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.