- Market News
Pharmaceutical packaging market expected to reach $104,882 million by 202231 Jan 2017
Manufacturing projects in eco-friendly and biodegradable packaging, which is expected to surge in near future.
According to a new report published by Allied Market Research, titled, "Pharmaceutical Packaging Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2014-2022," the pharmaceutical packaging market was valued at $68,749 million in 2015, and is expected to reach $104,882 million by 2022, growing at a CAGR of 6.3% from 2016 to 2022. In 2015, plastic bottles and parenteral containers together occupied two-fifths of the total market share.
Expansion of generic market, technological advancement, and strict governmental regulations for conventional packaging are major factors that drive the market growth. In addition, various technologies, such as RFIDs, temper-evident packs, holograms, labels, and special inks, are used to combat counterfeit medicines. Investments and innovations in R&D activities propel the market players to initiate manufacturing projects in eco-friendly and biodegradable packaging, which is expected to surge in near future. In addition, patent expiration of various medicated drugs is expected to fuel the pharmaceutical packaging market during the forecast period.
According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "Emerging drug market along with product innovation is a flourishing market for pharmaceutical solutions."
Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84% and 8.45%, respectively, during the forecast period. This is because packaging companies are constantly focusing on eco-friendly packaging materials, techniques, and technologies to overcome the increasing environmental concerns.
Key findings of the study
In 2015, Europe and North America together occupied approximately two-thirds of the total market share, by volume. India has adopted the growing need for environmental concerns by advancement in technologies; the pharmaceutical packaging market is expected to expand with a CAGR of 7.36%.
The prominent players operating in the market include Amcor Ltd, Berry Plastics Corporation, Gerresheimer AG, Becton Dickinson and Company, MeadWestvaco Corporation, Graphic Packaging Group, RPC Group, Owen-Illinois Inc., Schott Pharmaceutical Packaging, and West Pharmaceutical Services Inc.
Are you a supplier?
Here's what CPhI Online can do for you
- Generate quality leads for your business
- Stay visible for 365 days of the year
- Receive product inquiries and respond to meeting requests directly
- Improve company online presence through Search Engine Optimisation