The growth of the global pharmaceutical packaging equipment market is driven by the rapidly growing generic & biopharmaceutical markets, growth in OTC drug sales, rising need for flexible and integrated packaging equipment, increased offshore manufacturing in the pharmaceuticals market, the introduction of regulatory standards on the packaging, and stringent norms against counterfeiting. However, factors such as the adoption of refurbished packaging equipment and the high cost of packaging equipment are expected to restrain market growth to a certain extent during the forecast period.
The global pharmaceutical packaging equipment market is projected to reach USD 11.9 Billion by 2027 from USD 8.4
Billion in 2022, at a CAGR of 7.2% from 2022 to 2027.
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Market Segmentation:
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The primary packaging equipment segment accounted for
the largest share of the global market in 2021. The main function of primary
packaging is to restrict climatic, chemical, or biological hazards that cause
deterioration. The rising need for the aseptic filling and the sealing of drug
molecules into sterile containers and the increasing demand for parenteral
vials and prefillable syringes are supporting the growth of this segment.
Based on type, the market is segmented into liquid,
solid, semi-solid, and other packaging equipment. In 2021, the liquid packaging
equipment segment accounted for the largest share of the pharmaceutical
packaging equipment market. The large share of the liquid packaging equipment
segment is mainly attributed to the high production of liquid formulations and
the increasing incidence of eye and ear disorders across the globe.
Regional Analysis:
Europe is
the largest regional market for pharmaceutical packaging equipment with a share
in 2021. Growth in the European market is majorly driven by the high pharm aceutical
production, increasing demand for flexible packaging equipment by major
pharmaceutical manufacturers, and the rising focus on product diversification
by companies, which is driving the demand for innovative packaging equipment.
Regulatory changes are also compelling pharmaceutical manufacturers to replace
their older equipment with new equipment to adhere to the changing standards.
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