The global pharmaceutical packaging equipment market is projected to grow at a CAGR of 7.4%
NEW YORK, Dec. 5, 2018 /PRNewswire/ -- The global pharmaceutical packaging equipment market is projected to grow at a CAGR of 7.4%.
The pharmaceutical packaging equipment market is expected to reach USD 8.9 billion by 2023 from an estimated USD 6.2 billion in 2018, at a CAGR of 7.4%. Growth in the generic and biopharmaceutical markets, the growing need for flexible and integrated packaging equipment, the increase in offshore pharmaceutical manufacturing, growing contract manufacturing of pharmaceutical products, the pharmaceutical industry is witnessing a shift toward the use of biopharmaceuticals and biological drugs which led to an increased demand for innovative packages are expected to drive the growth of the global pharmaceutical packaging equipment market. However, the factors such as the adoption of refurbished packaging equipment and the high cost of packaging equipment is expected to restrain market growth to a certain extent during the forecast period.
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Labeling and serialization equipment segment to witness the highest growth during the forecast period.
On the basis of product, the pharmaceutical packaging equipment market is segmented into primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment.The Labeling and serialization equipment segment is expected to register the highest CAGR during the forecast period.
The presence of stringent regulations supporting the adoption of track and trace solutions and the increasing importance of track and trace systems and labeling guidelines implemented by local, state, and federal governments for the pharmaceutical industry are the major factors driving the growth of this market segment.
Liquid packaging equipment segment is expected to grow at the highest CAGR during the forecast period.
On the basis of liquid packaging equipment, the pharmaceutical packaging equipment market is segmented into liquid, solid, semi-solid, and other packaging equipment. The liquid packaging equipment segment is expected to witness the highest CAGR owing to the to the transition toward new biopharmaceutical compounds (leading to the production of increasingly complex formulations), rising incidence of eye disorders, and development of novel drug delivery systems have increased the demand for novel packaging, such as automated and integrated packaging lines, demand for specialized packaging equipment in turn, will support the growth of this segment.
APAC is projected to witness the highest growth during the forecast period.
Europe is expected to account for the largest share of the global pharmaceutical packaging equipment market in 2018.On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, owing to the growing Asian scientific base and capability, growth in Asian pharmaceutical markets and pharmaceutical manufacturing capabilities, large patient pool, growing requirement for brand enhancement and differentiation in this highly competitive market, growing need for the development of new packaging materials, increasing awareness among customers, and growing adoption of new regulatory guidelines, the growth of the pharmerging markets of China and India is mostly driven by their low labor and manufacturing costs, which has drawn huge investments by pharma giants to these countries.
In addition, the increase in disposable income, growing prevalence of lifestyle- and age-related diseases, and government efforts to reform healthcare facilities.
A breakdown of the primary participants referred to for this report is provided below:
-- By Company Type: Tier 1-45%, Tier 2-30%, and Tier 3-25%
-- By Designation: C-level-42%, Director Level-29%, and Others-29%
-- By Region: North America-30%, Europe-25%, Asia Pacific-30%, Latin America-10%, and the Middle East & Africa-5%
The prominent players in the global pharmaceutical packaging equipment market are Robert Bosch (Germany), IMA (Italy), Marchesini Group (Italy), Körber (Germany), MG2 (Italy), Uhlmann Group (Germany), Accutek Packaging Equipment Companies (US), Vanguard Pharmaceuticals Machinery (US), Romaco Holding (Germany), Bausch + Ströbel (Germany), OPTIMA Packaging Group (Germany), ACG Worldwide (India), Coesia (Italy), and MULTIVAC Group (Germany).
Research Coverage:
The report analyzes the market for various pharmaceutical packaging equipment and their adoption pattern.It aims at estimating the market size and future growth potential of the global pharmaceutical packaging equipment market and different segments such as products, type and regions.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global pharmaceutical packaging equipment market
-- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global pharmaceutical packaging equipment market
-- Market Development: Comprehensive information on the lucrative emerging regions by product, type and region
-- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global pharmaceutical packaging equipment market
-- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global pharmaceutical packaging equipment market
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