The global pharmaceutical packaging equipment market is projected to reach approximately $8.24 billion by 2022 at a CAGR of approximately 6.8 percent during the forecast period, according to a new report. The factors expected to drive the growth of the market are cost containment in pharmaceutical R&D, increasing funding for biopharmaceutical and generics research, and technological advancements in labeling and serialization solutions.
The rapid growth in developing countries across APAC is also expected to provide an opportunity for revenue generation in the market. However, growing preference for refurbished packaging equipment as a viable alternative to new packaging equipment with high costs is expected to restrain the market growth to a certain extent.
The pharmaceutical packaging equipment market in this report is segmented on the basis of package, product, and region. Based on package, the market is segmented into primary packaging equipment, secondary packaging equipment, and labeling & serialization equipment. In 2016, the primary packaging equipment segment dominated the market.
This can be attributed to the ease of handling and shelving of pharmaceuticals after primary packaging, development of novel forms of drug delivery and biopharmaceuticals stimulating the need for innovation in primary packaging, and the increasing regulatory norms and quality control criteria. On the other hand, the labeling and serialization equipment segment is expected to register the highest growth during the forecast period. The growth of this market is attributed to the rising concerns regarding patient safety and anti-counterfeiting of pharmaceutical products.
North America is the largest market for pharmaceutical packaging equipment, followed by Europe, Asia-Pacific, Latin America, and the Middle East, and Africa. High R&D expenditure, well-established pharmaceutical market, and increasing government support are some of the factors contributing to the large share of North America in the market.
However, the Asia-Pacific market is expected to register the highest growth during the forecast period owing to the expanding generics market, government initiatives to curtail the rising healthcare expenditure, increasing number of North American and European pharmaceutical drug manufacturers outsourcing their manufacturing processes to Asian manufacturers, and low labor costs.
The major players in the pharmaceutical packaging equipment market are IMA S.p.A. (Italy), Bausch + Ströbel Maschinenfabrik Ilshofen GmbH+Co. KG (Germany), Robert Bosch GmbH (Germany), Körber AG (Germany), Marchesini Group S.p.A. (Italy), Multivac Group (Germany), Uhlmann Group (Germany), OPTIMA Packaging Group GmbH (Germany), and Romaco Pharmatechnik GmbH (Germany).
The market is segmented based on package, product, and region.
Based on the type of packaging, the pharmaceutical packaging equipment market is segmented into three types, namely, primary packaging equipment (aseptic filling and sealing equipment, bottles filling and capping equipment, blister packaging equipment, soft-tube filling and sealing machines, sachet packaging equipment, strip packaging equipment, counting equipment and others), secondary packaging equipment (cartoning equipment, case packing equipment, wrapping equipment, tray packing equipment, and palletizing and de-palletizing equipment), and labeling and serialization equipment (bottles and ampoules labeling & serialization, carton labeling & serialization, and datamatrix labeling & serialization).
Based on product, the market is segmented into liquid packaging equipment (aseptic liquids packaging equipment, syrup packaging equipment, eye/ear drop packaging equipment, aerosol packaging equipment, and other liquids packaging equipment), solid packaging equipment (tablet packaging equipment, capsule packaging equipment, powder packaging equipment, granule packaging equipment, and other solid packaging equipment), semi-solids packaging equipment (ointment packaging equipment, cream packaging equipment, suppository packaging equipment, and other semi-solids packaging equipment), and other product packaging equipment.
This report also provides market information on North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. These regions are further segmented at a country level.
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the pharmaceutical packaging equipment market. This report analyzes the market by package, product, and region
• Product Development/Innovation: Detailed insights on the upcoming trends and product launches in the pharmaceutical packaging equipment market
• Market Development: Comprehensive information about the lucrative emerging markets for pharmaceutical packaging equipment
• Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the pharmaceutical packaging equipment market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and technological capabilities of the leading players in the pharmaceutical packaging equipment market
The report may be acessed via ReportBuyer’s website at https://www.reportbuyer.com/product/4908892/.
(Source: PR Newswire)