Pharmaceutical Packaging Market Size Key Futuristic Top Trends, Research Methodology

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Pharmaceutical Packaging Market Size Key Futuristic Top Trends, Research Methodology

According to the report, the value of this market was at USD 90.23 billion in 2019. In addition, the report shares the following:

The global pharmaceutical packaging market size is projected to reach USD 142.59 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period. Steady growth in the number of older people in the world will bode well for this market, finds Fortune Business Insights™

According to the report, the value of this market was at USD 90.23 billion in 2019. In addition, the report shares the following:

Detailed analysis of the various market drivers and trends;
Careful study of the market restraints;
Comprehensive examination of the regional dynamics of the market;
In-depth evaluation of the competitive landscape of the market; and
Exhaustive assessment of all the market segments.

Market Driver

Rising Prevalence of Multiple Chronic Conditions to Augment Market Growth

Multiple chronic conditions (MCC), as the name suggests, are essentially several lifelong disorders that befall a person simultaneously or in close frequency to one another. According to the World Economic Forum (WEF), approximately 33% of the world’s population suffers from MCC such as a combination of cardiovascular disease with stroke. Furthermore, the WEF postulates that such conditions typically entail more medications, with each new chronic condition adding 8 new prescriptions among older adults. This would mean that the demand for packaging material for pharmaceutical purposes is likely to rise as people with chronic disorders will require frequent administration or consumption of different drugs. In consequence, the pharmaceutical packaging market growth is set to get boosted during the forecast period as the risk factors associated with these conditions are also increasing in tandem.

Regional Analysis

North America to Lead the Pack; Europe to Follow Closely

With a market size of USD 26.89 billion in 2019, North America is well-poised to dominate this market share in the forthcoming years. The major reasons for the market growth in this region include high healthcare spending and robust health infrastructure along with strong support to medical research in the region. Europe, the second-largest region in this market, will be driven by the escalating demand for pharmaceutical products such as vials and syringes to contain the spread of infectious diseases, including the on-going COVID-19 pandemic. The market in Asia-Pacific is expected to enjoy lucrative opportunities owing to increasing prevalence of chronic diseases and massive investments in R&D by regional pharmaceutical companies.

List of Players Covered in the Pharmaceutical Packaging Market Report: