According to the recent reports by MarketsandMarkets Research, the global pharmaceutical processing and packaging
equipment market is anticipated to reach USD 21.5 billion by 2025. Owing to the rapid development of emerging markets, progress in drug research, rise in generic drug production, availability of high-potency drugs, and innovations in manufacturing processes the pharmaceutical industry
is witnessing major changes and challenges.
The most important region where the pharmaceutical processing and packaging equipment market is predicted to witness high growth over the forecast period in the Asia Pacific region, especially in countries such as China, India, and Japan.
The COVID-19 pandemic has significantly impacted healthcare delivery globally since last December.
Owing to this pandemic, the number of Research and Development performed in pharmaceutical companies has increased significantly. Scientists and researchers around the world are involved in the development of vaccines and drugs for the treatment of the covid-19 pandemic and this
scenario is predicted to directly affect the pharmaceutical packaging equipment market’s growth. Companies across the globe are facing challenges owing to the closing down of non-essential businesses and this has resulted in several obstacles in the supply chain of raw materials that are highly essential for packaging, which has ultimately led to the demand-supply gaps.
Driven by generic and biopharmaceuticals
The global pharmaceutical packaging equipment market is anticipated to reach USD 10.4 billion by 2025, growing at a Compound Annual Growth Rate of 7.4 percent during the forecast period. The rising need for flexible and integrated packaging equipment, rapidly growing generic and biopharmaceutical markets, increase in OTC drug sales, rapidly increasing offshore manufacturing in the pharmaceuticals market are the factors fueling the growth of this market. However, the adoption of refurbished packaging equipment and the high cost of packaging equipment are some of the factors anticipated to restrain this market growth.
Liquid, solid, semi-solid, and other packaging equipment, are the various types of equipment based on which the pharmaceutical packaging equipment type is divided. Based on the region, it is classified into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. The pharmaceutical packaging equipment market is classified into primary, secondary packaging equipment, and labeling and serialization equipment, based on the product.
One of the top officials of the Indian Drug Manufacturers’ Association said that the demand for medicine by the pharmaceutical industry is expected to surge soon. “I am very sure about the statements from various ministers that the GDP spend on healthcare, which is hovering around 1.5 percent – 2 percent, is going to go up, which means demand for pharmaceutical medicines is going to go up in the near future,” said Milan Patel, who has been appointed the new chairman of IDMA’s Gujarat state Board (GSB) for two years. He is also the joint managing director of Troikaa Pharmaceuticals Ltd.