Global Pharmaceutical Packaging Equipment Market to Reach $14.3 Billion by 2026
SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Pharmaceutical Packaging Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 462
Companies: 98 - Players covered include Accutek Packaging Equipment Companies, Inc.; ACG Worldwide; Bausch+Ströbel Maschinenfabrik Ilshofen GmbH + Co. KG; BREVETTI CEA S.P.A; Coesia S.P.A.; GEA Group AG; IMA S.P.A.; Inline Filling Systems; Körber AG; Maquinaria Industrial Dara SL; Marchesini Group S.P.A; MG2 S.r.l.; Mutivac Group; Optima Packaging Group GmbH; Romaco Holding GmbH; Syntegon Technology GmbH; Uhlmann Group; Vanguard Pharmaceuticals Machinery, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Primary Packaging Equipment, Secondary Packaging Equipment, Labeling & Serialization Equipment); Type (Liquid Packaging Equipment, Solid Packaging Equipment, Semi-Solid Packaging Equipment, Other Types)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Pharmaceutical Packaging Equipment Market to Reach $14.3 Billion by 2026
Pharmaceutical packaging equipment ensures quality and safety of pharmaceutical products. The equipment is commonly used for primary and secondary packaging along with coding and labeling of pharmaceutical drugs. Growth in the global market is closely tied with overall health of the pharmaceutical industry. The market has been exhibiting notable growth due to confluence of several factors such as increasing healthcare awareness, new drug approvals, rising healthcare spending and buoyant market for biopharmaceuticals and generics. The demand for packaging equipment is further propelled by regulations pertaining to tracing and serialization of products. The advent of novel biochemical compounds and drug delivery systems along with innovations in pharmaceuticals like blow fill seal vials, prefilled syringes and powder applications are influencing the demand for packaging equipment. The market growth is bolstered by expansion of the generic and OTC drugs market, strong demand for integrated, flexible and automated packaging equipment, and enforcement of stringent packaging regulations to discourage counterfeit products.
Amid the COVID-19 crisis, the global market for Pharmaceutical Packaging Equipment estimated at US$8.2 Billion in the year 2020, is projected to reach a revised size of US$14.3 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Primary Packaging Equipment, one of the segments analyzed in the report, is projected to record a 9.5% CAGR and reach US$12.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Secondary Packaging Equipment segment is readjusted to a revised 8.7% CAGR for the next 7-year period. The rising demand for primary packaging equipment can be credited to the ease of shelving and handling of various pharmaceutical products and development of novel drugs and delivery options along with increasing focus of quality control and compliance to stringent regulations. Secondary packaging equipment is utilized for branding as well as display of the production.
The U.S. Market is Estimated at $2.3 Billion in 2021, While China is Forecast to Reach $2.1 Billion by 2026
The Pharmaceutical Packaging Equipment market in the U.S. is estimated at US$2.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2026 trailing a CAGR of 10.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.2% and 8.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR. Europe remains at the forefront of market growth, as a result of increasing pharmaceutical production and rising adoption of flexible packaging equipment by leading pharmaceutical companies. The regional market is fueled by ongoing efforts by participants to diversify their products using innovative packaging. North America is another major market, due to launch of various products with specific packaging needs. The region benefits from the presence of major pharmaceutical companies such as Pfizer and Novartis, availability of advanced technological research platforms, include the increasing funding towards research and development and increased government support. Asia-Pacific region is expected to witness high growth due to expansion of the pharmaceutical industry, increasing pharmaceutical production, a sizeable patient pool, rising consumer awareness and the need for novel packaging materials.
Labeling & Serialization Equipment Segment to Reach $637.8 Million by 2026
Labeling & serialization machinery is anticipated to grow at a significant pace, owing to enforcement of stringent environmental and labeling regulations, and a growing need for product traceability, arising from rising overseas shipments and Internet-based procurement. Need for tracking packages shipped worldwide through the rapidly growing RFID technology, increasing requirement to ensure safety of products, and increasing labeling and marking requirements are poised to bolster demand for labeling and serialization machinery in the pharmaceuticals sector. In the global Labeling & Serialization Equipment segment, USA, Canada, Japan, China and Europe will drive the 7.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$314.3 Million in the year 2020 will reach a projected size of US$524 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$59.6 Million by the year 2026, while Latin America will expand at a 8.1% CAGR through the analysis period. More
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