A new report has projected that the global pharmaceutical packaging market size will hit $104,882 million by 2022, from $68,749 million in 2015, rising at a CAGR of 6.27 percent from 2016 to 2022.

The report, from Valuates Reports, explains that advanced manufacturing processes used to develop pharmaceutical packages play a pivotal role in the growth of the global pharmaceutical packaging market.

These advanced manufacturing processes, including green packaging technologies, use environmentally-friendly materials to develop pharmaceutical packages. The designs of these biodegradable and eco-friendly packaging materials are replacing the existing conventional packaging materials which support the sustainability of all stages of the pharmaceutical product lifecycle; thus, pharmaceutical manufacturers increase the demand for sustainable packaging.

Increasing efforts to increase life expectancy combined with rising disposable income are also expected to provide attractive opportunities for growth in the pharmaceutical packaging market, the report says.

Further factors, according to the report, that contribute to the growth of the market include increased research and development (R&D); new innovations in packaging materials; growth in the generic market; and the rise in trend of contract packaging.

In regards to region, emerging economies like China, India and Brazil are providing the pharmaceutical industry with an opportunity for growth, the report says. North America is the world’s largest prescription market, it continues, and the emergence of the country’s extensive health care and large drug production investments are expected to bode well for the country’s pharmaceutical packaging market growth.

However, the report continues, growth in the market could be hindered by the price volatility of raw materials used in pharmaceutical packaging. The raw material and packaging costs have increased significantly in the last few years and it is also expected that prices will increase overall.

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