The pharmaceutical packaging market is set to be worth $158.8 billion by 2025, research shows
US based research company Grand View Research Inc has recently undertaken a study within the pharmaceutical packaging market. With the growing demand of pharmaceuticals, the use of product packaging is also growing at a steady rate.
The growing pharmaceutical industry has therefore placed a significant role in the health industry, supporting the distribution of essential drugs and medicines from contamination, counterfeiting, amongst other forms of damage. For example, the aluminium foil material division is projected to grow at a CAGR of 7.2 percent by 2025.
Developed countries, such as the US, China and European countries currently dominate this space, where demand for these products are expected to grow rapidly on account of fortification of medicines and drugs against exterior impacts.
However, packaging materials and products will need to bear the brunt of stringent government regulations, against a continued growing market for counterfeit pharmaceuticals. These remain a key threat to manufacturers and consumers who look for drugs at cheaper prices.
North America has especially become a dominant force in the market, and is supported by a thriving pharmaceutical industry and rapid new product introductions. The paper and paperboard division is predicted to reach $40.83 billion by 2025, according to the study, as a result of a growing demand in secondary packaging projects.
Asia Pacific is also anticipated to grow rapidly on account of rising pharmaceutical manufacturing in China and India, with a predicted market share of 33 percent by 2025. The growing trend of contract packaging in the pharmaceutical industry is expected to further augment market growth in Asia Pacific.
For further information: http://www.grandviewresearch.com/industry-analysis/pharmaceutical-packaging-market