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, according to a new report published by Allied Market Research.
Portland, OR -- (SBWIRE) -- 06/21/2017 -- 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.
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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.
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Key Findings of Pharmaceutical Packaging Market
1. Asia-Pacific is expected to continue to dominate the market during the forecast period, followed by Europe.
2. Plastic bottles and parenteral containers together occupy two-fifths of the total share, in terms of revenue.
3. Middle East is expected to witness a CAGR of 7.2% from 2016 to 2022.
4. South Korea grows at a faster rate in Asia-Pacific pharmaceutical packaging market, registering a CAGR of 7.4%.
5. In Europe, France is expected to occupy the highest CAGR of 6.3%.
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.