Global Drug Sales to Raise Revenues Worth USD 1.5 trillion in 2023

Global Information, Inc. [JASDAQ 4171]

On an average, around 50 drugs are approved by the US Food and Drug Administration (US FDA) annually. Further, studies indicate that more than 100,000 tons of pharmaceutical products are consumed globally per year. In addition, over the next five years, the global pharmaceutical market is projected to grow at a CAGR of 4.7%, with global drug sales anticipated to raise revenues worth USD 1.5 trillion in 2023. This continuously growing pipeline of pharmaceutical drug products has inadvertently led to an increase in the demand for their associated primary packaging and secondary packaging solutions. Specifically, pharmaceutical secondary packaging is a vital step in the product supply chain as it encloses life-saving drugs and therapies, preserving the identity, quality, integrity and stability of the packaged drug product. It also plays a key role in marketing and brand projection for a product.

However, the process of secondary packaging usually involves time consuming and complex activities, such as blister carding, thermoforming, labeling, kitting, assembly and cold chain storage (for temperature sensitive biologics). Other key challenges faced by developers are limiting variability in packaging materials and ensuring compliance to stringent regulatory guidelines (for packaging designs). Considering the aforementioned concerns, many pharmaceutical players now prefer to collaborate with qualified packaging providers that offer non-traditional packaging solutions and have the required capabilities to create unique packaging designs, in a cost and time effective manner.

As per the CDMO Outsourcing Survey conducted by Nice Insight, specifically for clinical and commercial scale operations, nearly 60% of the pharmaceutical companies currently outsource their primary packaging needs, while 43% of the players outsource their secondary packaging requirements. At present, more than 160 companies offer secondary packaging solutions to the firms engaged in the pharmaceutical sector.

Further, several recent advancements in packaging designs, technologies and materials have enabled service providers to offer a wide range of user-friendly pharmaceutical secondary packaging solutions. Continue read: https://www.giiresearch.com/report/root1066060-pharmaceutical-secondary-packaging-market-by-type.html 

Contact: marketing@giiresearch.com 

Tags: Market research reports, Pharma Market Share, pharma packaging research See Campaign: https://www.giiresearch.com/

Contact Information:

Global Information, Inc. [JASDAQ 4171] https://www.giiresearch.com/ Toll Free (US): +1-866-353-3335 Outside US: +1-860-674-8796 Europe (Belgium): +32-2-535-7543 Email: marketing@giiresearch.com

Tags:
Reportedtimes, Financial Content, PR-Wirein, iCN Internal Distribution, Extended Distribution, Wire, Research Newswire, English