The global pharmaceutical packaging equipment market is projected to register an approximate CAGR of 6.8% during the forecast period. The growth of the market can be attributed to factors such as cost containment in pharma R&D, growth in funding for generics and biopharmaceutical research, and technological advancements in labeling and serializations solutions.
The pharmaceutical packaging equipment market in this report is segmented on the basis of package, product, and region. Based on package, the market is segmented into primary packaging equipment, secondary packaging equipment, and labeling & serialization equipment. In 2016, the primary packaging equipment segment dominated the market. This can be attributed to 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 regulatory norms and quality control criteria. On the other hand, the labeling and serialization equipment segment is expected to register the highest growth during the forecast period. The growth of this market is attributed to the rising concerns regarding patient safety and anti-counterfeiting of pharmaceutical products.
On the basis of product, the market is segmented into liquid packaging equipment, solid packaging equipment, semi-solid packaging equipment, and other products packaging equipment segment. 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 products packaging equipment segment is expected to register the highest growth rate during the forecast period mainly due to the increasing demand for flexible equipment packaging for smaller batch size production having multiple formats of packaging. This includes specialized packaging equipment needed for contact lenses, blood plasma fractionates, nanosomes, and other such novel pharmaceutical products used in smaller quantities than popular dosage forms such as tablets.
The Asia-Pacific region is expected to register the highest growth rate in the global pharmaceutical packaging equipment market during the forecast period. Factors such as a surge in the generics market, government initiatives to curtail the rising healthcare expenditure, increasing number of North American and European pharmaceutical drug manufacturers outsourcing their manufacturing processes to Asian manufacturers, and low labor costs are driving the growth of this market.