Featuring a consolidated vendor landscape, a handful of top players in the global market for pharmaceutical packaging equipment collectively held 55% of the overall market in 2016, says Transparency Market Research (TMR) in a new report. Key companies to name in the global pharmaceutical packaging equipment market are Robert Bosch GmbH, Körber AG, Uhlmann pac-Systeme GmbH & Co. and KG, IMA S.P.A, and Marchesini Group S.p.A.
Huge investments in latest technology to develop efficient equipment is a key focus of large companies in this market. Product innovation is also what players in this market especially new market participants are engaged in to establish a foothold. Introduction of novel technologies is likely to create a deluge of opportunities for vendors in the pharmaceutical packaging equipment market in the upcoming years.
As per the TMR report, the pharmaceutical packaging equipment market is likely to clock a CAGR of 6.7% over the forecast period between 2017 and 2025, for the market to be worth US$10.69 bn by 2025-end. The market was pegged at US$5.97 bn in 2016. By product type, the segment of liquid packaging equipment held the leading share in 2016 and is likely to remain lucrative due to increasing use of liquid dosages. This results in high demand for liquid filling equipment with accuracy and high-precision. By packaging type, primary packaging leads the market and is predicted to continue to lead through 2025. The growth of primary packaging segment is mainly because of high demand for unit dosage forms. Geographically, North America held the leading 31.8% of the market in 2016; the region is expected to continue to remain at the fore through 2025.
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Need for Drugs and Therapeutic Products to Reach Safely to Patients Boosts Growth
Apart from clinical trials and research initiatives to devise effective treatment for medical conditions, high quality packaging is increasingly becoming a requisite for the growth of the pharmaceutical industry. Foolproof packaging of pharmaceutical products is important so that medications and therapeutic products reach patients safely. To serve this, pharmaceutical companies are investing heavily to purchase equipment that offers advanced packaging solutions for easy administering of medication. In addition, rising demand for patient compliance and environmental concerns pertaining to plastic packaging are pushing pharmaceutical companies to invest in newer packaging solutions. This is fuelling the pharmaceutical packaging equipment market.
Furthermore, stringent regulations in place that mandate pharmaceutical companies to adhere to certain standards for packaging of drugs is also positively impacting the pharmaceutical packaging equipment market. With increasing demand for integrated packaging technologies from pharmaceutical companies, the demand for high-performance equipment is likely to be on the rise in the years ahead.
Uptake of Refurbished Equipment Challenges Growth
On the flip side, availability of refurbished packaging equipment is a bottleneck to the growth of this market. High cost of new equipment is compelling small and mid-sized pharmaceutical companies to opt for refurbished equipment in order to prevent manufacturing cost and operational cost to go beyond limit. The use of refurbished equipment prevents packaging cost to soar, which in turn help prevent the overall cost of medication to keep them affordable. This is challenging the growth of pharmaceutical packaging equipment market.
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