Pharma processing and packaging equipment market to see growth
The pharmaceutical processing and packaging equipment market is expected to witness a high increase during the forecast period (2019-2025).
According to a new study from Meticulous Research®, the global pharmaceutical processing and packaging equipment market is expected to grow at a compound annual growth rate (CAGR) of 3.8 percent from 2019 to reach $21.5 billion by 2025.
This, says the report, is driven by a number a factors including:
- The growing aging population
- The rapid rise in chronic and infectious diseases
- Growth in the overall pharmaceutical market
- Growing technological advancements
- The growing need to comply with various regulations
- Increasing demand for flexible and integrated pharmaceutical packaging equipment.
However, the demand for refurbished products and huge unused production capacities in the pharmaceutical sector may hinder the growth of the overall of this market.
Oral formulations are the leading segment in the pharmaceutical processing and primary packaging equipment market as it is the preferred route of drug administration by physicians and patients. In addition, features such as acute dosing, non-painful and safest route of administration further support the growing demand for oral solid dosages and thereby related pharmaceutical processing and packaging machinery.
However, the parenteral formulation segment will witness the highest growth during the forecast period due the increasing prevalence of cancer and other chronic diseases and the resultant increase in suitable intra-venous drugs, increasing burden of neonatal diseases, growing preferences for single-dose administration of vaccines and drugs, quick onset of action and 100 percent bioavailability of parenteral administration and patient compliance among geriatric patients. This surge in demand is expected to drive the need for processing and packaging equipment for pharmaceutical formulations over the coming years.
North America is estimated to command the largest share of the global pharmaceutical processing and packaging equipment market in 2019, followed by Europe, Asia-Pacific and then the Rest of the World (RoW). The largest share of this region is mainly attributed to the large base of pharmaceutical production in the region.
However, the Asia Pacific region is expected to show a substantial growth during the forecast period owing to the drastic ongoing shift of pharmaceutical manufacturing to Asian region, rising public and private investments to support the pharmaceutical manufacturing sector, growing demand for medicines from the aging population, rising awareness about healthcare, increasing focus of a large number of pharmaceutical manufacturers in the region and increasing consumption of generic drugs.