The global pharmaceutical packaging market has a consolidated vendor landscape. Leading players Robert Bosch GmbH, IMA S.P.A, Körber AG, Marchesini Group S.p.A, Uhlmann Pac-Systeme GmbH & Co., and KG, and Marchesini Group S.p.A. collectively accounted for almost 55.5% of the total market in 2016, states Transparency Market Research in its latest report on global pharmaceutical packaging equipment market. Leading players are making use of latest technology as part of their strategy to remain in the market. Many new players are also actively engaged in product innovations for getting competitive advantage. The global pharmaceutical packaging equipment market is expected to gain momentum in the coming years on account of the introduction of novel technologies.
According to TMR, the global pharmaceutical packaging equipment Market is anticipated to rise to US$10.69 bn by the end of 2025, expanding at a 6.7% CAGR between 2017 and 2025.
On the basis of product type, the liquid packaging equipment segment held the leading status in 2016 and is continuously gaining on account of the rise in the use of liquid dosages. There is thus a high demand for effective filling of liquid products with accuracy and high-precision. In terms of packaging type, primary packaging equipment has been leading in the market due to the high demand for unit dosage forms. It is estimated that a 6.6% CAGR will be reflected by the primary packaging equipment segment between 2017 and 2025 and the segment will continue to lead till the end of the forecast period.
North America to Lead Due to High Investment in Novel Drugs Delivery Techniques
From a geographical perspective, it is expected that North America will continue to lead in the pharmaceutical packaging market after accounting for 31.8% of the total market in 2016. The growing investment in the pharmaceutical industry as well as financial support for the development of novel medications have resulted in a high growth of advanced pharmaceutical packaging equipment market in the region. With high demand for accurate filling of liquid products and a high demand for efficient liquid dosages among patients, this market is expected to continue to taste success in the North American region in the years to come. Emerging economies in Asia Pacific are also expected to become key markets for pharmaceutical packaging equipment as these regions are witnessing expansion of packaging equipment manufacturing facilities.
Patient Compliance And Environmental Ethics to Support Growth of Pharmaceutical Packaging Equipment Market
According to the lead author of this report, the growth in the pharmaceutical industry not only depends on finding effective cure for ailments but other aspects related to this, including high quality packaging is becoming a key concern. This is because packaging is extremely important so that medications and therapeutic products reach patients safely. This has led to extensive investment in the development of advanced packaging of pharmaceutical products. Another important factor which is driving the global pharmaceutical packaging equipment market is the increasing demand for patient compliance and environmental ethics, which have pushed for the development of pharmaceutical packaging equipment.
In addition to all this, stringent regulations which have mandated that the pharmaceutical sector follow certain standards while packaging drugs, have also impacted the pharmaceutical packaging equipment market positively. With an increasing number of companies opting for integrated packaging technologies there will be a rise in the demand for high-performing equipment for pharmaceutical packaging which will create many growth opportunities within the market.
Increasing Cost and Pressure of Providing Medicines to Patients at Affordable Price Remain Concerns
The use of revamped packaging equipment is expected to pose a challenge for the market. High cost will also become an issue compelling pharmaceutical companies to evaluate the manufacturing process as well as operation process. It has become essential to provide medications to patients at affordable rates. For this it is necessary to deal with soaring cost of pharmaceutical packaging equipment. This has led several companies within the market especially in Asia Pacific and Latin America to opt for refurbished equipment for packaging in order to reduce the cost burden. This in turn has led to a negative impact on the overall pharmaceutical packaging equipment. On a bright note however, the drug manufacturing capacities of companies in Asia Pacific are receiving a positive response and a high demand for medicines which is likely to reduce the impact of the aforementioned restraint.
