The global pharmaceutical packaging market size is expected to reach USD 153.93 billionby 2027, exhibit a CAGR of 6.4% during the forecast period. The growing adoption of novel and genericdrugs in developing countries will have an excellent impact on the globalmarket, states Fortune Business Insights, in a report, titled “PharmaceuticalPackaging Market Size, Share & Industry Analysis, By Material(Plastics,Glass, Metal, Paper & Paperboard,), By Product (Plastic Bottles, Caps &Closures, Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials & Ampoules,Blister Packs, Bags & Pouches, Jars & Canisters, Cartridges,), ByPackaging Type (Primary, Secondary, and Tertiary), By Drug Delivery Mode), andRegional Forecast, 2020-2027.” The market size stood at USD 90.23 Billion in 2019.
Thecoronavirus incident has caused massive loss and disruption to variousindustries across the globe. We understand that this health disaster hasnegatively impacted various sectors across the globe. Rising support fromgovernments and several companies can help in the fight against this highlyinfectious virus. There are some industries that are struggling and some arethriving. More or less, nearly every sector is estimated to be impacted by thispandemic.
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TheReport Lists the Key Companies in the Pharmaceutical Packaging Market:
· PharmaPackaging Solutions (TN)
· BectonDickinson & Company (US)
· WestPharmaceutical Services, Inc. (US)
· CarcanoAntonio S.p.A. (Italy)
· ALPLA-WerkeAlwin Lehner GmbH & Co KG (Austria)
· ConstantiaFlexibles (Austria)
· Others
Market Driver:
BoomingPharmaceutical Industry to Boost Market
Theflourishing pharmaceutical industry in developing nations such asChina, India, and Brazil and developed economies such as the US, UK, andGermany will spur lucrative opportunities for the market during the forecastperiod. The increasing technological advancements and healthcare spending willcontribute positively to the market growth. The growing healthcare awarenessalong with mandatory government regulations to curb the spread of infectiousdiseases will have a tremendous effect on the market. Moreover, the inflateddemand for biological products and emerging treatments like cell and genetherapies will further enable the speedy expansion of the market.
The report on the pharmaceuticalpackaging market encompasses:
· Grander analysis of the market
· Important insights into thecompetitive landscape
· Factorsrestricting market growth
· Recent trends anddevelopment
· Prime factorsenabling growth
PharmaceuticalIndustry to Remain Unaffected During COVID-19 Pandemic
The coronavirus has disruptedvarious 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 thegovernment's support for the supply of essential drugs and goods.Pharmaceutical industries remained operational throughout the pandemic tomanufacture healthcare products. The government backing for COVID kits andmasks further encouraged packaging companies to accelerate their business amidthe pandemic. The ongoing automated operations have increased sales in recentyears, in turn, promotingthe growth of the market.
Browse Summary of This Research:
https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860
Regional Analysis:
Heavy Demand for Packaging Products to Aid Expansion inNorth America
The market in North America isexpected to hold the largest share during the forecast period owing to therapidly flourishing pharmaceuticalindustry. The increasing demand for packaging products will further enablespeedy expansion in the region. The growing healthcare spending and risingprevalence of diseases will further spur demand in the region. The increasingutilization of pharmaceutical products such as plastic bottles &containers, vials & ampoules, and pre-fillable syringes will bolster thehealthy growth of the market in North America. Asia Pacific is expected to holda significant share in the global market owing to the growing pharmaceuticalindustry in countries such as China, Japan, and India. The rising investmentsby pharmaceutical manufacturing companies will contribute positively to themarket growth.
KeyDevelopment:
June 2020: SCHOTT announced agreements withleading pharmaceutical companies, including partners of ‘Operation Warp Speed’to deliver 2 billion doses of pharma vials packaging to COVID-19 vaccines
Information Source
https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860
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