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Global demand for advanced storage devices likely to fuel growth opportunities
A new study by Future Market Insights on the pharmaceutical container market predicts the segment will reach $180.38 billion in value by 2032, increasing from $90 billion in 2022. That translates to a compound annual growth rate of 7.2% during the forecast period. Fueling the surge, the report says, is the growing demand in high-income countries for containers such as bottles and vials for the storage of various pharmaceutical substances like tablets, capsules, solutions, and suspensions. The need for innovative devices to ensure the correct dosage of drugs in a timely manner is a factor as well.
With an increase in health awareness in certain regions, generated by government and non-governmental health initiatives, and a growing number of regular check-ups, FMI believes there will be more pharma containers sold. The study also notes the market should benefit from pharma companies offering multiple customization options for container size, and the emergence of reusable containers.
According to FMI, the pharma container market in North America with lead the international market space, followed by Europe. The report singles out the Asia-Pacific region, expecting it to emerge as one of the quickest-growing markets for pharma containers. Other factors such as higher levels of disposable income in the general population will also contribute to the spike in Asia-Pacific.
Plastic bottles and vials are playing an increasingly important role in the container market as they are considered easier to transport and more difficult to damage.
Read more about the report here.