Pharmaceutical Packaging Market Expected to Reach $78.79 Billion by 2018
The pharmaceutical packaging market has witnessed a significant growth in the past few years and this growth is estimated to persist in the coming years.
“Pharmaceutical Packaging Market by Packaging Type (Plastic bottles, Blister packs, Caps & Closures, Ampoules, Vials and Others) Raw Material (Plastics, Paper & Paperboard, Glass, Aluminum foils), and Drug Delivery Type – Global Trends & Forecast to 2018” states that the global pharmaceutical packaging market is dominated by North America, Europe, and Japan accounting for more than 70% of the overall market in 2012.
U.S. is the top most consumer of pharmaceutical product globally and is also the largest market for pharmaceutical packaging products, growing at a CAGR lower than the global average till 2018. As the advanced drug producing sector in U.S. introduces new sophisticated therapies with specialized packaging needs, the demand for pharmaceutical packaging products continues to increase. In terms of growth rate, Asia-Pacific region is expected to register double digit CAGR from 2013 to 2018 and is estimated to nose ahead North America & European pharmaceutical packaging market by 2018.
While plastic bottles & blister packs take topmost positions in the pharmaceutical packaging market with more than 35.8% share by value, maximum growth in the near future is expected to come from pre-fillable syringes & inhalers, medication tubes, vials, labels & accessories. Plastics & polymers are the largest consumed raw material for the pharmaceutical packaging products and are fast replacing other raw materials such as glass and metals due to its ease in design, excellent barriers properties, and cost-effectiveness. Paper & paperboards constitute a fifth of the raw material market in terms of volume.