Pharmaceutical Packaging Equipment Market worth $10.4 billion by 2025
The COVID-19 pandemic has largely impacted healthcare delivery globally since December 2019. Due to the coronavirus pandemic, the number of R&D procedures performed in pharmaceutical companies has increased significantly. Scientists and researchers worldwide are engaged in the development of vaccines and drugs for the treatment of coronavirus. This scenario is expected to have a direct impact on the pharmaceutical packaging equipment market. For instance, Syntegon Technology, formerly known as Bosch Packaging Technology, has witnessed an increase in the sales of pharmaceutical packaging equipment due to the coronavirus outbreak across the globe.
The global Pharmaceutical Packaging Equipment Market size is projected to reach USD 10.4 billion by 2025 from USD 7.3 billion in 2020, at a CAGR of 7.4% from 2020 to 2025.
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On the basis of product, the pharmaceutical packaging equipment market is segmented into primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment. In 2019, the primary packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market. The main function of primary packaging is to restrict climatic, chemical, or biological hazards that cause deterioration. The rising need for the aseptic filling and sealing of drug molecules into sterile containers and the increasing demand for parenteral vials and prefillable syringes are supporting the growth of this segment.
Based on type, the Pharmaceutical Packaging Equipment Industry is segmented into liquid, solid, semi-solid, and other packaging equipment. In 2019, the liquid packaging equipment segment accounted for the largest share of the pharmaceutical packaging equipment market, followed by solid and semi-solid packaging equipment segments.
Key Market Drivers: –
1 High growth in the generics and biopharmaceuticals markets
2 Growing need for flexible and integrated packaging equipment
3 Increase in offshore pharmaceutical manufacturing
Geographically, the Pharmaceutical Packaging Equipment Industry is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa.
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Top Key Players:-
The prominent players in this market are Syntegon Technology (Germany), IMA S.p.A. (Italy), Körber AG (Germany), Uhlmann Group (Germany), OPTIMA Packaging Group (Germany), Romaco Holding (Germany), Marchesini Group (Italy), ACG Worldwide (India), Coesia S.p.A. (Italy) and MULTIVAC Group (Germany).