Polaris Market Research’s report, "Pharmaceutical Packaging Market Share, Size, Trends, Industry Analysis Report, By Material (Plastics & Polymers, Paper & Paperboard, Glass, Aluminum Foil, Others); By Product (Primary, Secondary, Tertiary); By End Use; By Region; Segment Forecast, 2022 - 2030" estimates the global pharmaceutical packaging market size & share is expected to register a CAGR of 9.9% growth and industry revenue is expected to increase from $103.18B in 2021 to reach $238.89B by 2030.
The rising demand for pharmaceutical packaging is driven by growing healthcare expenses and rising consumer awareness regarding a healthier lifestyle. Enhanced manufacturing processes to develop sustainable and environmentally friendly packaging solutions and product launches are also driving the growth of the global pharmaceutical packaging market. Also, increased product innovations and mergers & acquisitions to support new demands are fueling the market growth. The rising penetration of retail pharmacy companies in developing regions and an increasing focus on brand enhancement and product separation by pharmaceutical companies are expected to accelerate the market growth.
Moreover, the emerging generic drug market, rapidly expanding drug delivery market, increasing R&D activities, and use of innovative packaging are some of the important factors positively favoring the market growth. In addition, developments in the biotechnology sector, the introduction of new parenteral therapies, rising demand for innovative packaging products, and increasing use of smart packaging for patient engagement & identification are driving the market growth.