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According to a report published by MicroMarket Monitor, the North America pharmaceutical packaging market is driven by advancement in manufacturing processes and technological innovation, growing demand for drug delivery devices and blister packaging, nanotechnology and new U.S. health laws. The report also identifies two hindrances to market growth—increasing packaging costs and strict health regulatory standards.
The research report provides an analysis and forecast to 2020 of the market. According to the report, the market was valued at $20,604.7 million in 2014 and is projected to grow at a CAGR of 4.7% from 2014 to 2020. The U.S. market accounted for the largest share of 86.96% in the North America pharmaceutical packaging market in 2014.
The report further breaks down the market into packaging types, materials and geography. It identifies important applications industries as plastic bottles, blister packs, labels and accessories, caps and closures, medical specialty bags, dropper bottles, temperature controlled packaging, vials, medication tubes, containers, among many others. The researchers also expect demand for temperature controlled packaging will grow in the future.