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Global pharma packaging market expected to reach $104,882 mn by 2022: Report Published

 

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Investments and innovations in R & D activities are pushing market players to launch manufacturing projects in environmentally friendly and biodegradable packaging, which are expected to increase in the near future . In addition, the expiration of patents for various drug drugs should feed the pharmaceutical packaging market during the forecast period.

According to a new report published by Allied Market Research The pharmaceutical packaging market which was valued at $ 68,749 million in 2015, is expected to reach $ 104,882 million by 2022, growing at a CAGR of 6.3 per cent from 2016 to 2022.

The expansion of the generic market, technological advancement and stringent government regulations for conventional packaging are important factors that drive market growth. In addition, various technologies, such as RFID, temperament packaging, holograms, labels and special inks, are used to combat counterfeit medicines.

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."

 

In 2015, plastic bottles and parenteral containers together occupied two-fifths of the total market share. Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84 per cent and 8.45 per cent, 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.

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 per cent

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, Schott Pharmaceutical Packaging, and West Pharmaceutical Services.

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