(EMAILWIRE.COM, July 24, 2023 ) Pharmaceutical Packaging Equipment Market growth is driven by the rapidly growing generic & biopharmaceutical markets, growth in OTC drug sales, rising need for flexible and integrated packaging equipment, increased offshore manufacturing in the pharmaceuticals market, the introduction of regulatory standards on the packaging, and stringent norms against counterfeiting. However, factors such as the adoption of refurbished packaging equipment and the high cost of packaging equipment are expected to restrain market growth to a certain extent during the forecast period.
Currently, Pharmaceutical Packaging Equipment Market is growing at a Compound Annual Growth Rate (CAGR) of 7.2 % to reach USD 11.9 billion by 2027. The primary packaging equipment segment accounted for the largest share of the global pharmaceutical packaging equipment market in 2021. The main function of primary packaging is to restrict climatic, chemical, or biological hazards that cause deterioration. The rising need for the aseptic filling and the sealing of drug molecules into sterile containers and the increasing demand for parenteral vials and prefillable syringes are supporting the growth of this segment.
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Growth Drivers
High growth in generics & biopharmaceuticals markets
Growing need for flexible and integrated packaging equipment
Increase in offshore pharmaceutical manufacturing
Growing contract manufacturing of pharmaceutical products
Introduction of regulatory standards on packaging and stringent norms against counterfeit products
Innovation in pharmaceutical packaging and delivery system
Growth in OTC drug sales and regulations to reduce OTC counterfeit
Growth Opportunities
Growth of pharmaceutical manufacturing in emerging economies
Rising demand for automated packaging
Change in medication systems to self-medication and self-care
Increasing pharmaceutical R&D investments
Challenges
Growth in personalized and precision medicine supply chain
Uncertainties in regulations and standards of the pharmaceutical packaging process
Trends
Development of production lines for small batch sizes and research purposes
Automation and integration of packaging equipment
Growing focus on labeling and serialization for anti-counterfeiting of drugs
Growing demand for aseptic filling and sealing equipment
The prominent players operating in the Pharmaceutical Packaging Equipment Market are
Robert Bosch GmbH (Syntegon Technology GmbH) (Germany), IMA S.p.A. (Italy), Körber AG (Germany), Coesia S.p.A (Italy), and Marchesini Group S.p.A (Italy).
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Europe is expected to exhibit the highest growth during the forecast period
High pharmaceutical production,
Increasing demand for flexible packaging equipment by major pharmaceutical manufacturers,
Rising focus on product diversification by companies