Pharmaceutical packaging equipment market to reach $ 8.24 billion by 2022

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. 

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