Pharmaceutical Packaging Market Expected to Reach $149.25 Billion by 2026
According to the report, "Pharmaceutical Packaging - Global Market Outlook (2017-2026)" by Research and Markets (researchandmarkets.com), the pharmaceutical packaging market accounted for $70.16 billion in 2017 and is expected to reach $149.25 billion by 2026 growing at a CAGR of 8.75 percent during the forecast period.
Some of the key factors favoring the growth of the market are growing pharmaceutical industry in emerging economies, growing demand for drug delivery devices and blister packaging. Additionally, rapid increase in the growth of the primary pharmaceutical packaging, growth in global demand for primary pharmaceutical packaging are opportunities for market growth.
However, increasing overall packaging costs owing to dynamic regulatory measures and stringent regulations set by various governing bodies are acts as restrains the growth of the market.
Based on type, the plastic bottle segment holds the largest market share. The growth of this segment can be attributed to ease of production of plastic bottles, wide acceptance of plastic bottles in the pharmaceutical industry, and protection provided by them to medicines from harsh environments, such as snow and moisture, among others.
Based on end-user, the pharmaceutical packaging segment witnessed considerable market growth due to in-house packaging facilities in the manufacturing locations of industry participants.