The pharmaceutical packaging market size is expected to grow by $48,889.6M during 2022-2027, expanding at a CAGR of 8.44%, according to a report by Technavio.
North America will account for 31% of market growth during the forecast period. This growth is attributed to factors such as the increasing value of US pharmaceutical exports, rising healthcare spending, and an aging population. Government health insurance programs are also boosting market growth. The US pharmaceutical industry receives a lot of venture capital investment, which further fuels the regional market's growth.
The rise in R&D spending in the pharmaceutical industry is driving market growth–especially in R&D, which is expected to increase the number of pharmaceutical products in the market.
Also, pharmaceutical manufacturers can lower their capital expenditure and operating cost by outsourcing packaging operations to third-party players, which would help them concentrate on their core business.