According to FutureWise analysis the market for pharmaceutical packaging equipment in 2023 was US$ 8.9 billion, and is expected to reach US$ 15.55 billion by 2031 at a CAGR of 7.20%.
Pharmaceutical products require a high packaging standard to maintain the efficacy, safety, uniformity, reproducibility, integrity, and shelf-life of the pharmaceutical drugs. Pharmaceutical packaging equipment is complex in design and easy to operate due to technology integration. Equipment includes blister packing machine/blister packaging equipment (blister pack), capsule filling machine, vial filling machine and powder filling machine etc. Increasing utilization of pharmaceutical products for disease management requires continuous production of pharmaceuticals to meet the demand. It indirectly creates a huge demand for product packaging in the pharmaceutical sector. Along with this, increasing regulatory pressure to maintain product quality requires dynamic packaging. For these purposes, there is a huge demand for pharmaceutical packaging equipment in the manufacturing sectors. It is further supported by advancing technologies to integrate the manual process and led to the development of fully automatic pharmaceutical packaging equipment. It is a cost-effective process and decreased manual effort. All these factors led to the potential growth of global pharmaceutical packaging equipment market. Other factors like the increasing number of pharmaceutical manufacturers in recent times led to the robust growth of the market. Pharmaceutical packaging equipment market is expected to grow with high CAGR during the forecast period due to the rapid advancement of technologies.
Global pharmaceutical packaging equipment market is dominated by the Asia Pacific due to a high large number of manufacturing companies in this region. It was followed by North America and Europe region is expected to witness high penetration during the forecast period. U.S. account major share in the North America market and Europe is dominated by the UK, France and Germany due adoption. Latin America and Rest of the World is expected to witness the highest growth rate in the global pharmaceutical packaging equipment market. They were expected to account a significant share in the global pharmaceutical packaging equipment market.