The global pharmaceutical packaging market is estimated to grow by $48,889M from 2022 to 2027 at a CAGR of 8.44%, according to a report by Technavio.
Pharmaceutical companies are now investing heavily in R&D, which is expected to increase the number of pharmaceutical products on the market, and, thus, the need for mare packaging, the report adds. It also forecasts a growth in outsourcing for pharmaceutical packaging.
Rigid plastics will account for a significant share of market growth during the forecast period. Rigid plastic bottles are generally made from polyethylene polymer. They can also be customized to various specifications. Rigid plastic packaging products are used for over-the-counter drugs such as oral drugs and tablets. Therefore, the increasing sales of over-the-counter drugs are expected to fuel the demand for rigid plastic packaging during the forecast period.