Global pharmaceutical packaging market will reach USD 153.93 billion by 2027: Market Report
According to market report by Fortune Business Insight, “Global pharmaceutical packaging market is expected to reach USD 153.93 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period.” The growing adoption of novel and generic drugs in emerging economies will have a significant impact on the pharma packaging market.
Booming pharmaceutical industry to boost market-The prospering pharmaceutical industry in developing nations such as China, India, and Brazil and developed economies such as the US, UK, and Germany will create lucrative opportunities for the market during the forecast period. Moreover, increasing technological advancements and healthcare spending will contribute positively to the market growth for pharmaceutical packaging. Furthermore, growing healthcare awareness along with mandatory government regulations to curb the spread of infectious diseases will be a major growth driver of the market.
In addition, amid the ongoing pandemic and lockdown, pharma sector remained unaffected owing to the government's support for the supply of essential drugs and goods. Pharmaceutical industries have been operational to manufacture healthcare products. The use of COVID kits and masks have also played a critical role in driving packaging companies to accelerate their business amid the pandemic further paving way for growth.