Rising Need for Convenient Packaging Solutions Pushes Pharmaceutical Packaging Market

aditi 6/22/20 5:10 PM

Total amount of revenues in the global pharmaceutical packaging market is estimated to show profound growth during the forthcoming years. Some of the key reasons attributed to this promising growth are increasing worldwide population, growing consumer awareness, and improved disposable income of major people from all across the world. The market for pharmaceutical packaging is segmented on the basis of various important aspects such as product type, material, application, and region.

The global pharmaceutical packaging market is expected to witness rising demand for silica-based packaging material in the upcoming period. One of the key reasons for this situation is the presence of a wide range of atmosphere sensitive pharmaceutical drugs. Based on material, the global pharmaceutical packaging market is bifurcated into paper and paperboard, plastics and polymers, aluminum foil, glass, and others. Of them, plastics and polymer is one of the key segments holding over 38% share of the total value of the pharmaceutical packaging market.

The present Fact.MR article aims to offer detailed data on key factors influencing the growth of the global pharmaceutical packaging market. As per the estimations by the analysts, the market for pharmaceutical packaging will demonstrate twofold growth during the forecast period of 2019 to 2029.

Millennial Population Helps in Driving Market Growth

In recent period, the millennial population of emerging economies such as India, Brazil, and China is inclined toward the use of convenient packaging solutions for various purposes. This includes pre-filled syringes and auto injectors. As a result, there is considerable increase in demand for these packaging solutions. This factor signifies the stupendous sales avenues for the players working in the global pharmaceutical packaging market.

The world is witnessing considerable growth in occurrence of various life-threatening diseases such as H1N1 and COVID-19. This situation has compelled all major countries to take initiatives to control the epidemic conditions and increase the life expectancy. To deal with the situation, many worldwide countries are focused on advancing their healthcare systems. This factor is positively impacting on the growth of the global pharmaceutical packaging market. Thus, the market for pharmaceutical packaging is witnessing considerable increase in demand opportunities.

Players Execute Diverse Strategies to Strengthen Market Position

The global pharmaceutical packaging market is moderately fragmented in nature. Presence of many players signifies that the competitive landscape of the market for pharmaceutical packaging is highly intense. To maintain the leading market position, several vendors are investing heavily in research and development activities. These moves are helping them to improve the quality of the products they offer. At the same time, enterprises are focused on developing technologically advanced methods in pharmaceutical packaging industry. All these factors connote that the global pharmaceutical packaging market will continue to thrive in the upcoming period.

Many enterprises in the pharmaceutical packaging market are advancing their distribution channels. At the same time, some enterprises are using tactics including mergers and acquisitions partnerships, and collaborations. All these factors signify the potential opportunities for the expansion of the global pharmaceutical packaging market.

The list of key players in global pharmaceutical packaging market includes Becton, Amcor Plc, AptarGroup, Inc., Dickinson and Company, Gerresheimer AG, Drug Plastics Group, Owens Illinois Inc., Schott AG, and West Pharmaceutical Services Inc.

Asia Pacific Leads Market for pharmaceutical packaging

The global pharmaceutical packaging market is spread across six key regions, namely, North America, South America, Europe, East Asia, Middle East and Africa, and Southeast Asia and Oceania. Of them, the market for pharmaceutical packaging is expected to witness remarkable demand avenues from North America. One of the key reasons supporting this growth is presence of considerably large pharmaceutical industry in this region. Apart from this, the pharmaceutical packaging market will get the advantage of presence of older population in noteworthy percentage. This aside, the market for pharmaceutical packaging is estimated to gain lucrative growth avenues in Southeast Asia and Oceania.

source: https://www.factmr.com/report/4573/pharmaceutical-packaging-market

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