Pharmaceutical Packaging Market expected to reach $104,882 million by 2022

Pharmaceutical Packaging Market by Product Type (Plastic Bottle, Parenteral Container, Blister Packaging, Specialty Bags, Closures, Labels, and Others)

Global pharmaceuticals packaging market is expected to reach $104,882 million by 2022 from $68,749 million in 2015, growing at a CAGR of 6.27% from 2016 to 2022. Pharmaceutical packaging is carried out to protect medicines from environmental changes and to maintain the physical & chemical stability of the products (drugs & biologicals). It further helps to attain the safety of medicines during transit, distribution, and storage. The pharmaceutical industry is on a rapid rise, thus positively impacting the growth of the pharmaceutical packaging market. The demand for pharmaceutical packaging is increasing, and is expected to continue to increase as companies rely more on packaging and labeling, and media to protect and promote their products.

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Advanced manufacturing processes and product innovations have resulted in the growth of the pharmaceutical packaging industry. Growth in generic drugs market and rapid increase in drug delivery market are further expected to fuel market growth. Some of the recent innovations in this market are color-changing packages, condition monitoring RFID tags, and blister packaging with child locks.

However, the industry players are upgrading their manufacturing practices to match the standards from time to time to produce world-class products. The packaging industry needs to overcome challenges such as the availability and prices of raw materials and the changing rules and regulations regarding the product approval & marketing of pharmaceuticals. The demand to develop sustainable, eco-friendly packaging provides impetus to pharmaceutical packaging manufacturers. The opportunities in pharmaceutical packaging market are expected to increase from the pre-fillable syringes and parenteral vials, which will continue to expand with advances in biotechnology, owing to the introduction of new therapies that need to be injected.

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