Pharma Packaging Equipment Market Expected to Reach Over $12 Billion
MarketsandMarkets report points to growth of over $3 billion over the next five years.
The pharma packaging equipment industry is determined to change in the near future as it adapts to evolving global healthcare demands. With a growing focus on precision, safety, and sustainability, experts from MarketsandMarkets expect the integration of advanced technologies like robotics and automation into packaging processes, which can result in accurate dosing and tamper-proof packaging. Eco-friendly and recyclable materials are also expected to rise in prominence, aligning with the industry's commitment to reducing environmental impact.
As regulations tighten and pharma supply chains become more complex, the industry will also see heightened focus on serialization and traceability, enabling better tracking and quality control throughout the packaging process. In sum, the near future promises a pharmaceutical packaging landscape characterized by innovation, efficiency, and environmental responsibility.
The pharma packaging equipment market in terms of revenue was estimated to be worth $8.9 billion in 2023 and is anticipated to reach $12.4 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2028, according to a latest report published by MarketsandMarkets. The generic and biopharmaceutical markets' rapid development, an increase in OTC drug sales, the increasing demand for flexible and integrated packaging equipment, the expansion of pharmaceutical manufacturing offshore, the introduction of regulatory standards for packaging, and strict laws against counterfeiting are all factors driving the growth of the global pharmaceutical packaging equipment market.
However, throughout the projected period, factors including the use of reconditioned packaging equipment and the high cost of packaging equipment are anticipated to limit market growth to some extent.
