Report ID: SQMIG15H2014
Report ID:
SQMIG15H2014 |
Region:
Global |
Published Date: August, 2024
Pages:
184
|
Tables:
65 |
Figures:
77
Pharmaceutical Packaging Market size was valued at USD 155.56 Billion in 2023 and is poised to grow from USD 170.96 Billion in 2024 to USD 331.05 Billion by 2032, growing at a CAGR of 9.9% during the forecast period (2025-2032).
The pharmaceutical packaging market has progressed remarkably over the past years supported by the rise of biosimilars and biologics and innovations like smart packaging. Biosimilars and biologics mostly need specialized packaging to maintain efficiency and stability, thereby propelling the pharmaceutical packaging industry growth. Furthermore, the emergence of smart packaging with features like sensors and RFID tags improves the monitoring, tracking, and management of pharmaceutical products, impacting market growth. Nonetheless, strict regulatory compliances that increase the cost and complexity of packaging solutions are hampering the pharmaceutical packaging market growth. Moreover, high-priced advanced packaging solutions are another restraining factor for the market growth. Yet, growth in developing markets and the progress of smart packaging solutions is favorable to the market growth.
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Report ID: SQMIG15H2014