Predicting the future of global pharmaceutical packaging is a considerable challenge, given the continual advancements in treatments and materials, regulations and other factors.
Despite this ever-changing landscape, a new Allied Market Research (AMR) report forecasts the pharmaceutical packaging market to reach $104,882 million by 2022, rising at a Compound Annual Growth Rate of 6.3% from 2016 to 2022.
“Pharmaceutical Packaging Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2014-2022,” says the pharmaceutical packaging market was valued at $68,749 million in 2015, with plastic bottles and parenteral containers together making up two-fifths of the total market share.
AMR says the expansion of the generic market, technological advancement, and strict governmental regulations for conventional packaging are major factors that drive the market growth. The market research firm sites technologies such as RFIDs, tamper-evident packs, holograms, labels and special inks are used to combat counterfeit medicines.
Investments and innovations in R&D activities propel the market players to initiate manufacturing projects in eco-friendly and biodegradable packaging, which is expected to surge in near future. In addition, patent expiration of various medicated drugs is expected to fuel the pharmaceutical packaging market during the forecast period.
Sriram Radhakrishnan, AMR’s Team Lead, Healthcare, says, “Emerging drug market along with product innovation is a flourishing market for pharmaceutical solutions.”
Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84% and 8.45%, respectively, during the forecast period. That forecast is based on packaging companies focusing on eco-friendly packaging materials, techniques, and technologies to overcome the increasing environmental concerns.
Among the key findings of the AMR studyare the following:
• Asia-Pacific is expected to continue to dominate the market, followed by Europe. South Korea grows at a faster rate in Asia-Pacific pharmaceutical packaging market, registering a CAGR of 7.4%.
• Middle East is expected to witness a CAGR of 7.2% from 2016 to 2022.
• In Europe, France is expected to occupy the highest CAGR of 6.3%.
In 2015, says the AMR report, Europe and North America together occupied approximately two-thirds of the total market share, by volume. India has adopted the growing need for environmental concerns by advancement in technologies; the pharmaceutical packaging market is expected to expand with a CAGR of 7.36%.
