Envision Inteligence estimates that Global Pharmaceutical Packaging Market is projected to reach $93.90 Billion by the end of 2024 with a CAGR of 8.40% from $57.10 Billion in 2017.
Pharmaceutical packaging or drug packaging is the process of the packaging of the pharmaceutical preparations. Various raw materials such as glass, paper and paperboard, plastic resins, aluminium and other metals are used in the production of pharmaceutical packaging.
The global pharmaceutical packaging market is experiencing an exponential growth. This is due to the changing lifestyle, more and more people are being diagnosed with various diseases, increased spending on the healthcare by the government of different countries globally.
These are the major key factors that led the pharmaceutical has become a multi-billion dollar firm and also rise in self-medication, increasing cost pressures on pharmaceutical manufacturers is forcing them to pass on this cost on to the packaging companies are the factors that are driving the growth of the market.
Key players in the market include:
- Amcor Ltd. (Australia)
- AptarGroup, Inc (U.S)
- CCL Industries Inc. (Canada)
- Schott AG (Germany)
- Rexam PLC (U.K)
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