- Popularity of advanced technologies, including nano-enabled packaging is increasing, as they provide superior protection against light, moisture, and mechanical forces
ALBANY, N.Y., April 04, 2022 (GLOBE NEWSWIRE) -- The global pharmaceutical packaging market is prognosticated to register growth at a CAGR of 5.6% during the forecast period from 2021 to 2031, notes a report by Transparency Market Research (TMR).
Companies operating in the global pharmaceutical packaging market are focusing on the use of different strategic moves such as mergers, joint ventures, and collaborations in order to maintain their leading position. In addition, they are also increasing investments R&Ds in order to develop innovative products. These efforts are helping in the growth of the global pharmaceutical packaging market, states TMR report.
Several players in the global pharmaceutical packaging market are focusing on incorporation of technological advancements, including nano-enabled packaging in order to provide a superior level of protection against moisture, mechanical forces, and light. These initiatives are fueling the sales growth in the market for pharmaceutical packaging.
In the recent years, the number of people suffering from different health issues has been increased. This factor has resulted in rise in the need for different medications and treatment solutions globally. Thus, the expansion of the pharmaceutical industry is creating sizable demand prospects in the global pharmaceutical packaging market.
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Organizations in the global pharmaceutical industry are increasing the use of different packaging products such as ampoules, bottles, pouches, blisters, prefilled syringes, tubes, and vials, as these solutions help in protecting their products from leakage, which can lead to bacterial growth and moisture in pharmaceutical products. Hence, rise in the adoption of these packaging solutions is expected to help the global pharmaceutical packaging market gain a valuation of US$ 148.4 Bn by 2031.
Pharmaceutical Packaging Market: Key Findings
- Pharmaceutical packaging solutions are gaining traction across the globe, owing to their ability to prevent microbial contamination or growth. Hence, these packaging solutions provide safety to products as well as assist in extending their shelf life. Hence, rise in awareness about these advantages is bolstering the global pharmaceutical packaging market growth.
- Several key regulatory bodies from across the globe such as National Quality Forum (NQF), Food and Drug Administration (FDA), and Healthcare Compliance Packaging Council (HCPC) are focusing on the development and execution of strict standards and regulations pertaining to pharmaceutical packaging. This factor is driving the demand opportunities in the global pharmaceutical packaging market.
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Pharmaceutical Packaging Market: Growth Boosters
- Demand for pharmaceutical packaging is projected to increase in the upcoming years, owing to factors such as development of the drug counterfeit segment and anti-counterfeiting drug packaging products & technologies
- Expansion of the pharmaceutical industry is offering business prospects in the global pharmaceutical packaging market
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Pharmaceutical Packaging Market: Regional Analysis
- The pharmaceutical packaging market in North America is expected to maintain its dominant position during the forecast period, owing to rising demand for pharmaceutical packaging in several nations, including Canada and the U.S.
- The Asia Pacific pharmaceutical packaging market is projected to observe prominent growth opportunities in the upcoming years due to factors such as rise in contract manufacturing activities, presence of older population, and expansion of the medical industry in the region
Pharmaceutical Packaging Market: Key Players
Some of the key players profiled in the report are:
- Becton Dickinson
- Amcor
- MeadWestvaco
- Gerresheimer AG
- West Pharmaceutical Services
- Rexam PLC
- 3M
- Tear and Tape
- Schott
- Nypro
- Ypsomed
- Consort Medical
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Pharmaceutical Packaging Market Segmentation
Product
- Plastic Bottles
- Parenteral Containers
- Blister Packaging
- Other Primary Packaging
- Closures
- Labels
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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