Pharmaceutical Packaging Market to be Worth 94.93 Billion USD by 2021

The pharmaceutical packaging market was valued at USD 65.55 Billion in 2015 and is projected to reach USD 94.93 Billion by 2021, at a CAGR of 6.4 percent from 2016 to 2021.

Plastic bottles segment is projected to lead the pharmaceutical packaging market

Among types, the plastic bottles segment is projected to lead the pharmaceutical packaging market. Plastic bottles are the most preferred packaging used, globally. Factors, such as their easy availability and increased demand for administering oral drugs, prescription dose medicines, and over the counter (OTC) medicines are expected to drive the growth of the plastic bottles segment of pharmaceutical packaging market, globally between 2016 and 2021.

The injectables drug delivery segment of the pharmaceutical packaging market is projected to grow at the highest CAGR

The injectables drug delivery segment of the pharmaceutical packaging market is projected to grow at the highest CAGR from 2016 to 2021. Injectable drug delivery mode is receiving considerable attention due to efficiency offered by it in drug administration and high suitability of it for drug delivery in hospitals and other institutions. The R&D departments of different companies manufacturing pharmaceutical packaging are carrying out research & development activities to widen application areas of different types of pharmaceutical packaging, such as plastic bottles, blister packs, vials, and others through continuous innovations.

APAC is projected to register the highest CAGR in the pharmaceutical packaging market

Asia-Pacific pharmaceutical packaging market possesses huge growth potential. Increasing demand for improved healthcare services, growing urbanization, and increasing affluence in the Asia-Pacific region are the factors expected to fuel the demand for pharmaceutical packaging. China, India, Japan, Australia, and South Korea are some of the key countries in the region that are significantly contributing towards the growth of the Asia-Pacific pharmaceutical packaging market.

Some of the key players in the pharmaceutical packaging market are Amcor Ltd. (Australia), Schott AG (Germany), AptarGroup, Inc. (U.S.), Gerresheimer AG (Germany), Becton, Dickinson and Company (U.S.), and Capsugel Inc. (U.S.), among others. Investments, expansions, and new product launches were the major growth strategies adopted by the market players between 2012 and 2016 to enhance their regional footprint and meet growing demand for pharmaceutical packaging in the emerging economies. – MarketsandMarkets