Knowledge Sourcing Intelligence announces the publication of a new report on “Global Pharmaceutical Packaging Market - Forecasts from 2020 to 2025” to their offering.
The growing demand for robust, reusable, specialty packaging, rising online purchasing trends and technological progression are a few of the major factors, which are anticipated to drive the growth of this market.
As per the report, the market pertaining to Global Pharmaceutical Packaging Market is expected to reach US$ 81.198 billion by 2025, from US$ 110.654 billion in 2019.
In the broad field of healthcare, pharmaceutical packaging plays a far-reaching role in maintaining the drugs prescribed by licensed healthcare practitioners, safe from various kinds of contaminations that stems from bacterial growth, active pollutants, as well as, ensuring that the packaging materials don’t react with the constituents of the medicines. While the aforementioned is served by primary packaging, the second stage of packaging is the next step of the packaging process whereby information pertaining to active and inactive ingredients, manufacturer's name and address, and type of medicine and statutory warnings and precautions are provided to the consumers that come printed on the box. It also provides the pharmaceutical manufacturers the brand space to tactfully communicate the brand offerings targeted at various segments of the consumers. Another aspect is that f tertiary packaging which is not visible to end-use customers but players a vital role to protect the pharmaceutical products during transit from their manufacturing facilities to the global market.
The ever-expanding pharma industries especially in several emerging economies like Brazil, China, and India due to the increasing global population, rising disposable income, increased prioritization of raising the life expectancy are few of the factors that are at the forefront of driving the market for pharmaceutical packaging to a new echelon. Additionally, when deadly disease outbreaks like Ebola, corona, H1N1 flu occur, national governments are further motivated to proactively institutionalize policies, make a budgetary allocation, and provide economic incentives to promote pharmaceutical product innovation and R&D, which translates to an increased demand for pharmaceutical packaging which is also propelled by the expanding geriatric population in developed economies which is dependent on pharmaceutical drugs to maintain good health. Moreover, the growing focus of pharmaceutical manufacturers on sustainable packaging means that is evidenced by the rising investment and adoption of materials that are biodegradable and recyclable is further expected to fuel the growth of the market. Another aspect is the growing demand for the convenient packaging which exemplified by autoinjectors and prefilled syringes among others is expected to create further opportunities for growth of companies that are operating in this pharmaceutical packaging space.
The largest and the most advanced pharmaceutical market in the world is that of the USA which occupies a substantial share of the pharmaceutical packaging market which is further poised to grow due to the increasing engagements of several major pharma manufacturers which are anticipated to positively influence the upward trajectory of the global pharmaceutical packaging market. On the other hand, the demand for biologics, which are used for the treatment of illnesses when other options of treatments are not available. This particular category of pharmaceuticals is manufactured using microorganisms, animal, human, or plant cells and is susceptible to contamination and is sensitive to heat and is consequently expected to drive the growth of the market. Additionally, the growing demand for generic drugs which ha re affordable and stems from new developments made in pharmaceutical space coupled with the growing number of over-the-counter medicines which don’t require a prescription are also anticipated to thrust the global pharmaceutical packaging market to stratospheric heights. Further from the perspective of the segment pertaining to raw materials, plastics & polymers especially that of Polypropylene is expected to occupy a significant market share owing to its characteristic properties of high tensile strength coupled with its exceptional resistance against chemicals, electrolyte attacks, organic solvents, among others. Nevertheless, the increasing cost of packaging that is partly contributed by stringent regulatory measures placed by various national governments to keep and subsequently stop all counterfeiting activities are expected to retrain the growth of the market to a certain extent.
As a part of the report, the major players operating in the global pharmaceutical packaging market, which have been covered are Amcor plc, CCL Industries, Gerresheimer AG, West Pharmaceutical Services, Inc., IntraPac International LLC, Klöckner Pentaplast, SCHOTT AG, Aphena Pharma Solutions, and Sonoco Products Company.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-pharmaceutical-packaging-market
This report segmented the global pharmaceutical packaging market on the basis following terms