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A new report from MarketsandMarkets predicts that the pharmaceutical packaging market will witness a CAGR of approximately 6.5 percent during the next five years and will reach more than $80 billion by 2020.
According to the report, advancements in drug delivery technology are contributing to the growth of the pharmaceutical packaging market. Other factors driving the market include the rising prevalence of diabetes in the U.S., the U.K., Germany, Italy, France and Canada; improving patient safety and compliance; and a rise in partnerships, collaborations and acquisitions in the market.
The report forecasts the pharmaceutical packaging market to grow steadily in Asia-Pacific and the rest of the world (RoW) due to rising spending capacity of consumers in these regions. The report expects the pharmaceutical packaging market in Asia-Pacific to witness its highest growth rate between 2015 and 2020, with it becoming the largest market by 2020.
According to the report, North America—with about 70 percent of the value—led the pharmaceutical packaging market in 2014, followed by Europe. Technological innovation, environmental awareness and moderate growth in the pharmaceutical markets are driving high consumption of pharmaceutical packaging in these regions, according to the report.