Global Pharmaceutical Packaging Market Will Grow at a CAGR of 7% During 2019-2023| Technavio
Technavio has announced the release of their research report on the global pharmaceutical packaging market for the forecast period 2019-2023. This pharmaceutical packaging market analysis report segments the market by packaging (primary and secondary), product (plastic bottles, caps and closures, blister packs, pre-fillable syringes, parenteral containers, pre-fillable inhalers, pouches, medication tubes, and other products), material (rigid plastic, flexible plastic, glass, and other materials), and geography (APAC, Europe, MEA, South America, and North America).
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Technavio has released a new market research report on the global pharmaceutical packaging market for the period 2019-2023. (Graphic: Business Wire)
Global pharmaceutical packaging market size will grow at a CAGR of nearly 7%. Growing environmental concerns are promoting the demand for sustainable packaging among pharmaceutical manufacturers. The increasing concerns about the use of plastic films and plastic materials that are mostly derived from petroleum feedstock in pharmaceutical packaging and their effects on the environment are encouraging manufacturers to adopt eco-friendly packaging for consumers.
Increase in number of new drugs approved by the FDA
There has been a steady increase in the number of new FDA-approved drugs, which has increased the demand for pharmaceutical packaging. Pharmaceutical packaging vendors are flexible to accommodate new product packaging because they operate with diverse packaging units for different product lines. They can easily convert or set up their existing packaging unit for new product packaging following the requirement of pharmaceutical manufacturers.
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“Market growth prospects are higher in Eastern European countries due to significant growth in pharmaceutical trade. Furthermore, the increasing export and import values of the pharmaceutical market in Europe since 2014 will drive the demand for pharmaceutical packaging in the region,” says an analyst at Technavio.
Smart blister packaging technologies are being developed globally due to the increased demand for convenient packaging and to reduce medicine counterfeiting. Smart technologies assist the pharmaceutical manufacturers in tracing the product throughout the supply chain. Furthermore, they offer convenient applications such as ease of use, particularly for the elderly population.
View a snapshot of the report for a more detailed overview of the market and the segmentation covered in this report
This pharmaceutical packaging industry research report provides an in-depth analysis of the primary drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several pharmaceutical packaging products manufacturers including –
- West Pharmaceutical Services
- WestRock Company
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base includes enterprises of all sizes, including more than 100 Fortune 500 companies.
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