CHICAGO, Nov. 07, 2019 (GLOBE NEWSWIRE) — Based on MarketsandMarkets study, “ by Product (Aseptic Packaging, Blister, Strip, Bottle, Tube, Cartoning, Case Packer, Wrapping Machine, Palletizing, Labeling & Serialization), Type (Tablet, Powder, Cream, Syrup, Aerosol) – Global Forecast to 2023”, the global pharmaceutical packaging equipment market size is anticipated to grow from an estimated value of USD 6.2 billion in 2018 and to USD 8.9 billion by 2023. Growth in the generic & biopharmaceutical markets, the increasing need for flexible & integrated packaging equipment, rising trend of offshore pharmaceutical manufacturing, growing contract manufacturing of pharmaceutical products, and the introduction of regulatory standards on packaging & stringent norms against counterfeit products are driving market growth.
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The study provides a deep-dive of the market for each of the product segments, i.e., primary packaging equipment, secondary packaging equipment, and labeling & serialization equipment. In 2017, the primary packaging equipment segment held the largest pharmaceutical packaging equipment market share. Innovation in primary packaging for biopharmaceuticals, ease of handling & shelving of pharmaceuticals after primary packaging, development of novel forms of drug delivery, and increasing regulatory norms & quality control criteria, are driving the growth of the segment. However, the labeling and serialization equipment segment is expected to grow at the highest CAGR during the projected period, owing to the increasing importance of track and trace systems to ensure the safety of patients from counterfeit medicines.
Liquid, solid, semi-solid, and other packaging equipment are the main types of pharmaceutical packaging equipment available commercially. The report portrays a deep-dive of the market for each of these types. In 2017, the liquid packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment industry, followed by solid packaging equipment, and semi-solid packaging equipment. The high production of liquid formulations and increasing incidence of eye & ear disorders across the globe are fueling the growth of the liquid packaging equipment segment. Aseptic liquids accounted for the largest share of the liquid packaging equipment market in 2017.
In 2017, Europe accounted for the largest global pharmaceutical packaging equipment market share. 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 (which is driving the need for innovative packaging equipment in the market). Regulatory changes are also compelling pharmaceutical manufacturers to replace their older equipment with new equipment to adhere to the changing standards.
The pharmaceutical packaging equipment market in the Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The increasing offshoring of pharmaceutical manufacturing to emerging markets in China, India, and Brazil and the growing generics market are some of the major factors driving the growth of the market in Asia Pacific.
Robert Bosch (Germany), IMA (Italy), and Körber (Germany) dominate the global pharmaceutical packaging equipment market in 2017. Some of the other major players operating are Marchesini Group (Italy), Accutek Packaging Equipment Companies (US), MG2 (Italy), Vanguard Pharmaceuticals Machinery (US), Uhlmann Group (Germany), Romaco Holding (Germany), OPTIMA Packaging Group (Germany), Bausch + Ströbel (Germany), ACG Worldwide (India), MULTIVAC Group (Germany), and Coesia (Italy).
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The report studies the growth strategies adopted by major market players between January 2015 and October 2018 to reinforce their market position. Some key strategies adopted by the top players in the market include product launches and enhancements; mergers and acquisitions; partnerships, agreements, and collaborations; and expansions. For instance, in September 2018, Robert Bosch introduced the Sigpack HML horizontal flow wrapping machine suitable for the healthcare sector as well as the food & confectionery industry. In another instance, IMA acquired a 70% stake in Ciemme to broaden the portfolio of its end-line automatic cartooning machines in Jun 2018. Strategies such as these will shape the future dynamics of the global pharmaceutical packaging equipment market.
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