Pharmaceutical packaging equipment market to reach $ 8.24 billion by 2022

Need for stringent regulatory compliances is driving this market, says MarketsandMarkets report

Pharmaceuticals packaging; Image courtesy: Shaily Engineering Plastics

Last Updated : May 04 2017 | 11:16 AM IST

The global pharmaceutical packaging equipment market is expected to reach $ 8.24 billion by 2022 from $ 5.93 billion approximately in 2017, registering an approximate CAGR of 6.8 percent, according to the latest MarketsandMarkets (M&M) report.

Some of the factors driving this market are expanding generics market, rising need of novel and flexible packaging equipment, growing offshore manufacturing in the pharmaceutical market, and increasing contract manufacturing in the pharmaceutical packaging equipment. In addition, the rising need for stringent regulatory compliances and validation processes compelling the replacement of older equipment are also offering significant growth opportunities in the pharmaceutical packaging equipment market.

The development of production lines for small batch size and research purposes, growing focus of pharmaceutical manufacturers to cut operational costs, and rising emphasis on labelling and serialisation for anti-counterfeiting of drugs are the key trends in the pharmaceutical packaging equipment market.

In 2016, the primary packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market. The large share can be attributed to the rising regulatory modifications, rapid growth in the pharmaceutical industry, and rising technological advancements. The primary packaging equipment market is further segmented into aseptic filling and sealing equipment, bottle filling and capping equipment, blister packaging equipment, soft tube filling and sealing machines, sachet packaging equipment, strip packaging equipment, counting equipment, and others. In 2016, the aseptic filling and sealing equipment segment accounted for the largest share of the primary packaging equipment market, said the M&M report.

The liquid packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market in 2016. This growth can be attributed to the increasing demand for automated packaging solutions, rising incidence of eye and ear disorders, and growing demand for integrated packaging lines for liquid pharmaceutical products. However, according to M&M, the other packaging equipment segment is expected to register the highest growth rate during 2017-22. These equipment are used for packaging of products such as contact lenses, blood plasma fractionates, nanosomes, and other such novel pharmaceutical products.

In 2016, North America dominated the global pharmaceutical packaging equipment market. High R&D expenditure, the presence of major pharmaceutical market players, and increasing government support are some of the factors driving the growth of the pharmaceutical packaging equipment market in this region.