The global pharmaceutical packaging equipment market is extremely fragmented in nature with the presence of a large number of local and international players, says a market research report by Transparency Market Research (TMR). The prominent players, namely Multivac Group, Mg2 S.R.L., Romaco Pharmatechnik GmbH, Bausch + Ströbel Maschinenfabrik Ilshofen GmbH+Co., and Optima Packaging Group GmbH are collectively dominating the global market and accounted for 44.4% share in 2014. These companies are emphasizing on expanding their product portfolio through the integration of state-of-the-art technologies and innovations in the coming years.
As per the research study, the global market for pharmaceutical packaging equipment is expected to reach a value of US$8,142.6 mn by the end of 2021. The market is expected to grow at a steady pace throughout the forecast period.
Innovations in Novel Drug Delivery Techniques to Propel North America Market
Among the key geographical segments, North America led the global pharmaceutical packaging equipment market and was worth US$1,755.4 mn in 2015. This region is estimated to remain in the leading position in the next few years, thanks to the rising investments in pharmaceutical industry, innovations in novel drug delivery techniques, and increasing demand for flexible and integrated packaging equipment. Asia Pacific is expected to follow North America in terms of revenue in the next few years.
On the basis of product type, the liquid packaging segment is estimated to lead the global pharmaceutical packaging equipment market and account for a 48.9% share by the end of 2021. The escalating demand for accurate and efficient filling of liquid products in the global pharmaceutical industry is expected to drive the market in the near future. In addition, with the rising consumption of liquid dosage products across the globe, the liquid packaging equipment segment is expected to grow at a swift pace in the next few years.
Stringent Government Regulations for Packaging to Bolster Global Pharmaceutical Packaging Equipment Market
The overall growth of the pharmaceutical industry across the globe, along with technological advancements, and innovations in manufacturing processes are some of the primary factors estimated to drive the demand for pharmaceutical packaging equipment in the forecast period, states a TMR analyst. The stringent government rules and regulations concerning packaging standards are estimated to encourage innovations in the packaging industry. In addition, the increasing demand for integrated packaging technologies is expected to fuel the growth of the overall market.
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The rising investments in research and development have contributed significantly towards shaping the global pharmaceutical packaging equipment market in the last few years. The introduction of automation in packaging processes is expected to considerably steer the market towards accomplishing higher revenues in the near future.
Use of Revamped Packaging Equipment to Curtail Growth of Global Market
Key companies in the market are following the trend of using revamped packaging equipment owing to the rising pressure of expenditure on the global pharmaceutical industry. The use of revamped packaging equipment is expected to restrict the growth of the global pharmaceutical packaging equipment market in the forecast period. However, the rising demand for pharmaceutical packaging equipment from emerging economies, such as China and India is projected to offer potential opportunities, thus fuelling the growth of the global market.