The “Global Pharmaceutical Packaging Market, By Packaging Type, By Product, By Drug Type, By Prescription Type, By End Use, Estimation & Forecast, 2017 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The global pharmaceutical packaging market was valued at USD 100.9 Billion in 2020 and is forecasted to reach USD 267.4 Billion by the year 2027. The market is anticipated to register a CAGR of 14.8% over the projected period.
Pharmaceutical packaging consists of packages and packaging processes for pharmaceutical preparations. The process also involves operations from production to the drug distribution channels and the end consumer. Growth in the pharmaceutical industry is expected to boost market growth. Furthermore, increasing health awareness is also expected to fuel market growth.
Despite the driving factors, increasing overall packaging costs owing to dynamic regulatory policies are expected to hinder the market growth during the forecast period. Moreover, safeguarding against counterfeit products is also posing a challenge to market growth.
Growth Influencers:
Growth in the pharmaceutical industry
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The pharmaceutical industry is rapidly growing owing to the rising prevalence industry. The industry is especially witnessing significantly fast growth in developing economies, such as India and China. For instance, in India, the industry is growing owing to its ability to leverage the opportunity available for Indian pharmaceutical companies owing to the patent expiration of drugs across the world.
Furthermore, the abating of regulatory risks coupled with the rising adoption of various strategies to de-risk from dependency on China for important raw materials. According to the India Brand Equity Foundation, the domestic pharmaceutical market is expected to hold a market value of USD 42 billion in 2021 and is expected to reach USD 65 billion by 2024 and USD 120-130 billion by 2030. Hence, the rapid growth in the pharmaceutical industry is anticipated to fuel the market growth during the projected period.
Segments Overview:
The global pharmaceutical packaging market is segmented into the packaging type, product, drug type, prescription type, and end-use.
Source: WFMZ