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According to a recent Freedonia market research report, the demand for global pharmaceutical packaging solutions is growing at a rate of approximately 6% per year, with the market projected to reach a value of USD 112 billion by 2021.
The Global Pharmaceutical Packaging report reveals the drivers behind this significant market growth, including an aging population and increased prevalence of acute and chronic disease. Of the available solutions, prefilled syringes are the market’s preferred drug delivery device and will experience the fastest growth, increasing 9% per year through to 2021.
Prefilled syringes create several marketing and manufacturing advantages for Pharma companies, minimizing drug waste and increasing product lifespan. This solution also makes drug administration easier for healthcare professionals by removing the need for pre-measured doses and limiting contamination. For patients, prefilled syringes offer the flexibility and freedom to self-administer their medication from home. The demand for prefilled syringes is anticipated to accelerate in the coming years due to rapid developments in biotechnology, which require an advanced approach to drug delivery.
Within the global pharmaceutical packaging market, Western Europe will continue to occupy the greatest market share, owing to an advanced industry that fosters innovation in packaging solutions. As an emerging market, the Chinese pharmaceutical packaging industry offers substantial growth opportunities, having fully recognized the critical role that effective packaging solutions play in patient adherence, meeting regulation requirements, increasing product lifespan and in developing brand recognition.
Pharmaceutical companies must continue to innovate to increase efficiency and compliance, and to reduce the threat of counterfeit pharmaceutical products in the supply chain. The Chinese pharmaceutical packaging market is growing quickly, in line with rising demand from a burgeoning middle class and general increase in living standards. These drivers, coupled with the Government’s continued investment in healthcare means the Chinese pharmaceutical packaging market is expected to reach RMB 99.1 billion by the end of 2018.
To find out more about the opportunities, innovations and solutions in pharmaceutical packaging, join us at InnoPack China, which will take place at the Shanghai New International Expo Centre on June 20-22, 2018, co-located with CPhI China. This event offers a platform for both international and domestic players in the pharmaceutical packaging space to come together to source products and solutions, network and do business with quality suppliers of pharmaceutical packaging materials and drug delivery devices.