The pharmaceutical packaging/label industry will usher in a compound annual growth rate of 5.3%
September 07, 2020
According to the "Transparency Market Research" (TMR, Transparency Market Research) statistics, the packaging and labeling market for pharmaceutical products will grow at a compound annual growth rate of 5.3% from 2015 to 2023. The report also pointed out that the current demand for anti-counterfeiting drugs in the pharmaceutical industry has contributed to this growth.
By 2023, the market is expected to reach US$136.27 billion. According to TMR calculations, in 2014, this market value was 84.61 billion US dollars.
According to the report, specific packaging processes and precise labeling processes will also affect the growth of this market. If the number of anti-counterfeiting drug procedures increases, the requirements for packaging and labeling will increase accordingly. According to reports, the serialization of labels to ensure drug safety is also a reason for this growth.
Another factor that is expected to increase is the need for environmental protection. The development of green and eco-friendly packaging has increased corporate R&D costs.
The report predicts that between 2015 and 2023, primary packaging of pharmaceutical products will grow at a compound annual growth rate of 5.9%, and will continue to dominate the packaging and labeling market for pharmaceutical products.
TMR also pointed out that the European healthcare industry will be driven by more opportunities in the Asia-Pacific region, opening up new prospects for the packaging and labeling healthcare industry.
