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According to the new market research report “Pharmaceutical Packaging Market by Type (Plastic Bottles, Blister Packs, Labels & Accessories, Caps & Closures, Pre-filled Syringes, Vials, Ampoules), Raw Material, Drug Delivery Mode (Oral Drugs, Injectables, IV Drugs), Region – Global Forecast to 2024″, The pharmaceutical packaging market is projected to grow from USD 83.6 billion in 2019 to USD 111.9 billion by 2024, at a CAGR of 6.0%.
Increasing demand for pharmaceutical packaging in emerging economies owing to the growth of the aging population and rise in diseases is propelling the demand for pharmaceutical packaging. In addition, increasing demand for blister packaging and innovations in the field of nanomedicines is also driving the growth of pharmaceutical packaging.
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The pharmaceutical packaging market size is estimated at USD 83.6 billion in 2019 and is projected to register a CAGR of 6.0% between 2019 and 2024. The increasing demand for pharmaceutical products in emerging economies, technological advancements, and the growing demand for drug delivery devices & blister packaging are the major drivers for the pharmaceutical packaging market.
Use of nanotechnology to develop nanomedicines and nano-drug delivery systems to cure chronic disease, such as cancer, and diabetes, among others, have the potential to bring a drastic change in the pharma packaging industry. Developed economies such as the US, Canada, and Germany are witnessing advancements in drug delivery systems such as the use of biological or chemotherapeutic agents to provide site-specific delivery of drugs.
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The pharmaceutical packaging market is projected to grow from USD 83.6 billion in 2019 to USD 111.9 billion by 2024, at a CAGR of 6.0%. The major drivers for the pharmaceutical packaging market include increasing demand for pharmaceuticals in emerging markets owing to better access to healthcare, rising healthcare expenses, and growing consumer awareness regarding healthier lifestyle. Also, advanced drug delivery and innovative packaging solutions with higher patient convenience drive the market for pharmaceutical packaging.
Pharmaceutical packaging is used for different drug delivery modes such as oral drugs, pulmonary, transdermal, injectables, topical, nasal, ocular/ophthalmic, and IV drugs. Companies such as Berry Global Inc. (US) Amcor plc (Australia), AptarGroup, Inc. (Us), Gerresheimer AG (Germany) and Schott AG (Germany) operating in the pharmaceutical packaging market have adopted both organic and inorganic growth strategies such as new product launch, merger & acquisition, investment & expansion, agreement & collaboration, and joint ventures to serve their customers efficiently and increase their market shares.
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Berry Global Inc. (US) has gained a strong foothold in the pharmaceutical packaging market. The company has a strong product portfolio for pharmaceutical packaging. The company operates through its multiple production sites and has extensive R&D infrastructure, which helps the company attain economies of scale. It focuses on offering customized solutions, and consistent customer service orientation to cater to consumer demand and achieve growth in the market.
Gerresheimer (Germany) is another major player operating in the market. The company has a strong global presence and offers a wide range of innovative pharmaceutical packaging products such as bottles, vials, ampoules, and others. The company is focusing on organic growth strategies of new product launch and investment & expansion for increasing its geographical footprints and strengthen product portfolio and hence, widening its presence in various regions such as APAC and North America and increasing its revenue.
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