The global demand for Pharmaceutical Packaging Materials is expected to increase at a stellar pace on the back of growing drug discovery and development activities. Complementing this, the growing demand for OTC (Over the Counter) drugs continues to influence the growth of the pharmaceutical packaging materials market. Macro factors such as increasing GDP per capita and economic transformation have embossed an indirect influence on the use of pharmaceutical drugs, in a bid to combat chronic disorders and maintain a healthy lifestyle. This has ultimately called for efficient packaging of pharmaceutical drugs, which in-turn are fuelling sales of pharmaceutical packaging materials to develop advanced packaging solutions.
The ongoing COVID 19 pandemic has indirectly impacted the current pharmaceutical packaging scenario as need for novel packaging techniques grows. Pharmaceutical companies are focused on development of antidote for the virus, which calls for efficient temperature controlled packaging. This has translated into potential growth avenues for use of pharmaceutical packaging materials in the development of effective solutions for drugs worldwide. There is a likelihood of super growth for pharmaceutical packaging materials such as glass vials, plastics and other types. As the drug development for COVID 19 pandemic is progressing, there is a possibility of a capacity bottleneck in packaging solutions such as glass vials, after the vaccine has been developed and during the global rollout in the coming year. This is expected to fuel the demand for pharmaceutical packaging which consecutively would have a triggering effect on the growth of the pharmaceutical packaging materials market worldwide. In the coming years, the future of the pharmaceutical packaging materials market is projected to take a positive curve with significant business opportunities of growth that manufacturers can avail in the long run.
Plastic Remains A Much Preferred Choice For Packaging Of Drugs – Plastic Pharmaceutical Packaging Materials Account For A Major Share In The Market
The demand for pharmaceutical packaging materials in the manufacturing of plastic packaging solutions is expected to grow at a stable rate in the forthcoming years. They were a much sought after packaging solution on the back of low costs, good barrier property, light weight and strength. In addition, greater dimensional accuracy and higher design flexibility of plastic pharmaceutical packaging materials along with their resistance against foreign particle intervention has pushed their sales in the pharma packaging domain. This is one of the major aspects that have driven the growth of the plastic ampoules for packaging of drugs and medicines. The forthcoming years are likely to reflect dominance of plastic pharmaceutical packaging materials over other counterparts.
Growing Health Awareness And Development Of Environment Friendly Packaging Solutions To Boost Market’s Growth
Growing health awareness and rising demand for convenience have necessitated brand differentiation and enhancement via development of new pharmaceutical packaging materials. In addition, increasing awareness apropos to environmental health coupled with the adoption of regulatory standards circling around recycling of packaging is expected to impact the growth of the pharmaceutical packaging materials market. Companies producing pharmaceutical packaging are involved in the development of biodegradable solutions. For instance, Natupharma has come up with a 100 percent recyclable, biodegradable and environment friendly plastic pharmaceutical packaging. This includes use of plastic additive that is biodegradable which is combined with sugarcane to produce green plastic. Although patent is still pending for this technique, it is a novel breakthrough in the pharmaceutical packaging materials marketplace. On the other hand, development of packaging types, for instance the CRP (Child-Resistant Packaging) and RFID are expected to push the demand for advanced pharmaceutical packaging materials, in turn augmenting the growth of the pharmaceutical packaging materials market.
Emerging Asian Economies To Reflect Higher Attractiveness In The Pharmaceutical Packaging Materials Market
Emerging economies in the Asia Pacific are expected to showcase high attractiveness in terms of market growth potential in the coming years. This is mainly attributed towards a significant growth of the pharmaceutical industry across China and India and the corresponding need for effective packaging solutions in the region. Key players in the pharmaceutical packaging materials market can expect a volley of opportunities for growth from Asian countries in the long run, mainly influenced by favourable government regulations and business scenario in the region.
Key Questions Answered In The Report
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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