Pharmaceutical Packaging Equipment Market worth $12.4 billion by 2028
Pharmaceutical Packaging Equipment Market in terms of revenue was estimated to be worth $8.9 Billion in 2023 and is poised to reach $12.4 Billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. 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.
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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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Pharmaceutical Packaging Equipment Market Dynamics:
Drivers:
- Increase in offshore pharmaceutical manufacturing
Restraints:
- Growing preference for refurbished equipment
Opportunities:
- Increasing pharmaceutical R&D investments
Challenge:
- Growth in personalized and precision medicine supply chain
Key Market Players of Pharmaceutical Packaging Equipment Industry:
The prominent players in the global pharmaceutical packaging equipment market are Maquinaria Industries Dara, SL (US), MULTIVAC Group (Germany), Accutek Pharmaceutical Equipment Companies, Inc. (US), Trustar Pharma Pack Equipment, Co. Ltd. (China), MG2 s.r.l. (Italy), Busch Machinery (US), Inline Filling Systems (US), Duke Technologies (India), ARPAC LLC (US), ACIC Pharmaceuticals Inc. (Canada), Syntegon Technology GmbH (Germany), Trucking Technology Limited (China), NJM Packaging (US), IMA S.p.A. (Italy), Körber AG (Germany), Coesia S.p.A (Italy), Marchesini Group S.p.A (Italy), Bausch+Ströbel Maschinefabrik Ilshofen GmbH+Co. KG (Germany), Romaco Group (Germany), Vanguard Pharmaceutical Machinery, Inc. (US), OPTIMA Packaging Group (Germany), ACG Worldwide (India), Uhlmann Group (Germany), Harro Höfliger Verpackungsmaschinen GmbH (Germany), and AST, Inc. (US).
Recent Developments:
- In July 2023, Industria Macchine Automatiche S.P.A. (Italy) acquired Phoenix Italia S.r.l. (Milano). IMA completed the acquisition of 60% of Phoenix Italia S.r.l. and 100% of its subsidiary Phoenix Tech S.r.l., both companies based in Bareggio (Milano), from its sole shareholder Phoenix Group Holding S.r.l..
- In July 2023, IMA completed the purchase of 70% of Mespic S.r.l., and 100% of its Illinois-based subsidiary Mespic North America Corporation, from its sole shareholder Holding FGLG S.r.l..
- In August 2022, SEA Vision Group and Marchesini Group launched the following solutions: the INTEGRA 720V complete robotized blister line, the BL-A525 CW high-speed labeler, and the complete Track & Trace software solution developed by SEA Vision. This is a solution for primary pack serialization and aggregation, comprising a complete range of technologies to print, inspect and pack serialized blisters and perform aggregation with cartons, all integrated in a 4.0 environment.
- In July 2021. Syntegon Technology GmbH (Germany) and Huhtamaki Group (Finland) collaborated. This collaboration led to the paper-based tablet packaging solution for the pharmaceutical and healthcare industries.
- In March 2021, Syntegon expanded portfolio for the production of parenteral pharmaceuticals. The company has launched the new SVP Essential, a cost-efficient version of its proven Pharmatec SVP process systems for the production of small-volume liquid pharmaceuticals.
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