Pharmaceutical packaging c worth US$94.93 billion by 2021

The report "Pharmaceutical Packaging Market by Type (Plastic Bottles, Blister Packs, Vials), Veterinary Vaccine Packaging (Livestock, Aquaculture, Porcine), Drug Delivery (Oral, Pulmonary, Topical), Raw Material (HDPE, LDPE), and Region – Global Forecast to 2021", published by MarketsandMarkets, The market was valued at US$65.55 billion in 2015 and is projected to reach US$94.93 billion by 2021, at a CAGR of 6.4 percent from 2016 to 2021.

Growing urbanization across the globe, increasing affluence in the Asia-Pacific region, and rising demand for improved and efficient healthcare services, globally are the major drivers for the growth of the pharmaceutical packaging market. In addition to this, stringent government regulations related to manufacturing of counterfeit medicines in several countries of the world are also expected to fuel the growth of the pharmaceutical packaging market during the forecast period, 2016 to 2021.

Among types, the plastic bottles segment is projected to lead the pharmaceutical packaging market during the forecast period. Plastic bottles are the most preferred packaging used, globally. Factors, such as their easy availability and increased demand for administering oral drugs, prescription dose medicines, and over the counter (OTC) medicines are expected to drive the growth of the plastic bottles segment of pharmaceutical packaging market, globally between 2016 and 2021.

The injectables drug delivery segment of the pharmaceutical packaging market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.

The injectables drug delivery segment of the pharmaceutical packaging market is projected to grow at the highest CAGR from 2016 to 2021. Injectable drug delivery mode is receiving considerable attention due to efficiency offered by it in drug administration and high suitability of it for drug delivery in hospitals and other institutions. The R&D departments of different companies manufacturing pharmaceutical packaging are carrying out research & development activities to widen application areas of different types of pharmaceutical packaging, such as plastic bottles, blister packs, vials, and others through continuous innovations