5 Significant growth factors of pharmaceutical packaging market
According to market research report, “Global pharmaceutical packaging market size is projected to reach US$ 191.21 billion by 2027.”
Pharmaceutical packaging is manufactured by drug-compatible materials that provide identification, protection, and ensure the reliability of the enclosed drug. Further, primary and secondary packaging solutions are used to add more protection to the enclosed product and prevent damage from biological, chemical, mechanical, and climatic hazards.
Primary packaging includes blisters, bottles, caps & closures, labels & accessories, pouches & strip packs, pre-filled syringes, vials, jars & canisters, ampoules medication tubes, and cartridges. Whereas, secondary packaging consists of paperboard boxes and temperature-controlled packaging. The raw materials used for manufacturing pharmaceutical packaging product are paper & paperboards, plastics & polymers, aluminum foil, glass, and others.
Key drivers of pharmaceutical packaging growth
1. Growing pharmaceutical industry especially in the developing countries owing to increased spending on healthcare infrastructure growth as well as rising health awareness is anticipated to primarily drive growth in the pharma market.
2. Moreover, rising demand of patient centric drugs and medicine is the other most important factor that propels growth in pharmaceutical packaging sector.
3. In addition, rising population is predicted to generate requirement for pharmaceutical products, thereby further creating more demand for the pharmaceutical packaging solutions.
4. Furthermore, increasing demand for generic drugs because of their affordability along with development of new drugs is further expected to foster pharmaceutical packaging market growth in the coming years.
5. Additionally, Asia Pacific region is predicted to witness fastest growth rate of nearly 12% during the forecast period of 2020-2027 because of rapidly increasing population and economic growth.