Global Pharmaceutical Packaging Market Will Grow at a CAGR of 7% During 2019-2023

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 industry market 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.
“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,”
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.
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 –
  • Amcor
  • Gerresheimer
  • O-I
  • West Pharmaceutical Services
  • WestRock Company

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