The global pharmaceutical packaging market size is projected to reach USD 142.59 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period.
Rising Prevalence of Multiple Chronic Conditions to Augment Market Growth
Multiple chronic conditions (MCC), as the name suggests, are essentially several lifelong disorders that befall a person simultaneously or in close frequency to one another. According to the World Economic Forum (WEF), approximately 33% of the world's population suffers from MCC such as a combination of cardiovascular disease with stroke. Furthermore, the WEF postulates that such conditions typically entail more medications, with each new chronic condition adding 8 new prescriptions among older adults. This would mean that the demand for packaging material for pharmaceutical purposes is likely to rise as people with chronic disorders will require frequent administration or consumption of different drugs. In consequence, the pharmaceutical packaging market growth is set to get boosted during the forecast period as the risk factors associated with these conditions are also increasing in tandem.
Steady growth in the number of older people in the world will bode well for this market, finds Fortune Business Insights™ in its report, titled "Pharmaceutical Packaging 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), By Packaging Type (Primary, Secondary, and Tertiary), By Drug Delivery Mode (Oral Drug Delivery Packaging, Injectable Packaging, Topical Drug Delivery Packaging, Pulmonary Drug Delivery Packaging, Transdermal Drug Delivery Packaging, Ocular Drug Delivery Packaging, Nasal Drug Delivery Packaging), and Regional Forecast, 2019-2026".
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Estimates released by the Population Division of the UN Department of Economic and Social Affairs (DESA) indicate that the number of persons at or above 60-years of age will reach 2.1 billion by 2050. Moreover, by the end of this decade itself older persons will outnumber children under the age of 10. Pharmaceutical packaging products are likely to experience high demand in this scenario as the uptake of drugs and their delivery mechanisms will inevitably spike as larger number of people get older at a faster rate. Moreover, novel packaging solutions such as prefilled inhalers and syringes can enable older persons to self-administer the drugs, eliminating the need to visit a hospital or clinic.
List of Key Players Profiled in the Pharmaceutical Packaging Market Research Report:
North America to Lead the Pack; Europe to Follow Closely
With a market size of USD 26.89 billion in 2019, North America is well-poised to dominate this market share in the forthcoming years. The major reasons for the market growth in this region include high healthcare spending and robust health infrastructure along with strong support to medical research in the region. Europe, the second-largest region in this market, will be driven by the escalating demand for pharmaceutical products such as vials and syringes to contain the spread of infectious diseases, including the on-going COVID-19 pandemic. The market in Asia-Pacific is expected to enjoy lucrative opportunities owing to increasing prevalence of chronic diseases and massive investments in R&D by regional pharmaceutical companies.
Key Players to Focus on Portfolio Diversification
The competitive landscape of the pharmaceutical packaging market is characterized by the presence of a wide array of companies, with each entity striving to carve its own identity and place in the market. To that end, many players are investing in innovation to build a strong product portfolio and deepen their foothold in the pharmaceutical industry.
This article was written by Bhagyashri Bhole for https://www.fortunebusinessinsights.com/pharmaceutical-packaging-market-102860 on .