The global demand for pharmaceutical packaging will increase 6.5 percent annually to reach $101 billion in 2019 from $ 74 billion in 2014, according to a new Freedonia report. Because of advanced and diverse drug-producing industries, almost 60 percent of global demand will come from the developed economies of Canada, Japan, the US, and Western Europe, added the report.
India and China will form the fastest growing markets due to rapidly expanding pharmaceutical manufacturing capabilities and the adoption of more stringent regulations aimed at improving the quality and integrity of domestically produced medicines. Russia, Turkey, Mexico, Iran, Argentina, and Brazil are among other developing markets that are expected to expand and diversify drug-producing industries and register above average gains in pharmaceutical packaging demand.
Global demand for primary pharmaceutical containers will expand 6.5 percent annually to $64 billion in 2019. “Prefillable syringes and parenteral vials will see above average growth. Plastic bottles will continue to record the largest demand, based on uses in the bulk and prescription dose packaging. The world market for pharmaceutical pouches will grow at a slightly below average pace as uses remain limited to the unit dose packaging of transdermal, powder, and topical medicines. By contrast, prefillable inhalers will post above average demand gains,” said Freedonia in a press release.
Over the long term, the US will continue to be the largest national pharmaceutical packaging market as its advanced drug-producing sector commercialises new sophisticated therapies with specialised packaging needs.
Bill Martineau, analyst, Freedonia Group, said, “Demand in Western Europe will remain comparatively high and expand steadily due to the impact of new product introductions and upgraded government standards covering unit dose, high barrier, and anti-counterfeit packaging of many types of medicines.”
Based on broad contingents of proprietary and generic drug producers, Canada and Japan will continue to be significant consumers of a diverse array of pharmaceutical packaging products. However, both countries will see below average growth in demand as drug makers pursue greater packaging efficiencies to offset medication pricing pressures.