising geriatric population and the increasing demand for medicines due to increasing prevalence of diseases and disorders will propel the blister packaging market for pharmaceutical industry.
Increasing Demand for Pharmaceutical Products during COVID-19 Pandemic to Boost Market Growth
The demand for pharmaceutical products has grown exponentially during the COVID-19 pandemic. The onset of the coronavirus pandemic and its rising transmission levels have propelled the demand for medicines to a considerable extent. This factor is projected to have a significant impact on the growth of the blister packaging market for pharmaceutical industry.
However, the disruptions of supply chain and logistics due to the restrictions imposed by numerous countries during the pandemic have impacted the growth of the blister packaging market for pharmaceutical industry to a large extent. The coronavirus pandemic compelled many countries to impose strict stay-at-home restrictions. The lockdown orders resulted in the closure of manufacturing facilities and production units. These factors led to delayed or no supply of raw materials required for the production of blister packaging units. However, with the coronavirus nearing its end and relaxations in lockdown restrictions in several countries, the blister packaging market for pharmaceutical industry is likely to gain traction.
Cost-effectiveness to Generate Extensive Demand for Blister Packaging Units
Reproducing blister packaging on a specific mold is easy and reduces cost substantially. In addition, blister packaging requires fewer materials as compared to other packaging types. Affordability and efficiency in every aspect help in increasing the popularity and demand for blister packaging. Such factors will improve growth trajectory of the blister packaging market for pharmaceutical industry.
Some well-entrenched players in the blister packaging market for pharmaceutical industry are Carcano Antonio, Caprihans India Limited, Tekni-Plex, Inc, RENOLIT SE, ACG Pharmapack Pvt Ltd, Winpak Ltd, Constantia Flexibles, Amcor Limited, and WestRock Company.
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