The global pharmaceutical processing and packaging equipment market is expected to grow at a CAGR of 4.5% from 2021 to 2028 to reach $25.2 billion by 2028, according to a new report.
The growth in the pharmaceutical processing and packaging equipment market is mainly attributed to significant growth in the pharmaceutical market, growing demand for contract manufacturing, expiration of patents leading to increased production of generics, and a trend of flexible manufacturing. The increase in the pharma R&D spending and growth in the domestic manufacturing of pharmaceuticals in several countries such as China, India, Malaysia, Indonesia, and UAE offer significant opportunities for the market's growth.
Based on the delivery mode, in 2021, the oral formulations segment is expected to account for the largest share of the pharmaceutical processing and primary packaging equipment market. The key factors attributing to the largest share are ease of administration, cost-effectiveness, and suitability among all age groups.
Based on type, in 2021, the case packaging equipment segment is estimated to hold the largest share of the pharmaceutical end-of-line packaging market. Key factors attributed to the higher adoption of cartoning equipment are its advantages, like the lightweight and cost-effective cartons' packing pharmaceuticals. The easy handling of the medications through cartons also increases its adoption.
Based on type, the case packaging equipment is segment expected to account for the largest share of the end-of-line packaging market in 2021. The growing threat of counterfeit medicines globally has increased the demand for tracking and tracing pharmaceuticals, leading to the rise in the demand for case packaging. Moreover, the surge in the export & import of pharmaceutical products globally also increases the demand for case packaging equipment in the market.
For more information about this report visit https://www.researchandmarkets.com/r/ptpo9p