Pharmaceutical Packaging Industry Growth in North America, Europe by 2027

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Pharmaceutical Packaging Industry Growth in North America, Europe by 2027

will bolster the healthy growth of the market in North America. Asia Pacific is expected to hold a significant share in the global market owing to the growing pharmaceutical industry in countries such as China, Japan, and India. The rising investments by pharmaceutical manufacturing companies will contribute positively to the market growth.

The global pharmaceutical packaging market size is expected to reach USD 153.93 billion by 2027, exhibit a CAGR of 6.4% during the forecast period. The growing adoption of novel and generic drugs in developing countries will have an excellent impact on the global market, states Fortune Business Insights, in a report, The market size stood at USD 90.23 billion in 2019.

The report on the pharmaceutical packaging market encompasses:

Grander analysis of the market
Important insights into the competitive landscape
Factors restricting market growth
Recent trends and development
Prime factors enabling growth

Market Driver:

Booming Pharmaceutical Industry to Boost Market

The flourishing pharmaceutical industry in developing nations such as China, India, and Brazil and developed economies such as the US, UK, and Germany will spur lucrative opportunities for the market during the forecast period. The increasing technological advancements and healthcare spending will contribute positively to the market growth for pharmaceutical packaging. The growing healthcare awareness along with mandatory government regulations to curb the spread of infectious diseases will have a tremendous effect on the market. Moreover, the inflated demand for biological products and emerging treatments like cell and gene therapies will further enable the speedy expansion of the market.

Pharmaceutical Industry to Remain Unaffected During COVID-19 Pandemic

The coronavirus has disrupted various industries, resulting in the shortage of laborers & raw materials, distraught production processes, as well as transportation and logistics. However, the pharmaceutical industry remained unaffected owing to the government's support for the supply of essential drugs and goods. Pharmaceutical industries remained operational throughout the pandemic to manufacture healthcare products. The government backing for COVID kits and masks further encouraged packaging companies to accelerate their business amid the pandemic. The ongoing automated operations have increased sales in recent years, in turn, promoting the growth of the market.

Regional Analysis:

Heavy Demand for Packaging Products to Aid Expansion in North America

The market for pharmaceutical packaging in North America is expected to hold the largest share during the forecast period owing to the rapidly flourishing pharmaceutical industry. The increasing demand for packaging products will further enable speedy expansion in the region. The growing healthcare spending and rising prevalence of diseases will further spur demand in the region. The increasing utilization of pharmaceutical products such as plastic bottles & containers, vials & ampoules, and pre-fillable syringes will bolster the healthy growth of the market in North America. Asia Pacific is expected to hold a significant share in the global market owing to the growing pharmaceutical industry in countries such as China, Japan, and India. The rising investments by pharmaceutical manufacturing companies will contribute positively to the market growth.

Key Development:

June 2020: SCHOTT announced agreements with leading pharmaceutical companies, including partners of ‘Operation Warp Speed’ to deliver 2 billion doses of pharma vials packaging to COVID-19 vaccines

The Report Lists the Key Companies in the Pharmaceutical Packaging Market: