The global pharmaceutical packaging equipment market is estimated to grow at an approximate CAGR of 6% between the years 2013 and 2018. The pharmaceutical packaging equipment market has been witnessing significant growth in the recent years due to advancements in the field of pharmaceuticals in terms of drug delivery technologies. A very crucial step in the drug delivery system of the pharmaceutical industry is the packaging of pharmaceutical products. The very purpose of pharmaceutical packaging equipment is to ensure high quality of pharmaceutical products and their safe packaging.
Unlike the conventional systems of packaging, the pharmaceutical packaging equipment is automated, flexible, modern, and are integrated to meet the requirements of pharmaceutical products. Pharmaceutical packaging equipment is used for packaging of materials of varying states like liquid, solid, and semi-solid. The biggest advantage of using pharmaceutical packaging equipment is that it reduces the time required for the packaging of pharmaceutical products. This in turn, helps to enhance innovation and productivity in the systems of drug delivery.
Drivers and Inhibitors Prevailing in the Global Pharmaceutical Packaging Equipment Market
The global pharmaceutical packaging equipment market is segmented on the basis of the type of packaging equipment and the type of product. There are three main types which include primary packaging equipment, secondary packaging equipment, and equipment for serialization and labeling. The type of pharmaceutical products may be in solid, semi-solid and liquid forms.
Primary pharmaceutical packaging equipment is further categorized into strip packaging, blister packaging, bottle filling and capping, sachet packaging, aseptic filling and sealing, soft tube filling, and others. Medical devices packaging and drug formulations packaging are the two types included under blister packaging. Secondary pharmaceutical packaging equipment includes wrapping, cartooning, case packaging, tray packing, and others.
There are various factors prevailing in the pharmaceutical industry that drive the global pharmaceutical packaging equipment market like innovations in personalized drugs and drug delivery systems, patent expirations of several popular drugs in the forthcoming years, growth in off-shoring trends in pharmaceutical production, newer packaging technologies for greater efficiency, and rising demand for pharmaceutical packaging equipment from contract packagers.
These days, significant importance is being given to the quality and safety of packaging which fuels the pharmaceutical packaging equipment market.
The main constraints in the global pharmaceutical packaging equipment market are stringent political and environmental norms, stiff competition between the key market players, and high costs of packaging.
Rising Healthcare Expenditure to Drive the Global Pharmaceutical Packaging Equipment Market
Geographically, the largest market for pharmaceutical packaging equipment is North America followed by the Asia Pacific and Europe. Increasing awareness about health, high expenditure on healthcare, and high investments in newer drug delivery techniques are the main factors that make North America the regional leader in the global pharmaceutical packaging equipment market.
Due to rising geriatric population, growth of the pharmaceutical sector, increasing contract based manufacturing activities, and government initiatives are the significant factors that drive the pharmaceutical packaging equipment market in Asia. Pharmaceutical packaging equipment markets in Asian economies like China and India are mainly fueled by rising generic and contract based manufacturing activities.
Due to surge in demand for primary pharmaceutical containers, it is expected that the global pharmaceutical packaging equipment market will witness growth in the forthcoming years. The main challenges prevailing in the global pharmaceutical packaging equipment market include fluctuations in raw material prices, and changing healthcare regulations.
The global pharmaceutical packaging equipment market has been witnessing a number of business collaborations, acquisitions and mergers, and launching of new products, and companies engaged in pharmaceutical packaging are focusing more on saving operational costs.
The prominent players operating in the global pharmaceutical packaging equipment market include Bausch & Strobel Maschinenfabrik llshofen Gmbh Co. Kg., Romaco Pharmatechnik GmbH, I.M.A. Industria Macchine Automatiche S.p.A., MULTIVAC, OPTIMA packaging group GmbH, Marchesini Group S.p.A., Uhlmann-Group, Korber Ag, MG2 s.r.l., and Robert Bosch Gmbh.
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