During the projection period, global demand for pharmaceutical packaging is expected to expand at a CAGR of 7.5 percent. According to the pharmaceutical packaging industry analysis, the market is expected to reach 87 billion dollars in 2021, up from 5.1 percent CAGR between 2016 and 2020.
The pharmaceutical packaging market is expected to increase 2.2X during the projected period due to advancements in packaging technologies such as smart labelling, enhanced dosage procedures, and renewable materials (2019-2029).
Growth will be fueled by rising healthcare spending in developed countries and a growing preference for easy packaging options, particularly among millennials. Market leaders are investing in expansion strategies as well as research and development of environmentally friendly packaging materials that meet government criteria.
Pharmaceutical Packaging Market: Key Segments
| Material |
|
| Product Type |
|
| Application |
|
Pharmaceutical Packaging Market: Key Takeaways
- Plastics & Polymers will expand 2X throughout the projection period, thanks to rising usage of sub-segments such polypropylene in sustainable packaging.
- Between 2019 and 2029, the primary pharmaceutical packaging market will double.
- New drug development, such as Apelisib (Piqray) and Selinexor (Xpovio), will increase need for primary packaging.
- Through the end of the forecast, contract packaging will rise at a rate of 2.4X. This is due to the widespread use of strategic partnerships between pharmaceutical and packaging businesses.
- During the projection period, the North American pharmaceutical packaging market would expand by 1.8X. With a growing senior population and health-conscious millennials opting for preventative care, this area now owns the majority of the market value.
“The pharmaceutical packaging market’s growth depends on sustainability. Governments are frequently advocating for changes in packaging and product labelling practises, as well as enacting restrictions. “By reducing environmental pollution from packaging waste, manufacturers can achieve long-term growth,” says the Fact.MR Analyst
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=4573
