Valley Cottage, NY, US: North America and Western Europe are the most lucrative markets for temperature-controlled pharmaceutical packaging but demand is also growing in Asia Pacific, says a new report from Future Market Insights.
Its latest report estimates the global temperature-controlled pharmaceutical packaging market to increase at 9.3% CAGR through 2026. The report estimates the market to rake in $2.77bn in revenue by the end of 2016.
Focus on preventing temperature excursion and delivering drugs in a timely manner without any degradation in quality are the biggest challenges for pharmaceutical industry currently. Temperature-controlled packaging’s effectiveness in addressing these challenges is driving adoption across end-use industries.
Reusable packaging and technology advancements that enable access to real-time temperature data are the key trends expected to shape the market in the future.
FMI’s report offers 10-year market forecast and analysis on the basis of product type, application, and region.
Region-wise, North America, Western Europe, and Asia Pacific excluding Japan are the three largest markets. The Latin America market is anticipated to account for 4.7% revenue share of the overall global market by 2026. The market in the region is expected to be driven by rapid investment in the pharmaceuticals sector in the region.
Posted on May 4, 2016
by Edwin Kalischnig