The global pharmaceutical packaging equipment market size is expected to reach USD 12.05 billion by 2025, expanding at a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by growing awareness regarding health and hygiene, coupled with increased spending on pharmaceutical products, mainly in the emerging economies.
The growing healthcare sector is projected to have a positive impact on the packaging equipment sector since it is widely used for the packing of capsules, tablets, liquids, antiseptic creams, among others. Moreover, R&D in the pharmaceutical industry for developing new generic medicines and over-the-counter medicines is further expected to propel industry growth.
Several packaging equipment manufacturers have undertaken R&D initiatives to produce highly sophisticated and efficient equipment at competitive prices. Furthermore, there is a continued demand for complete packing lines that can incorporate numerous functions from a single source and for modular machines that can offer flexibility driven by the increased variety of packing materials and styles.
The growing demand for pharmaceutical products including oral and topical is likely to drive the demand for efficient pharmaceutical packaging machinery across the globe. The manufacturers are expected to expand their manufacturing capacities to cater to this increased demand, which is likely to aid in new product development and introduction of novel packaging technologies.
Further key findings from the report suggest:
- Wrapping machine segment is anticipated to progress at a CAGR of 8.5% over the forecast period on account of the growing need for secondary and tertiary packaging of pharma products
- Asia Pacific emerged as the leading regional pharmaceutical packaging equipment market and accounted for 37.1% of the overall revenue share in 2018 owing to the presence of high potential geographies including China and India and their expanding pharmaceutical manufacturing
- Europe emerged as the second-largest regional market and held a share of 31.4% in terms of revenue in 2018. This can be attributed to the high demand for highly automated, flexible, and efficient packing solutions.
- The Drug Quality and Security Act (DQSA), which requires pharmaceutical products to have serialized coding, is anticipated to propel the demand for packing equipment over the forecast period
- Key participants across the industry are majorly investing in innovative technologies like robotics, big data, and Human Machine Interface (HMI) to produce highly productive and efficient machines