The global pharmaceutical packaging market is projected to grow at a CAGR of 5.29% to reach US$110.654 billion by 2025, from US 81.198 billion in 2019. The pharmaceutical packaging is essential for containment and protection of the product, presentation, and information about the dosage form, identification of the components of the product, and for the convenience associated with the administration of the product. The growth of the pharmaceutical packaging market is driven by the increasing demand for drug delivery devices, technological advancements, and reduction in the packaging cost with the advancement in technology. A rise in the demand for reusable and specialty packaging is also expected to bolster the market growth during the given time frame. Additionally, with the growing e-commerce and online purchasing trend worldwide, drugs also need robust packaging keeping in view the safety of the product. Hence, the growing e-commerce industry is also driving the growth of the global pharmaceutical packaging market in the forecast period and in the upcoming years. On the basis of geography, North America is expected to hold a major share owing to the early adoption of technology, and the highest health expenditure of the United States among all the developed regions of the world. While the Asia Pacific region is expected to be the fastest-growing, this is due to the growing pharmaceutical industry, especially in the emerging economies of India and China. Also, with the prevalence of chronic diseases in the APAC region, the market for pharmaceutical packaging is projected to thrive due to the increasing demand for drugs supported by effective treatment procedures. Furthermore, growing health awareness among individuals worldwide is expected to provide an opportunity for the market to grow at a sustainable pace in the upcoming years.
The growing geriatric population is driving the growth of the global pharmaceutical packaging market in the forecast period.
The older population is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050 (source: National Institutes of Health). With the growing advancements in the healthcare sector, the elderly population is being highly benefitted in order to stay healthy. This is due to the innovations in drug technology leading to the development of targeted therapies. Additionally, with the growing trend of healthy aging, individuals above the age of 65 years are keen to keep a check on their day-to-day activities, hence, they are consuming required medicines in order to maintain good health.
Therefore, the growing geriatric population worldwide is providing an opportunity for the market to thrive at a rapid pace in the forecast period.
North America is expected to hold a significant market share in the forecast period.
The global pharmaceutical packaging market is estimated to hold the largest market share owing to the highest health spending of the United States, healthcare services are very expensive, most of the people in the country have medical insurance, and the country does not have universal healthcare system. Additionally, there is a rising trend in the United States where individuals are moving from volume-based to value-based care. A shift in the healthcare market dynamics is being observed which is further leading to better patient outcomes at lower costs. Changing demographics like an aging population, and a high prevalence of people with chronic diseases is further driving the growth of the pharmaceutical packaging market in the forecast period. With the high prevalence of diseases, patients look forward to effective treatments and this has led to advancements in technology and services providing the consumers be in greater control of their own health management. Designing effective healthcare strategies according to the highly aware and curious citizens in addition to the unique healthcare system among the other developed regions has created a need for the provision of better health services emanating the growth of the global pharmaceutical packaging market in this region during the forecast period.
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