The global pharmaceutical packaging industry is expected to reach USD 153.93 billion by 2027, exhibit a CAGR of 6.4% during the forecast period. The growing adoption of novel and generic drugs in developing countries will have an excellent impact on the global market, states Fortune Business Insights. The global market size stood at USD 90.23 billion in 2019.
Market Driver:
Booming Pharmaceutical Industry to Boost Market
The flourishing pharmaceutical industry in developing nations such as China, India, and Brazil and developed economies such as the US, UK, and Germany will spur lucrative opportunities for the market during the forecast period. The increasing technological advancements and healthcare spending will contribute positively to the market growth for pharmaceutical packaging. The growing healthcare awareness along with mandatory government regulations to curb the spread of infectious diseases will have a tremendous effect on the market. Moreover, the inflated demand for biological products and emerging treatments like cell and gene therapies will further enable the speedy expansion of the market.
Pharmaceutical Industry to Remain Unaffected During COVID-19 Pandemic
The coronavirus has disrupted various industries, resulting in the shortage of laborers & raw materials, distraught production processes, as well as transportation and logistics. However, the pharmaceutical industry remained unaffected owing to the government’s support for the supply of essential drugs and goods. Pharmaceutical industries remained operational throughout the pandemic to manufacture healthcare products. The government backing for COVID kits and masks further encouraged packaging companies to accelerate their business amid the pandemic. The ongoing automated operations have increased sales in recent years, in turn, promoting the growth of the market.
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Source: Globenews Wire
