Report: Pharma Packaging Market Predicted to Reach Value of $148.4B by 2031
According to a recent TMR study, there is an expected CAGR increase of 5.6%.
In 2020, the global pharmaceutical packaging market was worth an estimated $81.5 billion. It is expected to grow at a 5.6% compound annual growth rate (CAGR) from 2021 to 2031. By the end of 2031, the sector is estimated to be worth $148.4 billion, according to a “Pharmaceutical Packaging Report” report from Transparent Market Research (TMR).
Throughout the pandemic, there has been an exceptional need for pharma packaging. In order to improve patient outcomes during difficult times, manufacturers have been working diligently to help provide a steady supply to hospitals, pharmacies, and allied healthcare facilities.
Key takeaways from the market report include:
- North America took over the market with a share of the market of 36% in 2022.
- Over the next few decades, Asia Pacific is predicted to have the quickest CAGR of 6%.
- The plastic bottle segment is poised to grow at a CAGR of 5.5% over the upcoming decades.
- Over the coming decades, Europe is anticipated to have a CAGR of 4.7%.
- The global market was valued at $90.8 billion in 2022
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