Pharma Packaging Market Growth Expected Over Next Five Years
The Pharmaceutical packaging market has been predicted to grow more than 8% (CAGR) over the next five years, according to the ‘Pharmaceutical Packaging – Global Market Outlook (2017-2026)’ report released earlier this year.
Conducted by Research and Markets, the report details how the pharma packaging market accounted for $70.6 billion in 2017 and predictions detail expectations of that figure to reach $149.25 billion in 2026.
Emerging economies and increasing demand for drug delivery devices a factor
The report suggests that key factors to expected growth will come from some of the most promising emerging economies around the world, in addition to the increasing demand for innovative drug delivery devices, such as blister packaging. Such expectations could deliver some golden opportunities for market growth in the packaging industry for machine manufacturers.
There are some restraints to growth, according to the report, such as increasing operational costs, which are being addressed in terms of technological advancements in machine manufacture to reduce energy consumption and increasing levels of automation to allow for better on-the-ground resource management.
Increasing regulatory conditions set by governing bodies around the world and other dynamic regulatory measures can also place greater pressure on the global packaging machine manufacturing marketplace. Key factors to meeting compliance requirements depend on machine selection and product types.
Plastic bottles still hold the largest market share
Despite the global increase in awareness of the use of plastic, the plastic bottles market still holds the largest market share in the Pharmaceutical industry. Growth in this sector is still attributed to the ease of production of plastic bottles, in addition to the high levels of protection they give to medicines and other products from moisture and other weather conditions.
The industry could expect greater pressure from environmental agencies over the next five years to move closer toward the use of recycled materials during operational design and production.
How Jacob White can help you harness packaging opportunities?
Jacob White considers every factor when developing its machines. With an unmatched, industry-proven 108-year understanding of the needs of our clients and the industry itself, we can provide uniquely-tailored solutions to all your packaging needs.
Our machines address the challenges of delicate pharma and beauty packaging requirements and provide some of the highest levels of customisation in the industry. Talk to us about how you can take advantage of some of the latest opportunities in the packaging industry – increase your cost vs. ROI and grow your business with Jacob White.