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(IT-NEWSWIRE.COM, May 22, 2023 ) The pharmaceutical manufacturing equipment market is estimated to be worth USD 14.5 billion in 2023 and is projected to reach USD 19.7 billion by 2028, at a CAGR of 6.3% during the forecast period. The rapidly growing demand for generics worldwide, the growing emergence of adopting flexible pharmaceutical manufacturing practices, and the rising number of regulatory frameworks for ensuring optimum drug quality and promoting innovation are some of the key factors contributing to the market growth.
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The pharmaceutical packaging machines segment is expected to lead the market during the forecast period. Pharmaceutical packaging machines are used in the final stage of the manufacturing process to package drug products into various types of containers, such as bottles, blister packs, and sachets. These machines come in different types, including labeling machines, capping machines, and cartoning machines, and they use various techniques to ensure the accurate and efficient packaging of drug products. Pharmaceutical packaging machines help in improving the production efficiency by automating processes such as serialization, capping, and labeling. This helps manufacturers reduce labor costs and improve overall productivity. Effective packaging of drugs also ensures prevention against contamination, thereby increasing product safety. Morevoer, technological advancements in packaging machines have enabled pharmaceutical manufacturers to adopt customized and innovative packaging of drugs. All these reasons, are driving the demand for pharmaceutical packaging machines.
The liquid end-product type segment is expected to lead the market during the forecast period. Liquid dosage forms offer several advantages over solid, such as ease of administration and rapid absorption. Liquid dosage forms are preferred for drugs that need to be absorbed quickly or for patients with difficulty swallowing solid dosage forms. Liquid dosage forms allow better solubility and can be mixed easily with other medications or supplements, making them convenient for patients who need to take multiple medications. With the rising geriatric population and children seeking easily administered drugs and the ability of liquid dosage forms to be measured accurately, the demand for liquid drugs such as solutions and syrups is rising across the world.
The Asia Pacific region is expected to lead the market during the forecast period. The consumer base of Asia Pacific region for pharmaceutical products is rising. Factors such as government initiatives, including tax subsidies for foreign direct investments, provide a favorable environment for drug manufacturers to increase research and development activities and enhance production to meet the growing demand. In addition, the growing contract manufacturing market in the region supports the growth of the pharmaceutical manufacturing equipment market.
Key Market Players:
The report profiles key players such as GEA Group Aktiengesellschaft (Germany), I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P. A (Italy), Syntegon Technology GmbH (Germany), ACG (India), and Thermo Fisher Scientific Inc.(US), Körber AG (Germany), Romaco Group (Germany), Marchesini Group (Italy), MG2 s.r.l. (Italy), and Glatt GmbH (Germany).
News Also Covered: https://www.prnewswire.com/news-releases/pharmaceutical-manufacturing-equipment-market-worth-19-7-billion-by-2028---exclusive-report-by-marketsandmarkets-301828248.html
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