Market Research Future (MRFR), in the newly published report on the global pharmaceutical packaging market 2020 that discusses the market dynamics for the assessment period.
MRFR study shows that the world pharmaceutical packaging market can rise at 6.51% CAGR across the forecast period. The rise in the need for specific patient medicines, such as biologics can positively impact the expansion of the pharmaceutical packaging market.
The rise in biologics applications for the treatment of ailments, in case of the unavailability of other treatments can support the expansion of the global pharmaceutical packaging market.
The rise in the production of biologicals with the assistance of human, microorganisms, animal, and plant cells, demands measures for handling heat sensitive products and restrict contamination. This is boosting the demand for specialized packing and benefitting the pharmaceutical market growth. Demographic trends that include rise of population, especially aging populace and increased demand for pharmaceutical solutions are propelling the need for effective pharmaceutical packaging, which can prompt the expansion of the pharmaceutical packaging market through the forecast period. In addition, the rise in generic drugs requirement due to affordability and increased new drug developments activities can further boost the pharmaceutical packaging market rise through the forecast period.
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The study of pharmaceutical packaging global market is based on packaging, material and type. The material based segments of the global pharmaceutical packaging market are glass, paper & paperboard, plastic, and others. The plastic segment can thrive in the evaluation period due to advantages, such as chemical inertness barrier properties.
The type-based segments of the world pharmaceutical packaging market is based on tubes, bottles, blister packs, sachets, aerosol packs, closures, prefilled syringes, parenteral vials & ampoules, caps, and others. The bottles segment can hold the largest share of the world market due to the increased demand for oral and over-the-counter medicines.
The packaging based segments of the worldwide pharmaceutical packaging market are flexible packaging, semi-rigid packaging, and rigid packaging. The rigid packaging segment can surge due to the rise in need for the protection of the products from physical damage, external influences, and biological contamination that can hamper properties of the products.
The application based pharmaceutical packaging market segments are nutraceuticals, branded drugs, generic drugs, test kits, medical tools & equipment, and others. The generic drugs segment is expected to hold the maximum market share. The increase in initiative taken by government authorities across regions to manufacture generic drugs with active ingredients at correct strengths and dosages, considering the route of administrations can prompt the expansion of the pharmaceutical packaging market.
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North America pharmaceutical packaging market can thrive through the study period. The major pharmaceutical players those expanding their presence across the globe can generate considerable annual revenue for the regional market through strategic partnerships and rise in the demand for raw material suppliers. The high presence of primary packaging producers for cosmetics and pharmaceutical industries, along with the increased in establishment of new manufacturing plant across the US can prompt the rise of the world pharmaceutical packaging market across the review period. The high demand for easy transportable packaging and lightweight packaging solutions can rise the market of pharmaceutical packaging in North America.
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