- The global Pharmaceutical Packaging Equipment Market size is projected to reach USD 10.4 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 7.4% from 2020 to.
The growth of the global pharmaceutical packaging equipment industry is driven by the rapidly growing generic and biopharmaceutical markets, growth in OTC drug sales, rising need for flexible and integrated packaging equipment, increased offshore manufacturing in the pharmaceuticals market, and the introduction of regulatory standards on packaging and stringent norms against counterfeiting.
The global Pharmaceutical Packaging Equipment Market size is projected to reach USD 10.4 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 7.4% from 2020 to 2025.
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On the basis of product, the pharmaceutical packaging equipment market is segmented into primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment. In 2019, the primary packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market. 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 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 Pharmaceutical Packaging Equipment Industry is segmented into liquid, solid, semi-solid, and other packaging equipment. In 2019, the liquid packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market, followed by solid and semi-solid packaging equipment segments.
Key Market Drivers: –
1 High growth in the generics and biopharmaceuticals markets
2 Growing need for flexible and integrated packaging equipment
3 Increase in offshore pharmaceutical manufacturing
Geographically, the Pharmaceutical Packaging Equipment Industry is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. Growth in the European market is driven majorly by the high pharmaceutical production, increasing demand for flexible packaging equipment by major pharmaceutical manufacturers, and the rising focus on product diversification by companies, driving the demand for innovative packaging equipment.
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Top Key Players:-
The prominent players in this market are Syntegon Technology (Germany), IMA S.p.A. (OTCPK:ITALY), Körber AG (Germany), Uhlmann Group (Germany), OPTIMA Packaging Group (Germany), Romaco Holding (Germany), Marchesini Group (OTCPK:ITALY), ACG Worldwide (India), Coesia S.p.A. (OTCPK:ITALY) and MULTIVAC Group (Germany).
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