DUBLIN--(BUSINESS WIRE)--The "Pharmaceutical Packaging Equipment Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical packaging equipment market is expected to grow at a compound annual growth rate of 7.28% over the forecast period to reach a market size of US$11.354 billion in 2026 from US$7.449 billion in 2020.
Pharmaceutical packaging equipment includes a range of specialized machines that have a primary application to pack pharmaceutical products. The market is being primarily driven by the fact that the demand for specialized packaging machinery is high since these machines comply with the approved medical standards. In the pharma industry, the requirements for safeguarding the drugs and keep them free of contamination also necessitates the demand for pharmaceutical packaging equipment, thus playing a major role in supplementing the overall market growth during the forecast period.
Additionally, the various medical standards regarding sterilization, serialization, and tracing of drugs further support the demand as well. On the other hand, the growing pharmaceutical sector due to a surge in the demand for OTC drugs, growing prevalence of diseases which has further propelled the manufacturing activities in the pharma industry. This, in turn, is also projected to bolster the demand for packaging machinery. Moreover, increasing investments by pharmaceutical companies in the form of investments in new as well as the expansion of manufacturing facilities also expands the growth prospects for the market players. Similarly, the growing aging population also propels the business growth opportunities for the market players since old aged people are more susceptible to diseases thus, a significant increase in the demand for medicines is projected in the coming years. High exports of medicines from major producing countries such as India, China, the United States, and others coupled with a surge in the exports also positively impacts the market growth in the given time frame.
The outbreak of the novel coronavirus disease is anticipated to have a sudden positive impact on the market growth particularly during the short run since the pandemic led to a sudden spike in the number of R&D procedures performed in pharmaceutical companies. Additionally, the demand for generic drugs has also amplified which is also positively influenced the demand for pharmaceutical packaging machinery during the short period of six to eight months.
Growing demand for generic medicines and growing health spending
The market is witnessing a positive growth on account of the globally growing pharmaceuticals industry. This is also complemented by the fact that the growing government support in both developed and developing economies has led to increased health spending across various countries. This has further supported the increasing demand for medicines thus providing an impetus to the market growth in the coming years. According to the statistics provided by the US Department of Health and Human Services in 2017, the total national health expenditure accounted for US$3.5 trillion and around 9.5% of national health expenditures were for prescription drugs.
APAC to witness a healthy growth
The market in the Asia Pacific region is projected to witness a substantial CAGR during the forecast period owing to the rising population coupled with the increasing health awareness in countries like China and India, supported by the expanding healthcare industry. China is one of the fastest-growing economies in the world and is also considered as one of the leading pharmaceutical industry globally. The expanding pharmaceutical industry and increasing per capita health care spending owing to the rise in diseases is expected to drive the growth of the market during the forecast period. The North American region is projected to hold a promising share in the global market since the region boasts of being one of the major regions with the presence of major pharmaceutical manufacturing companies in countries like the United States and Canada among others.
On the other hand, the European region will hold a significant share in the market and is also projected to show a healthy growth since countries like United Kingdom, Germany, and France possess globally leading biopharmaceutical companies. For example, Germany is considered as one of the leading research locations for pharmaceutical companies as numerous companies are currently running laboratories for research on active ingredients or galenic.
Companies Mentioned
- Syntegon Technology GmbH
- Romaco Group
- Korber AG
- I.M.A. Industria Macchine Automatiche S.p.A.
- OPTIMA packaging group GmbH
- Uhlmann
- Vanguard Pharmaceutical Machinery
- Marchesini Group S.p.A.
- MULTIVAC
- ACG
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Pharmaceutical Packaging Equipment Market Analysis, By Type
5.1. Introduction
5.2. Sealers
5.3. Case Packers
5.4. Wrapping Equipment
5.5. Label Applicators
5.6. Others
6. Global Pharmaceutical Packaging Equipment Market Analysis, By Product Type
6.1. Introduction
6.2. Liquids
6.3. Solids
6.4. Others
7. Global Pharmaceutical Packaging Equipment Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. The Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/bsj025
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March 19, 2021 at 08:57PM
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Worldwide Pharmaceutical Packaging Equipment Industry to 2026 - by Type, Product Type and Geography - ResearchAndMarkets.com - Business Wire
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