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Jul 21, 2023

Pharmaceutical Packaging Equipment Market Worth $12.4 Billion

News provided by 12 Oct, 2023, 10:15 ET Share this article CHICAGO, Oct. 12, 2023 /PRNewswire/ -- The pharmaceutical packaging equipment industry is poised for significant advancements in the near

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12 Oct, 2023, 10:15 ET

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CHICAGO, Oct. 12, 2023 /PRNewswire/ -- The pharmaceutical packaging equipment industry is poised for significant advancements in the near future. With an increasing emphasis on precision, safety, and efficiency in drug delivery, this sector is expected to witness a surge in innovative technologies, such as advanced robotic automation, smart packaging solutions, and environmentally sustainable materials. These developments will not only enhance the quality and security of pharmaceutical products but also address the growing demand for personalized medicine packaging. Additionally, stringent regulatory requirements and the need for traceability in the supply chain will drive the adoption of cutting-edge serialization and tracking systems. As the pharmaceutical sector continues to expand, the packaging equipment industry is set to play a pivotal role in ensuring the integrity and reliability of drug packaging, ultimately benefiting patients and healthcare systems worldwide.

Pharmaceutical Packaging Equipment Market in terms of revenue was estimated to be worth $8.9 Billion in 2023 and is poised to reach $12.4 Billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The rapidly expanding generic and biopharmaceutical markets, increases in OTC drug sales, rising demand for flexible and integrated packaging equipment, increased offshore manufacturing in the pharmaceuticals market, the introduction of regulatory standards on packaging, and strict anti-counterfeiting regulations are the main drivers of the global pharmaceutical packaging equipment market. While the market is anticipated to increase somewhat over the forecast period, factors including the use of reconditioned packaging equipment and the high cost of packaging equipment are anticipated to limit market growth somewhat.

The pharmaceutical packaging equipment market is further segmented based on the product, application, end-user, and region.

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Browse in-depth TOC on "Pharmaceutical Packaging Equipment Market"

300 - Tables55 - Figures382 - Pages

Pharmaceutical Packaging Equipment Market Scope:

Report Coverage

Details

Market Revenue in 2023

$8.9 Billion

Estimated Value by 2028

$12.4 Billion

Growth Rate

Poised to grow at a CAGR of 7.0%

Market Size Available for

2021-2028

Forecast Period

2023-2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Pharmaceutical packaging equipment Market: Product, Formulation, Automation, End User

Geographies Covered

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increasing pharmaceutical R&D investments

Key Market Drivers

Increase in offshore pharmaceutical manufacturing

The primary packaging equipment segment is expected to account for the largest share, by Product in the pharmaceutical packaging equipment market

In 2022, the primary packaging equipment segment held the largest market share for pharmaceutical packaging equipment globally. Primary packaging's major purpose is to limit environmental, chemical, and biological dangers that lead product deterioration. This market is expanding due to the increased demand for parenteral vials and prefillable syringes as well as the aseptic filling and sealing of drug molecules into sterile containers.

Liquid packaging equipment segment is expected to account for the largest share On the basis of formulation in the pharmaceutical packaging equipment market

The pharmaceutical packaging equipment market is divided into liquid, solid, semi-solid, and other packaging equipment based on formulation. The pharmaceutical packaging equipment market's greatest share in 2022 belonged to the liquid packaging equipment category. The growing output of liquid formulations and the rising prevalence of eye and ear ailments around the world are mostly to blame for the significant proportion of the liquid packing equipment market.

Based on Automation, the pharmaceutical packaging equipment segment is expected to grow at the highest CAGR during the forecast period

The pharmaceutical packaging equipment market is divided into automatic, semi-automatic, and manual packaging equipment based on the level of automation. During the projection period, the semi-automatic category is anticipated to rise at a CAGR. This can be due to the semi-automatic machines' accessibility, adaptability, and affordability as well as their capacity to handle various package formats and product types.

Based on End User, pharmaceutical contract manufacturing companies' segment is expected to grow at the highest CAGR during the forecast period

Pharmaceutical manufacturing companies and pharmaceutical contract manufacturing companies make up the two market segments for pharmaceutical packaging equipment based on end users. During the projected period, the sector for pharmaceutical contract manufacturing companies is anticipated to increase at the highest CAGR. The rising expense of internal production and the emphasis on core capabilities like drug research and discovery are ascribed to this. As a result, production is increasingly being outsourced to CMOs, and demand for personalized medicine is rising.

Europe to dominate the pharmaceutical packaging equipment market during the forecast period

With a share in 2022, Europe will be the largest regional market for pharmaceutical packaging machinery. The high level of pharmaceutical production, the increasing need for flexible packaging equipment from major pharmaceutical manufacturers, and the growing emphasis on product diversification by businesses are the main drivers of market growth in Europe. Pharmaceutical companies are being forced by regulatory changes to upgrade their outdated equipment in order to meet the new standards.

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Pharmaceutical Packaging Equipment Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenge:

Key Market Players of Pharmaceutical Packaging Equipment Industry:

The prominent players in the global pharmaceutical packaging equipment market are Maquinaria Industries Dara, SL (US), MULTIVAC Group (Germany), Accutek Pharmaceutical Equipment Companies, Inc. (US), Trustar Pharma Pack Equipment, Co. Ltd. (China), MG2 s.r.l. (Italy), Busch Machinery (US), Inline Filling Systems (US), Duke Technologies (India), ARPAC LLC (US), ACIC Pharmaceuticals Inc. (Canada), Syntegon Technology GmbH (Germany), Trucking Technology Limited (China), NJM Packaging (US), IMA S.p.A. (Italy), Körber AG (Germany), Coesia S.p.A (Italy), Marchesini Group S.p.A (Italy), Bausch+Ströbel Maschinefabrik Ilshofen GmbH+Co. KG (Germany), Romaco Group (Germany), Vanguard Pharmaceutical Machinery, Inc. (US), OPTIMA Packaging Group (Germany), ACG Worldwide (India), Uhlmann Group (Germany), Harro Höfliger Verpackungsmaschinen GmbH (Germany), and AST, Inc. (US).

Recent Developments:

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Pharmaceutical Packaging Equipment Market Advantages:

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