Pharmaceutical Packaging Market Size To Reach $219.2 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, July 21, 2021 /PRNewswire/ -- The globalA pharmaceutical packaging marketA size is expected to reach USD 219.2 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.4% over the forecast period. The increasing prevalence of chronic diseases coupled with the growth of the pharmaceutical industry is anticipated to augment the consumption of pharmaceutical packaging products.
Pharmaceutical Packaging Market Size To Reach $219.2 Billion By 2028: Grand View Research, Inc.
Key Insights & Findings:

In terms of revenue, the glass segment is projected to ascend at the highest CAGR over the forecast period

Strong chemical resistance to various medicinal products and the ability to withstand heating treatment during the sterilization process is expected to expand the penetration of glass packaging

The contract packing segment accounted for 36.4% of revenue share in 2020. Regulatory requirements associated with pharmaceuticals and their packaging are gradually becoming stringent, and contract packaging organizations are in a better place to address those changes. This factor is boosting the demand for contract packaging services

The Asia Pacific is projected to be the fastest-growing region from 2021 to 2028. This growth is due to the rapidly expanding pharmaceutical market, particularly in China & India, and rising cases of various diseases, such as cancer and heart problems

Read 203 page market research report, "Pharmaceutical Packaging Market Size, Share & Trends Analysis Report By Material (Glass, Plastics & Polymers), By Product (Primary, Secondary), By End Use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View ResearchBan on counterfeit products in North America and Europe is expected to be a major driver for the marketA as major companies are likely to invest heavily in anti-counterfeit packaging products. Blow-Fill-Seal (BFS) technology allows customized design for high-quality containers with tamper-evident closures in multiple shapes and sizes. Therefore, the growing demand for anti-counterfeiting packaging along with the advent of technology is likely to support the growth of tamper-evident pharmaceutical packaging.Companies are focusing on using sustainable materials for packaging owing to the rising concerns about the generation of packaging waste that is difficult to degrade.A BioplasticA is likely to gain traction in the market as it is derived from renewable plant-based sources and is biodegradable unlike theA plasticsA and polymers derived from fossil fuels. In December 2019, Sanner GmbH, a Germany-based packaging manufacturer, introduced BioBase effervescent tablet packaging derived from corn and sugarcane. Such novel sustainable packaging solutions are expected to boost the growth of the market.
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