Market Research Report
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
|Published by||Grand View Research, Inc.||Product code||526113|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|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|
|Published: February 4, 2020||Content info: 120 Pages||
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.
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.