The newest AMR report, “Pharmaceutical Packaging Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2014-2022” reveals that despite the difficult challenge in predicting the future of pharmaceutical packaging on a global scale, the market is expected to increase to nearly $105,000 million by 2022.
In 2015, the pharmaceutical packaging market was valued at $68,749 million according to the report, which says two-fifths of the total market share was comprised of parenteral containers and plastic bottles. During the forecast period 2014-2022 these two packaging types are forecast to grow at a Compound Annual Growth Rate of 8.45% (parenteral containers) and 4.84% (plastic bottles), according to the report.
What are the primary factors driving pharmaceutical packaging growth? According to AMR, technological advancements such as holograms, RFIDs, labels and special inks designed to combat counterfeiting, and tamper-evident packs along with strict government regulations on conventional packaging and a generic market that continues to expand.
During the period it is expected the pharma packaging market will be fueled even more as various drugs’ patents expire, while market players will be inspired by innovations and investments in research and development to launch manufacturing projects in packaging for the industry that are biodegradable and eco-friendly.
North America and Europe combined occupied about two-thirds of the total market share in 2015 according to the AMR study, which also found that Asia-Pacific is expected to continue dominating the pharmaceutical packaging market.
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