(PharmaNewsWire.Com, April 26, 2024 ) The report "Pharmaceutical Packaging Equipment Market by Product (Aseptic Packaging, Sachet, Carton, Case Packer, Wrapping Machine, Palletizing, Labeling & Serializing), Type (Syrup, Drops, Tablets, Powder, Aerosol), Automation, End User - Global Forecast to 2028", is projected to reach USD 12.4 billion by 2028 from USD 8.9 Billion in 2023, at a CAGR of 7.0% from 2023 to 2028.
The rapidly expanding generic and biopharmaceutical markets, increases in OTC drug sales, rising demand for flexible and integrated packaging equipment, increased offshore manufacturing in the pharmaceuticals market, the introduction of regulatory standards on packaging, and strict anti-counterfeiting regulations are the main drivers of the global pharmaceutical packaging equipment market. While the market is anticipated to increase somewhat over the forecast period, factors including the use of reconditioned packaging equipment and the high cost of packaging equipment are anticipated to limit market growth somewhat.
The pharmaceutical packaging equipment market is further segmented based on the product, application, end-user, and region.
The primary packaging equipment segment is expected to account for the largest share, by Product in the pharmaceutical packaging equipment market
In 2022, the primary packaging equipment segment held the largest market share for pharmaceutical packaging equipment globally. Primary packaging's major purpose is to limit environmental, chemical, and biological dangers that lead product deterioration. This market is expanding due to the increased demand for parenteral vials and prefillable syringes as well as the aseptic filling and sealing of drug molecules into sterile containers.
Liquid packaging equipment segment is expected to account for the largest share On the basis of formulation in the pharmaceutical packaging equipment market
The pharmaceutical packaging equipment market is divided into liquid, solid, semi-solid, and other packaging equipment based on formulation. The pharmaceutical packaging equipment market's greatest share in 2022 belonged to the liquid packaging equipment category. The growing output of liquid formulations and the rising prevalence of eye and ear ailments around the world are mostly to blame for the significant proportion of the liquid packing equipment market.
Based on Automation, the pharmaceutical packaging equipment segment is expected to grow at the highest CAGR during the forecast period
The pharmaceutical packaging equipment market is divided into automatic, semi-automatic, and manual packaging equipment based on the level of automation. During the projection period, the semi-automatic category is anticipated to rise at a CAGR. This can be due to the semi-automatic machines' accessibility, adaptability, and affordability as well as their capacity to handle various package formats and product types.
Based on End User, pharmaceutical contract manufacturing companies segment is expected to grow at the highest CAGR during the forecast period
Pharmaceutical manufacturing companies and pharmaceutical contract manufacturing companies make up the two market segments for pharmaceutical packaging equipment based on end users. During the projected period, the sector for pharmaceutical contract manufacturing companies is anticipated to increase at the highest CAGR. The rising expense of internal production and the emphasis on core capabilities like drug research and discovery are ascribed to this. As a result, production is increasingly being outsourced to CMOs, and demand for personalized medicine is rising.
Europe to dominate the pharmaceutical packaging equipment market during the forecast period
With a share in 2022, Europe will be the largest regional market for pharmaceutical packaging machinery. The high level of pharmaceutical production, the increasing need for flexible packaging equipment from major pharmaceutical manufacturers, and the growing emphasis on product diversification by businesses are the main drivers of market growth in Europe. Pharmaceutical companies are being forced by regulatory changes to upgrade their outdated equipment in order to meet the new standards.
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