Pharmaceutical Packaging Market is Growing Faster than Expected

Packaging is one of the largest industry sectors in the world, worth several billions. Pharmaceutical packaging is defined as an economical means of providing protection, presentation, identification, information, and convenience for pharmaceutical products from the moment of production until it is used or administered. Packaging of pharmaceutical products differs significantly from food packaging. It is quite broad, encompassing, and multi-faceted task and quite challenging as it requires the application of a large amount of scientific and engineering expertise. Pharmaceutical packaging is of three types primary, secondary, and tertiary. These types are classified mainly in three types including by packaging type, by material type, and by drug delivery type.
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The pharmaceutical packaging market, in terms of value, is projected to reach more than $80 Billion by 2020, witnessing a CAGR around 6.50% between 2015 and 2020.
The pharmaceutical packaging market is anticipated to show a steady growth rate in the coming years. Drug delivery types such as oral, pulmonary, transdermal, injectable, topical, nasal, ocular, and IV drugs, and are predicted to show higher growth than other applications. The global pharmaceutical packaging market demand, by value is estimated to reach above $80 Billion by 2020.
Advancement in drug delivery technologies is leading to the use of innovative packaging in many pharmaceutical sub segments. This is also increasing the demand for different types of packaging materials. Aging of world population and rising health awareness among consumers are some of the significant drivers of the pharmaceutical market. Rapid growth of the pharmaceutical industry globally, especially in the emerging regions along with the growing demand for drug delivery devices & blister packaging are the most important drivers of the market. Growth in the demand for primary packaging and rapidly increasing third party logistics also provide ample opportunity for the growth of the pharmaceutical packaging market. Increasing overall packaging cost along with stricter health regulations and compliance standards are hindering the growth of the market.
North America and Europe are the leading regions for the consumption of pharmaceutical packaging materials. The U.S. holds the largest share in the North American market while Germany holds the largest share in the European market. Asia-Pacific and the RoW regions are showing a significant increase in demand of pharmaceutical packaging materials.

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Pharmaceutical packaging companies focus keenly on research and development to provide innovative and high quality solutions to its customers. Besides, these companies also aggressively expanded, collaborated and venture with companies to increase their presence in different regions. These two are the major strategies adopted by the companies to strengthen their position in the pharmaceutical packaging market.
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The pharmaceutical packaging market is dominated by number of major players that include MeadWestvaco Corporation (U.S.), Schott AG (Germany), Amcor Ltd. (Australia), Rexam PLC (U.K.), Gerresheimer AG (Germany), and so on.

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