HYDERABAD, India, June 28, 2019 /PRNewswire/ -- The pharmaceutical packaging market is forecast to reach $9.5 billion by 2024, growing at a CAGR of 6.5%. The market growth can be attributed to the growth of pharmaceutical industry in the emerging economies, growing demand for drug delivery devices and blister packaging. Pharmaceutical packaging keeps complex generics from being debased by outer poisons and microbial exercises, to guarantee the safety, and at the same time broadening the time span of usability of the drugs. Drug manufacturers are bound by global compliance laws enforced by regulatory authorities, which retain that packaging is a key component in the drug delivery system up to the final purchase point.
The development of advanced manufacturing processes, technological innovations and integrations of companies have fueled the pharmaceutical industry. This has evidently resulted in the growth of pharmaceutical packaging industry. Due to an increase in the healthcare expenditure by the emerging economies, pharmaceutical companies are stringent about their policies regarding drug safety and effectiveness of drug packaging and this in turn is leading to an increase in pharmaceutical packaging market. The US IMS institute for Healthcare Informatics stated through a report that these emerging economies will account for around 30% of the global expenditure on healthcare by 2021.
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Among the raw materials, Plastic Packaging is observing critical development over the estimated time frame since plastic is lightweight and simple to deal with. Plastics are the most utilized material in pharmaceutical packaging. Plastics have been increasing expanding significance in the packaging of pharmaceutical merchandise because of the properties, for example, obstruction against dampness, high dimensional soundness, high effect quality, protection from strain, low water assimilation, straightforwardness, protection from warmth and fire, and so on. PVC is the second-most widely produced synthetic plastic polymer and used worldwide for packaging pharmaceutical products. PVC market growth will boost the pharmaceutical packaging growth exponentially in the future.
In Packaging type, blister packaging has seen tremendous growth as it is the most economical among other forms of pharmaceutical packaging, hence making it the most popular packaging solution among pharmaceutical companies. The blister packaging is driven by factors such as unit-dose packaging, short-cycle medication and monitoring of the dosage scheme to improve patient compliance.
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Drivers such as growing pharmaceutical industry in the emerging economies and growing demand for drug delivery devices and blister packaging are helping in the growth of market. Other factors that are propelling the growth of the pharmaceutical packaging market are an increase in awareness about various diseases, rise in self-medication, and growth in the usage of OTC drugs. Technological advancements are also contributing in the growth of pharmaceutical packaging industry. Companies invest strongly in these products ' supply chain as the trade between the type of material used and the transportation expenses has an enormous effect on the revenue. Participants in the industry enter into long-term agreements with pharmaceutical manufacturers to decrease the capital dependence.
Growth of the Pharmaceutical packaging market can be mainly attributed to the new product development, technological innovation and integration. The pharmaceutical packaging industry will continue to grow as the drugs such as Bystollc (high blood pressure), Brlllnta (heart attack and stroke), Sutent (Kidney Cancer) and many more(around 1400) will go off-patent in the next five years, expanding the generic market and thus the entire pharmaceutical packaging industry. The fastest development in the pharmaceutical packaging industry is anticipated to come from prefillable syringes and parenteral vials, which will continue to grow as the developments in biotechnology lead to the implementation of fresh injection therapies. The availability and price volatility of raw materials and changing health regulations, in order to meet increasing demand from the growing pharmaceutical industry will be a challenge to the pharmaceutical packaging industry.
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