Invigorated by amplified demand for developing convenient and sustainable packaging solutions for products such as pre-filed syringes, and auto-injectors, the global pharmaceutical packaging market will exhibit prolific growth during 2019 – 2029. Fact.MR projects the growth rate of pharmaceutical packaging market at approximately 8% over the forecast period.
“Rising economic wealth, consumer sentience and global population are propelling the growth of pharmaceutical packaging market. The millennial population in emerging economies in particular are projected to boost the demand for pharmaceutical packaging through 2029,” reports Fact.MR in a new study.
Pharmaceutical Packaging Market – Key Findings
- Plastics & polymers continue to be the materials of choice amongst manufacturers.
- Glass-based pharmaceutical packaging will register noteworthy growth through 2029.
- Over 38% market share is occupied by North America owing to presence of prominent pharmaceutical companies in the region.
- Europe will account for substantial market share during the projection period.
- Southeast Asia & Oceania will witness double-digit CAGR over the forecast period.
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Pharmaceutical Packaging Market – Key Driving Factors
- Manufacturers are increasingly utilizing glass, paper and aluminum packaging which are strengthening the market.
- Frequent outbreaks of deadly diseases such as H1N1 and Coronavirus are scaling up the production of pharmaceutical packaging.
- Growing geriatric population in developed countries is a major growth contributor of pharmaceutical packaging market.
- Increasing healthcare expenditure and greater per capita income is bolstering the pharmaceutical packaging market in North America.
- Heightened demand for paper & paperboard pharmaceutical packaging is supporting the overall market growth.
Pharmaceutical Packaging Market – Key Restraints
- Stringent regulations against the continued use of plastics in pharmaceutical packaging are restraining market growth.
- Lower healthcare spending in developing countries is limiting the growth of pharmaceutical packaging market.
Some of the prominent players profiled in this Fact.MR report include, but are not limited to, Becton, Amcor. Plc, Owens Illinois Inc., Dickinson and Company, Gerresheimer AG, Schott AG, West Pharmaceutical Services Inc., Drug Plastics Group and AptarGroup Inc. Top manufacturers continue to prioritize R&D projects to develop innovative packaging techniques. Packaging waste is a paramount matter of concern which is why leading manufacturers are compelled to abide by strict environmental norms set down by governments. Mergers and acquisitions remain key growth-oriented strategy of leading producers of pharmaceutical packaging.
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About the Report
This 170-page study offers in-depth commentary on the pharmaceutical packaging market. The study provides compelling insights on the pharmaceutical packaging market on the basis of material (plastics & polymers, paper & paperboard, glass, and aluminum foil), product type (primary pharmaceutical packaging, secondary pharmaceutical packaging, and tertiary pharmaceutical packaging), application (pharmaceutical manufacturing, retail pharmacy, contract packaging, institutional pharmacy) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).