The pharmaceutical packaging market is performing well and is expected to grow dramatically over the next few years, mostly due to advancements in drug delivery technology.
According to packagingnews.co.uk, a report published by MarketsandMarkets estimates that the pharmaceutical packaging market will grow from $4.5 billion (around £2.74 billion) to $6.2 billion (£3.77 billion) by 2018.
The predicted growth is expected to be so significant for a number of reasons, but most notably the change in packaging lines is thought to have a big impact. There is an increasing demand for lines which are flexible, automated and integrated, meaning more pharmaceutical companies are adopting conventional processes.
Moreover, during the forecast period a number of drugs will go off-patent, which in turn is predicted to boost demand for pharmaceutical packaging equipment.
In 2012, North America, Western Europe and Japan accounted for 70 per cent of the packaging market, due to the fact all three regions are home to developed countries, meaning their residents have more money to spend on pharmaceutical products. In addition, people from such countries are more likely to be concious about their health.
However by 2018, the Asia-Pacific region is expected to overtake America and Europe, because of its increase in manufacturing activity and the growth of the pharmaceutical sector. This region also has an ageing population and the government is planning to spend more money on healthcare facilities, reports marketsandmarket.com.