The Global Pharmaceutical Packaging Market is projected to grow at CAGR of 5.93% during the forecast period to reach a market size of US$100.835 billion in 2023
In addition, the Global Pharmaceutical Packaging market has been estimated based on the geography, covering five regions namely North America, South America, Europe, Middle East, and Africa and the Asia Pacific, and some of the major economies in each of these regions. The demand for pharmaceutical packaging will be driven by increasing demand for drug delivery devices, technological advancements, and reduction in the packaging cost with the advancement in the technology. The rise in the demand for reusable and specialty packaging is also expected to bolster the market growth during the given time frame. However, stringent government regulations and standards might restrain the growth of the market during the forecast period.
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By raw material, glass is projected to show significant growth in the global pharmaceutical packaging market.
It is estimated that plastic will hold a significant share in the global diabetes care market owing to the chemical inertness of the plastic, and also it can be used to create attractive packages with aesthetic appeal. Glass is impermeable to air & moisture, which further reduces the chances of the drug contamination, thus, increasing the demand for glass for packaging.
The North America region is estimated to hold the lion’s share in the global pharmaceutical packaging market throughout the forecast period.
Geographically, North America holds the largest market share due to the presence of major pharmaceutical players in the region. Also, quick adoption of the innovative pharmaceutical packaging in the region will further drive the market for pharmaceutical packaging in the region during the given forecast period.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global pharmaceutical packaging market. It consists of company profiles of the leading companies such as Gerresheimer AG, Inc., IntraPac International Corporation, and SCHOTT AG, among others.
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