The major factors driving the growth of this market largely driven by the growth in the generic and biopharmaceutical markets, the growing need for flexible and integrated packaging equipment, the increase in offshore pharmaceutical manufacturing, growing contract manufacturing of pharmaceutical products, and the introduction of regulatory standards on packaging & stringent norms against counterfeit products. Moreover, the pharmaceutical industry is witnessing a shift toward the use of biopharmaceuticals and biological drugs. This has led to an increased demand for innovative packages.
The Pharmaceutical Packaging Equipment Market is expected to reach USD 8.9 billion by 2023 from an estimated USD 6.2 billion in 2018, at a CAGR of 7.4%.
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Based on product, the market is divided into primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment. The primary packaging equipment segment accounted for the largest share in the pharmacetuical packaging equipment market. The ease of handling and shelving of pharmaceuticals after primary packaging, development of novel forms of drug delivery and biopharmaceuticals (stimulating the need for innovation in primary packaging), and the increasing number of regulatory norms and quality control criteria have contributed to the largest share of primary packaging equipment in pharmaceutical packaging equipment market.
Based on type, the pharmaceutical packaging equipment market is segmented into liquid, solid, semi-solid, and other packaging equipment. The liquid packaging equipment segment is expected to account for the largest share of the global pharmaceutical packaging equipment market during the forecast period of 2018 to 2023.
The large share of this segment can be attributed to the transition toward new biopharmaceutical compounds (leading to the production of increasingly complex formulations), rising incidence of eye disorders, and development of novel drug delivery systems have increased the demand for novel packaging, such as automated and integrated packaging lines.
Europe is expected to account for the largest share of the pharmaceutical packaging equipment market in 2018, followed by North America and the Asia Pacific.
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The prominent players in the pharmaceutical packaging equipment market are Robert Bosch (Germany), IMA (Italy), Marchesini Group (Italy), Körber (Germany), MG2 (Italy), Uhlmann Group (Germany), Accutek Packaging Equipment Companies (US), Vanguard Pharmaceuticals Machinery (US), Romaco Holding (Germany), Bausch + Ströbel (Germany), OPTIMA Packaging Group (Germany), ACG Worldwide (India), Coesia (Italy), and MULTIVAC Group (Germany).