Feb 26, 2021, 01:37 EST
pune, India, Feb 26, 2021, 01:37 /Comserve / -- Acumen Research and Consulting, Recently Published Report titled “Pharmaceutical Packaging Equipment Market Size, Share, Growth and Forecast, 2019 - 2026”.
The global pharmaceutical packaging equipment market is expected to grow at a CAGR of around 7.51% during the forecast period 2019 to 2026 and reach the market value of around US$11.46 Bn by 2026.
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The pharmaceutical packaging equipment market in the Asia-pacific region is estimated to have the highest CAGR during the forecast period, due to the fast-growing generic drug industry in developing countries such as India, China, etc., and implementation of strict regulations to improve the reliability of local drugs. This is due to the fastest-growing markets such as China and India in the APAC region, which are expanding the pharmaceutical market in these countries, and the implementation of strict regulations to improve the quality and reliability of locally produced drugs, mostly driven by their low labor and manufacturing costs, which have attracted huge investment by pharmaceutical giants to these countries. Additionally, the rise in disposable income, the prevalence of age-related diseases and government efforts are responsible for the high growth of the Asia-pacific market. North America is expected to have the largest market share in the forecast period. The increasing popularity of several products with specific packaging requirements along with strict regulations is driving the pharmaceutical packaging equipment market. The innovative activities of major players such as Novartis and Pfizer are expected to propel the market expansion in this region. The pharmaceutical packaging equipment market in Europe has an established business environment with steady growth prospects due to regulatory pressure related to the packaging of medicines and the increasing popularity of anti-counterfeit packaging.
Solid packaging equipment have dominated the product type segment in the year 2018 and the segment is projected to maintain its domination over the forecast period from 2019 to 2026. General solid packaging equipment provides features such as charging, mixing, blending, milling, wet & dry granulation, tablet presses, capsule fillers, coaters, totes & bins etc. The equipment is used in handling, tableting, granulation, capsule banding, capsule filling, check weighting, coating, washing, accessories and automatic visual inspection of tablets and capsules.
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Primary packaging segment dominated the pharmaceutical packaging equipment market on the basis of type in the year 2018. The primary packaging equipment segment is further divided into sachet packaging equipment, capping and bottle filling equipment, sealing and aseptic filling equipment, sealing and soft tube filling equipment, blister packaging equipment, and others. The secondary packaging equipment is segmented into cartooning equipment, wrapping equipment, case packaging equipment, and others. The large share of this market segment can be attributed to the ease of handling and shelving of pharmaceuticals after primary packaging, the development of novel forms of drug delivery and biopharmaceuticals and the increasing number of regulatory norms and quality control criteria. In addition, the main function of the primary packaging is to protect the product from external obstruction or contamination, damage and chemical imbalances. Primary packaging also helps to store products for long periods of time and keeps the product completely sealed from the surroundings.
Several manufacturers have undertaken research and development initiatives to produce highly sophisticated and efficient equipment at competitive prices. In addition, there is a continued demand for complete packaging lines that can incorporate a wide range of functions from a single source and for modular machines that can offer flexibility driven by an increased variety of materials and styles. Some of the leading competitors are Robert Bosch, IMA, Marchesini Group, Körber, MG2, Uhlmann Group, Accutek Packaging Equipment Companies, Vanguard Pharmaceuticals Machinery, Romaco Holding, Bausch + Ströbel, OPTIMA Packaging Group, ACG Worldwide, Coesia, and MULTIVAC Group.
Some of the key observations regarding pharmaceutical packaging equipment industry include:
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