Market To Reach Usd 30123 Billion By 2030

SkyQuest Forecasts Strong Growth in Pharmaceutical Packaging Market

Market to Reach USD 30123 Billion by 2030

SkyQuest projects a significant rise in demand for pharmaceutical packaging solutions over the coming years.

July 24, 2024 - According to a recent report by SkyQuest, the global pharmaceutical packaging market size is expected to reach a staggering USD 30123 billion by 2030. This projected growth can be attributed to the expansion of the pharmaceutical industry and the increasing demand for high-quality packaging solutions to ensure the safe and effective delivery of medications.

In 2023, the market was valued at approximately USD 14155 billion and is forecasted to grow at a robust CAGR of 9.7% from 2024 to 2030. This growth is driven by several factors, including the increasing adoption of patient-centric packaging designs, the growing prevalence of chronic diseases, and the rise in the number of pharmaceutical product launches.

The report highlights the increasing demand for sustainable packaging solutions within the pharmaceutical industry. Pharmaceutical companies are focusing on reducing their environmental footprint, which is leading to the adoption of materials like paper, cardboard, and bioplastics in packaging. Additionally, the integration of advanced technologies, such as radio frequency identification (RFID) and track-and-trace systems, is expected to enhance patient safety and improve supply chain efficiency.

The report provides in-depth analysis of the market by product type, material type, and region. It also profiles key players in the industry and provides insights into their competitive strategies, product offerings, and geographic expansion plans.