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(MoneyNewsWire.Net, May 01, 2018 ) The global pharmaceutical packaging equipment market is projected to reach approximately USD 8.24 Billion by 2022 at an approximate CAGR of 6.8% during the forecast period. The growth of the pharmaceutical packaging equipment market can be attributed to factors such as cost containment in pharma R&D, growth in funding for generics and biopharmaceutical research, and technological advancements in labeling and serializations 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.
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The market is segmented based on package, product, and region. Based on package, the market is segmented into three types, namely, primary packaging equipment, secondary packaging equipment, and labeling & serialization equipment. In 2016, the primary packaging equipment accounted for the largest share of the pharmaceutical packaging equipment 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.
Based on product, the pharmaceutical packaging equipment market is segmented into liquid packaging equipment, solid packaging equipment, semi-solid packaging equipment, and other product packaging equipment. In 2016, the liquid packaging equipment segment accounted for the largest share of the market. This growth can be attributed to the increasing demand for automated packaging solutions, rising incidence of eye and ear disorders, and growing demand for integrated packaging lines for liquid pharmaceutical products.
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In 2016, North America dominated the global pharmaceutical packaging equipment market. High R&D expenditure, the presence of major pharmaceutical market players, and increasing government support are some of the factors driving the growth of the market in this region. However, the Asia-Pacific region is expected to register the highest growth rate in the global market during the forecast period. Factors such 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 are driving the growth of the market in this region.
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), Romaco Pharmatechnik GmbH (Germany), Accutek Packaging Equipment Companies, Inc. (U.S.), ACG Worldwide (India), and Vanguard Pharmaceutical Machinery, Inc. (U.S.).
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