According to a new report published by Allied Market Research, titled, "Pharmaceutical Packaging Market by Product Type: Global Opportunity Analysis and Industry Forecast, 2014-2022," the pharmaceutical packaging market was valued at US$68,749 million in 2015, and is expected to reach US$104,882 million by 2022, growing at a CAGR of 6.3 percent from 2016 to 2022. In 2015, plastic bottles and parenteral containers together occupied two-fifths of the total market share.

Expansion of generic market, technological advancement, and strict governmental regulations for conventional packaging are major factors that drive the market growth. In addition, various technologies, such as RFIDs, temper-evident packs, holograms, labels, and special inks, are used to combat counterfeit medicines. Investments and innovations in R&D activities propel the market players to initiate manufacturing projects in eco-friendly and biodegradable packaging, which is expected to surge in the near future. In addition, patent expiration of various medicated drugs is expected to fuel the pharmaceutical packaging market during the forecast period.

According to Sriram Radhakrishnan, team lead, healthcare at Allied Market Research said, "Emerging drug market along with product innovation is a flourishing market for pharmaceutical solutions."

Plastic bottles and parenteral containers are expected to grow at a CAGR of 4.84 percent and 8.45 percent, respectively, during the forecast period. This is because packaging companies are constantly focusing on eco-friendly packaging materials, techniques, and technologies to overcome the increasing environmental concerns.

Key findings of the study

Asia-Pacific is expected to continue to dominate the market during the forecast period, followed by Europe.

Plastic bottles and parenteral containers together occupy two-fifths of the total share, in terms of revenue.

Middle East is expected to witness a CAGR of 7.2 percent from 2016 to 2022.

South Korea grows at a faster rate in Asia-Pacific pharmaceutical packaging market, registering a CAGR of 7.4 percent.

In Europe, France is expected to occupy the highest CAGR of 6.3 percent.