In the past few years, the pharmaceutical and medical device packaging industry has been increasing. In 2015, the revenue in this industry reached around $1.1 trillion (pharmaceuticals) and $350 billion (medical devices).
The reason for this increase in the global demand is because of a jump in the use of pharmaceutical and medical devices, an aging population and the rising middle class. So by 2020, the population of those 65+ will be more than the number of children under 5 years old!
The markets which are fast growing are those in Mexcio, China, India with the more developed countries in Africa and the Middle East. However, the largest markets for these industries is the United States, Japan and Western Europe.
The global market is continually expanding and developing markets in such countries will begin to take up some of the market share.
So what does this mean for packaging?
Thinking long term, the continuous growth is definitely a good thing for this industry.
Many companies will continue to develop custom packaging for pharmaceutical and medical devices purposes.
If you are struggling with your packaging, get in touch with us to see what we can do for you!