According to a report by Research and Markets, the global pharmaceutical packaging market is expected to increase at a CAGR of 8.75% to reach a value of over $149 billion by 2026.
Some of the key factors driving the growth of the market are growing demand for drug delivery devices, growing pharmaceutical industry in emerging economies, and blister packaging. Additionally, rapid increase in the growth of the primary pharmaceutical packaging, growth in global demand for primary pharmaceutical packaging are considered as opportunities for the market growth.
Although, increasing overall packaging costs because of stringent regulations and dynamic regulatory measures set by various governing bodies are acts as restrains the market growth.
Based on type, plastic bottle segment holds the largest market share due to the ease of production of plastic bottles, broad acceptance of plastic bottles in the pharmaceutical industry, and protection provided by them to medicines from harsh environments.
By geography, North America holds significant market share. The growth of this region can be attributed to the increasing number of new product launches with specialized packaging requirements.
Some of the major key players in the pharmaceutical packaging market include AptarGroup, Gerresheimer, Vitro, West Pharmaceutical Services, Bemis, Amcor, Sonoco, West Rock Company, Schott, Berry, Catalent Pharma Solutions and Visy.