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Pharmaceutical Packaging Market Worth $111.9 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 12, 2019 /PRNewswire/ -- According to the new market research report "Pharmaceutical Packaging Market by Type (Plastic Bottles, Blister Packs, Labels & Accessories, Caps & Closures, Pre-filled Syringes, Vials, Ampoules), Raw Material, Drug Delivery Mode (Oral Drugs, Injectables, IV Drugs), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Pharmaceutical Packaging Market is projected to grow from USD 83.6 billion in 2019 to USD 111.9 billion by 2024, at a CAGR of 6.0%.
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Increasing demand for pharmaceutical packaging in emerging economies owing to the growth of the aging population and rise in diseases is propelling the demand for pharmaceutical packaging. In addition, increasing demand for blister packaging and innovations in the field of nanomedicines is also driving the growth of pharmaceutical packaging.
Plastic bottles segment is projected to lead the pharmaceutical packaging market during the forecast period.
Based on the type of pharmaceutical packaging, plastic bottles are projected to lead the pharmaceutical packaging market during the forecast period. Plastic bottles are useful for packaging of drugs in the form of liquid, powder, and solid. Additionally, patient convenience during drug consumption and increasing use of oral drug delivery mode are also responsible for widespread use of plastic bottles segment.
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Plastic & polymers segment projected to register the highest CAGR during the forecast period.
Based on raw material, plastics & polymers is projected to register the highest CAGR between 2019 and 2024. Plastic & polymers provide dual utility in rigid as well as flexible packaging. Plastic is used widely in rigid pharmaceutical packaging for manufacturing various types of packaging such as bottles, jars, caps & closures. Moreover, plastic is used in combination with metal or paper to form laminations, useful for flexible pharma packaging. The factors mentioned above together increase the consumption of plastics & polymers for pharmaceutical packaging.
North America is projected to account for the largest market share in the pharmaceutical packaging market between 2019 and 2024.
The pharmaceutical packaging market in North America has immense growth potential. The increasing government initiatives in the healthcare sector and new drug development has a positive impact on the growth of the pharmaceutical packaging industry in the region. Growing aging population increases the risk of chronic diseases and hence fuels the demand for pharmaceuticals and hence pharmaceutical packaging. US, Canada, and Mexico are the key pharmaceutical packaging markets in the region.
Some of the key players in the Pharmaceutical Packaging Market are Berry Global Inc. (US), Amcor plc (Australia), Gerresheimer AG (Germany), Schott AG (Germany) AptarGroup and Inc. (Us). New product development, investment & expansion, and merger & acquisition were the major growth strategies adopted by the market players between 2016 and 2019 to enhance their regional footprint and meet the growing demand for pharmaceutical packaging in the emerging economies.
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