The rise in prevalence of chronic disorders, surge in technological advancements, and rise in demand for pharmaceutical packaging equipment in the pharmaceutical industry drive the growth of the global pharmaceutical packaging equipment market.
PORTLAND, Ore., Dec. 14, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Pharmaceutical Packaging Equipment Market by Machine Type (Filling Machines, Form, Fill And Seal Machines, Cartoning Machines, Palletizing Machines, Labelling Machines, and Others), Formulation Type (Liquid Packaging Equipment, Solid Packaging Equipment, Semi-Solid Packaging Equipment, and Others), Automation Type (Manual Packaging Equipment, Semi-Automatic Packaging Equipment and Automatic Packaging Equipment) and End User (Pharmaceutical Companies, and Contract Manufacturing Companies): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global pharmaceutical packaging equipment industry generated $7.6 billion in 2022, and is anticipated to generate $15.2 billion by 2032, witnessing a CAGR of 7.1% from 2023 to 2032.
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Prime determinants of growth
The rise in growth of the pharmaceutical sector, technological advancements in pharmaceutical packaging equipment, and increase in developmental strategies in pharmaceutical packaging equipment by key players drive the growth of the global pharmaceutical packaging equipment market. However, the high cost and maintenance of pharmaceutical packaging equipment restricts market growth. Moreover, the growth opportunities in emerging markets present new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$7.6 billion |
|
Market Size in 2032 |
$15.2 billion |
|
CAGR |
7.1 % |
|
No. of Pages in Report |
298 |
|
Segments covered |
Machine Type, Formulation Type, Automation Type, End User, and Region. |
|
Drivers |
Technological advancements in pharmaceutical packaging equipment Growing contract manufacturing of pharmaceutical products Rise in growth of the pharmaceutical sector |
|
Opportunity |
Growth opportunities in emerging markets |
|
Restraint |
High cost and maintenance of pharmaceutical packaging equipment |
Economic Downturn Analysis: Impact of Recession in 2023 on the Pharmaceutical Packaging Equipment Market
- During economic downturns, there is an increased focus on cost containment and efficient resource allocation. Recessions often result in budget cuts, impacting research funding from both the public and private sectors.
- Moreover, it hampers investments in pharmaceutical packaging equipment development, slowing down innovation and the introduction of advanced pharmaceutical packaging equipment.
- However, despite budget constraints, the significance of healthcare research remains pivotal, especially during challenging times. Diseases and health concerns persist regardless of economic conditions, potentially leading to sustained demand for pharmaceutical packaging equipment for medication packaging in the pharmaceutical sector.
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The filling machine segment to maintain its leadership status throughout the forecast period
Based on product, the filling machine segment held the largest market share in 2022, accounting for more than two-fifths of the global pharmaceutical packaging equipment market revenue. This is attributed to the rise in demand for filling machines in the pharmaceutical industry.
However, the others segment is projected to attain the highest CAGR of 9.0% from 2023 to 2032. This is attributed to the rise in concern about counterfeit drugs in the pharmaceutical supply chain.
The liquid packaging equipment segment to maintain its leadership status throughout the forecast period.
Based on formulation type, the liquid packaging equipment segment held the largest market share in 2022, accounting for less than two-fifths of the global pharmaceutical packaging equipment market revenue. This is attributed to an increase in demand for liquid packaging equipment as liquid pharmaceuticals are often sensitive to external factors, such as light, oxygen, and temperature. Liquid packaging equipment that ensures the quality and integrity of pharmaceutical products by minimizing contamination and maintaining product stability is essential.
However, the semi-solid packaging equipment segment is projected to attain the highest CAGR of 7.7% from 2023 to 2032. This is attributed to the increase in manufacturing of a variety of semi-solid formulations, such as creams, ointments, and gels, to address different medical conditions, which increases the demand for packaging equipment which adaptable to handle the diverse characteristics of these formulations.
The automatic packaging equipment segment to maintain its leadership status throughout the forecast period
Based on automation type, the semi-automatic packaging equipment segment held the largest market share in 2022, accounting for more than half of the global pharmaceutical packaging equipment market. This is attributed to the cost-effectiveness of the semi-automatic machines that offer a balance between automation and flexibility.
However, the automatic segment is projected to attain the highest CAGR of 7.7% from 2023 to 2032. This is attributed to the various advantages of automated packaging equipment such as efficiency, consistent product quality, cost-effectiveness, enhanced productivity, and flexibility.
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The pharmaceutical and biotechnology companies’ segment to maintain its lead position during the forecast period
Based on end users, the pharmaceutical and biotechnology companies segment accounted for the largest share in 2022, contributing to nearly two-thirds of the global pharmaceutical packaging equipment market revenue. This is attributed to the rise in investment in packaging equipment by pharmaceutical companies to prioritize product safety, regulatory compliance, patient adherence, brand differentiation, cost efficiency, innovation, sustainability, and counterfeiting prevention.
However, the contract manufacturing companies’ segment is projected to attain the highest CAGR of 8.0% from 2023 to 2032 owing to increase in the adoption of packaging equipment that incorporates modern technologies, such as automation, robotics, and smart packaging features by contract manufacturing companies further drive growth of the market.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the largest market share in terms of revenue in 2022, accounting for nearly one-third of the global pharmaceutical packaging equipment market revenue and is likely to dominate the market during the forecast period. This is attributed to the rise in healthcare expenditure, coupled with government initiatives to improve healthcare facilities by increasing medication manufacturing.
Leading Market Players: –
- Syntegon Holding GmbH
- OPTIMA industries GmbH & Co. KG.
- Industria Macchine Automatiche S.p.A.
- Korber AG
- Bausch + Ströbel
- Coesia S.P.A.
- Marchesini Group S.p.A.
- Romaco Group
- Multivac Group
- ACG Group
The report provides a detailed analysis of these key players in the global pharmaceutical packaging equipment market. These players have adopted strategies such as product launch, product approval, acquisition, agreement, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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