According to TMR, the opportunity in the global pharmaceutical packaging equipment market is anticipated to be worth US$8.14 bn by 2021 as compared to US$5.13 bn in 2014. Between the forecast period of 2015 and 2021, the market is expected to exhibit a CAGR of 6.8%.
“Players will have to introduce precision-driven equipment to remain competitive in the highly fragmented market,” says the lead author of this research report. Delivering equipment that comes with advanced processing and packaging technologies will change the win the players a large consumer base in the near future.
Mergers and acquisitions will also be an emerging trend amongst the key players in the global pharmaceutical packaging equipment market as companies vie for improved geographical reach and strong brand presence.
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Adoption of Technological Advancements Increases Sales of Pharmaceutical Packaging Equipment
The rise of the pharmaceutical industry has largely contributed towards the growth of the global pharmaceutical packaging equipment market. Advancements in manufacturing processes, technological innovation, and adoption of these technological advancements have all contributed towards perfecting the success of this market in the recent years. The improved efficiency, accuracy, speed, and reliability of pharmaceutical packaging equipment has also contributed towards increasing sales of pharmaceutical packaging equipment across the globe.
Increasing investments in research and development have played a crucial role in shaping this market over the past decade. It has brought in stability and uninterrupted developments in a wide range of equipment available in the market. The introduction of automation in packaging lines as seen in cartooning equipment and blister packaging lines have considerably steered the global market towards achieving higher revenues.
Strict standards set by various governments across the globe about the packaging conditions of pharmaceuticals to prevent any negative impact on human health have also spurred a demand for modern pharmaceutical packaging equipment. Novel packaging methods as can be seen in the case of nasal sprays, inhalers, patches, and dissolving strips are also likely to open up a plethora of opportunities for this equipment market.
Budget Cuts Shrink Investments in New Pharmaceutical Packaging Equipment
The increasing pressure of expenditure on pharmaceutical industry has made several companies cut down their budgets and reevaluate the manufacturing processes. Owing to these reasons, several pharmaceutical companies are refurbishing their existing equipment to reduce the cost of manufacturing to create a sustainable production plan. This trend has been emphasized by scale manufacturers in developing countries of Latin America and Asia Pacific, who are compelled to work under tight budget due to lower disposable funds.
Demand for Unit Dosage Forms of Medicines will Drive Sales of Primary Packaging Equipment
Out of the various packing types, the primary packaging equipment will showcase a noteworthy spike in the revenue.The opportunity in this segment will be worth US$4.99 bn by 2021. This segment includes aseptic filling and sealing equipment, bottle filling and capping equipment, soft tube filling and sealing equipment, blister packaging equipment, sachet packaging equipment, and others. The preference for medicines in unit dosage forms will drive this segment at a CAGR of 6.8% during the forecast period.
Geographically, North America will lead the global pharmaceutical packaging equipment market at a CAGR of 6.5% between 2015 and 2021. Growing demand for solid dosage forms of medications and increasing investments in developing technologically advanced packaging machineries will be the driving factors for the North America pharmaceutical packaging equipment market.
The top five players in the global pharmaceutical packaging equipment market-IMA S.P.A, Kober AG, Uhlmann Pac-Systeme GmbH & Co. KG., Robert Bosch GmbH, and Marchesini Group S. p. A.-collectively held a share of 55.5% in 2014. The leadership of these players was marked by consistent innovation aimed at the diversification of their product portfolio. Focus on extensive research and development activities along with entering strategic alliances to expand the geographical reach are also some of the tactics used by these companies.