The growing demand for pharmaceuticals coupled with increased emphasis on product packaging is expected to drive the global pharmaceutical packaging market to reach $ 158.8 billion by 2025 from $ 77.65 billion in 2016, according to a new report by Grand View Research Inc (GVR).
Pharmaceutical packaging market comprises wide array of products. The demand for these products is expected to grow rapidly on account of fortification of medicines and drugs against exterior impacts. However, the packaging materials and products need to bear the brunt of stringent government regulations and growing market for counterfeit pharmaceuticals. Counterfeit pharmaceuticals are expected to pose a major threat to manufacturers.
North America is a dominant region in the market backed by thriving pharmaceutical industry and rapid new product introduction. Asia Pacific is anticipated to grow rapidly on account of rising pharmaceutical manufacturing in China and India. The growing trend of contract packaging in the pharmaceutical industry is expected to further augment market growth in Asia Pacific.
As per GVR report, aluminium foil material segment is projected to grow at a CAGR of 7.2 percent from 2017 to 2025 owing to rising demand for packaging of special purpose drugs.
Paper and paperboard, the second largest product segment, is expected to reach $ 40.83 billion by 2025 due to growing demand in secondary packaging products. Blister packs, the primary pharmaceutical packaging product category, is expected to grow at a CAGR of 9.2 percent from 2017 to 2025 on account of growing demand in oral drugs.
The market share of Asia Pacific is expected to reach 33 percent in 2025 owing to growing demand for pharmaceuticals and presence of large number of plastic manufacturers. The Middle East & Africa region is expected to grow at a CAGR of 5.6 percent from 2017 to 2025 backed by growing demand for medicines in Tanzania, Nigeria and South Africa.
