SAN FRANCISCO, Feb. 11, 2020 /PRNewswire/ -- The global pharmaceutical packaging market size is projected to be valued at USD 188.79 billion by 2027, exhibiting a CAGR of 8.5% over the forecast period, according to a new report published by Grand View Research, Inc. Growing pharmaceutical industry, most notably in the emerging countries, such as China, India, and Brazil is anticipated to drive the growth. Factors, such as drug discovery, and rising demand for Over-the-Counter (OTC) medicine are expected to drive the demand for pharmaceutical packaging. Rapid rise in population, improving healthcare infrastructure and increasing access of medicines to a large number of people, especially in the developing countries are other factors expected to positively impact the demand. Moreover, increasing aging population coupled with rising prevalence of chronic diseases is expected to fuel the market growth in near future.
Key suggestions from the report:
- Plastics and polymers emerged as the largest material segment in the pharmaceutical packaging market, accounting for a revenue share of 38.31% in 2019. Plastics and polymers are preferred for packaging pharmaceutical products, owing to their low cost, light weight, strength, and good barrier properties
- The primary pharmaceutical packaging product segment is anticipated to register the fastest CAGR of 8.8% over the forecast period. Primary packaging plays an important role in pharmaceuticals as this packaging is in direct contact with the medicine
- In terms of end use, the contract packaging segment is anticipated to register the fastest CAGR of 9.3% over the forecast period owing to the growing focus on outsourcing the packaging activities in order to save expenses and time
- North America dominated the global market in 2019. Factors, such as new product developments as a result of advanced R&D activities coupled with the presence of several major pharmaceutical companies is likely to propel the growth
- The market is expected to witness intense rivalry among the key players in terms of product innovation, product offering, and geographical presence
Read 120 page research report with ToC on "Pharmaceutical Packaging Market Size, Share & Trends Analysis Report By Material (Plastics & Polymers, Paper & Paperboard, Glass), By Product, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/pharmaceutical-packaging-market
Furthermore, increasing demand for patient-oriented medicines including biologics is further anticipated to augment the demand for advanced pharmaceutical packaging products in the coming years. Biologic drugs are derived from microorganisms, animal, human or plant cells and generally tend to be heat sensitive thereby requiring specialized packaging. This, is anticipated to further propel the growth of the market.
Increasing focus on sustainability is anticipated to increase the usage of recyclable and biodegradable materials in the pharmaceutical packaging products, which is expected to play an important role in the forthcoming years. Rising demand for convenient packaging that makes it easier to manage the dosage is expected to have a positive impact on the growth.
However, increasing packaging costs may dampen the market growth to an extent. Factors such as stringent regulations coupled with growing anti-counterfeiting efforts have increased the overall packaging costs. In addition, several government organizations have also passed regulations for serialization and traceability. For instance, in 2013, the U.S. government enacted the Drug Quality and Security Act that will drive the serialization and track-and-trace efforts.
Grand View Research has segmented the global pharmaceutical packaging market on the basis of material, product, end use, and region:
- Pharmaceutical Packaging Material Outlook (Revenue, USD Million, 2016 - 2027)
- Plastics & Polymers
- Polypropylene (PP)
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Paper & Paperboard
- Aluminum Foil
- Pharmaceutical Packaging Product Outlook (Revenue, USD Million, 2016 - 2027)
- Primary Pharmaceutical Packaging
- Plastic Bottles
- Caps & Closures
- Parenteral Containers
- Blister Packs
- Prefillable Inhalers
- Medication Tubes
- Secondary Pharmaceutical Packaging
- Prescription Containers
- Pharmaceutical Packaging Accessories
- Tertiary Pharmaceutical Packaging
- Pharmaceutical Packaging End-useOutlook (Revenue, USD Million, 2016 - 2027)
- Pharmaceutical Manufacturing
- Retail Pharmacy
- Contract Packaging
- Institutional Pharmacy
- Pharmaceutical Packaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East and Africa
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Polybutadiene Market - The rising demand for synthetic rubber in automobile tire manufacture is expected to boost market growth for polybutadiene.
- Aerospace Plastics Market - The increasing demand for plastics in several aerospace applications including cabin interiors, airframe, fuselage and empennage is expected to drive aerospace plastics market over the next eight years.
- Functional Textile Finishing Agents Market - The rising consumer demand for protective fabrics due to growing health awareness and hygienic concerns is expected to steer the functional textile finishing agents market growth in the coming years.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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