Global Pharmaceutical Packaging Equipment Market was valued at USD 7,352.82 million in 2019 and is expected to reach USD 12,006.32 million by 2027, growing at a CAGR of 6.51% from 2020 to 2027.
Pharmaceutical packaging prepares the pharmaceutical and nutraceutical products for distribution, without any damage or loss. It is an integral process for the pharmaceutical industry, as it assures the quality, durability, and safety of products such as drugs, medicines, injections, etc. The packing process is also being modified with the evolution of technology.
The complete cycle of packaging refers to primary packaging, secondary sealing followed by labelling and sterilization process, and tertiary wrapping. These advanced, automated, and no human touch processing meets the packing need for basic as well as specialized pharmaceutical products, irrespective of its state. The upsurge demand for the generic pharmaceuticals has boosted the need for advanced pharmaceutical packaging devices in recent years.
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The pharmaceutical packaging equipment market is expected to have steady growth, owing to the increasing demand for Generic and Biopharmaceutical products along with the growing incidence of chronic diseases such as cardiovascular diseases, Alzheimer’s, etc. The on-going researches for an innovative drug delivery system coupled with the growing pharmaceutical industry are also responsible for adding thrust to global pharmaceutical packaging equipment market potential. Other factors such as the maintenance of high accuracy wrapping, increasing demand for OTC drugs, and the evolution of contract manufacturing of drugs also aids in boosting the requirement for advanced packaging solutions in the pharmacological industry.
Based on the product, the primary packing segment holds the majority of market share and is projected to have the same growth rate during the next decade. The requirement for unit dosage forms, by the end-users, is the major factor offering exponential growth to the primary packaging devices segment. Also, easy handling and stacking of primary packed drugs and the invention of novel drug delivery systems serve to be the growth-supporting factors, boosting the demand for primary packaging devices, globally.
Based on Type, Strip packaging dominated the overall primary pharmaceutical packaging market in the year 2019 and expected to continue its dominance over the forecast period. The dominance is supported by factors such as increasing usage of medicine couple with rising aging population across the globe. Moreover, change in the lifestyle caused increase in health-related issue among population.
Market Key Players
Various key players are discussed in this report such as Accutek Packaging , Syntegon, Marchesini Group , Coesia , RomacoPharmatechnik GmbH , Uhlmann , CAM Packaging, OPTIMA packaging group GmbH , and ACG Group
Drivers: The increasing need for flexible and integrated packaging
The growing need for integrated and flexible packaging is a major factor expected to propel the growth of the global pharmaceutical packaging equipment market. To meet the consumer’s demand for integrated packaging, many pharmaceutical manufacturers and are offering wide range of flexible packaging equipment for tablet, capsule, gel, injectables, oral dosage powder & liquid, etc
Challenges: Higher cost associated with raw material used for packaging
The higher costs of raw materials used in pharmaceutical product packaging is the major factor expected to restrict the growth of the global pharmaceutical packaging equipment market in the coming future. The raw materials used for packaging include plastic, glass, polymers, paper boards, and aluminium foil. For instance, according to the European Association of plastics & Recovery Organizations (EPRO), 19 countries in the Europe had plastic pharmaceutical packaging recycling rates higher than 35%. Whereas, Czechia and Germany achieved a recycling rate of 50% or more
Impact of Covid-19 Outbreak
The outbreak of the COVID-19 pandemic created an extraordinary strain on society and affected millions of people across the globe. The spread of coronavirus generated unprecedented challenges for medicine manufacturing industries, impacting the global economy. The economic downturn due to factory closures, disturbance in the supply chain, movement limitations, and the requirement of social distancing resulted in putting the medical industry at the center stage, due to the pandemic. This changed the packaging formats of the pharmaceutical industry from traditional packing to sterile and antiviral packing. In the COVID-19 era, plastic again evolved as the preferred material for sterile and antiviral packaging, contradicting the trends of diminishing the use of plastic as it harms the environment. Furthermore, the versatile nature and high barrier properties of plastics are likely to ease the packaging process during this pandemic.
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