North America pharmaceutical packaging market expected to reach $27 million by 2020
The North America pharmaceutical packaging market report defines and segments the concerned market with analysis and forecast of revenue. This market was valued at $20.604.7 million in 2014, and is projected to reach $27,169.1 million by 2020, at a CAGR of 4.7% from 2014 to 2020. Browse through the TOC of North America Pharmaceutical Packaging Market for an analysis of industry trends and segments, with the help of various tables and figures.
Pharmaceutical packaging plays an important role in the pharmaceutical industry, as it becomes necessary to protect drugs and medicines against all external influences that can alter its properties, or cause any kind of physical damage, mechanical damage, biological contamination and degradation, and counterfeiting. Pharmaceutical packaging provides protection, presentation, identification, information, and convenience for pharmaceutical products, from its production till its use or administration. Packaging of pharmaceutical products differs significantly from food packaging. Pharmaceutical packaging products are developed from plastics/polymers, glass, and paper & paperboard among others.
The North American region is the third-largest market for pharmaceutical packaging globally, after Asia-Pacific and Europe. The countries included in the North American region for this market analysis include the U.S. and Canada among others. Major factors driving the growth of the North American pharmaceutical packaging market include advancement in manufacturing processes and technological innovation, growing demand for drug delivery devices & blister packaging, contribution of nanotechnology to the pharmaceutical packaging market, and implementation of health laws in the U.S. The North American region is known for its technological development and product innovations, which is further motivating manufacturers to produce high-class packaging solutions for the pharmaceutical industry.