Pharmaceutical packaging equipment market worth US$8.24 billion by 2022

According to a new market research report "Pharmaceutical Packaging Equipment Market by Package (Blister, Strip, Bottle, Tube, Aseptic Packaging, Wrapping, Labeling & Serialization), Product (Tablet, Powder, Cream, Syrup, Aseptic Liquid, Aerosol) – Global Forecast to 2022" published by MarketsandMarkets, the market is expected to reach US$8.24 billion by 2022 from US$5.93 million approximately in 2017, at an approximate CAGR of 6.8% during the forecast period.

Factors driving market growth include the 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 Market. Also, 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 labeling and serialization for anti-counterfeiting of drugs are the key trends in the Pharmaceutical Packaging Equipment Market.

In this report, the market is segmented based on package, product, and region. This report also discusses the key market drivers, restraints, opportunities, and challenges for this market and its submarkets.

On the basis of package type, the market is segmented into primary packaging, secondary packaging, and labeling and serialization equipment. 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.

Based on product type, the market is segmented into solid packaging equipment, semi-solid packaging equipment, liquid packaging equipment, and other packaging equipment. In 2016, the liquid packaging equipment segment accounted for the largest share of the Pharmaceutical Packaging Equipment Market. 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, the other packaging equipment segment is expected to register the highest growth rate during the forecast period. 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.