Northbrook, IL 60062 -- (SBWIRE) -- 08/15/2023 -- 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.
Growing global demand for generics, rising necessity for adoption of flexible pharmaceutical manufacturing practices, rising potential of pharmaceutical manufacturing infrastructure worldwide, and growing implementation of government schemes and regulatory frameworks for quality assurance are some of the major factors driving the market growth globally.
For manufacturers to purchase and install new manufacturing equipment, many upfront costs are involved. In addition, manufacturing equipment can rapidly become outdated in a dynamic industry such as pharmaceuticals.
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Packaging machines accounted for the largest share of the pharmaceutical manufacturing equipment market in 2022
The use of pharmaceutical packaging machines helps ensure that the final product is protected from contamination, damage, and degradation and meets the required specifications for labeling, dosage, and storage. The efficient and precise packaging of drug products is essential to ensure that they are safe and effective for patient use and to comply with regulatory requirements. With the increasing geriatric population, rising healthcare investment, and growing cases of chronic diseases across the world, the demand for diverse and innovative drugs is increasing, which in turn are driving the adoption of technologically advanced pharmaceutical packaging machines to adhere to the stringent regulatory policies.
Liquid end-product type segment to account for the largest share of the market during forecast period
Liquid dosage forms are easier to swallow and more suitable for patients with difficulty swallowing tablets or capsules. They allow precise dosing, as the amount of drug in each dose can be easily measured and adjusted. This is particularly important for drugs with a narrow therapeutic range or requiring precise dosing. Liquid dosage forms provide greater flexibility in formulation, as drugs that are insoluble or unstable in solid dosage forms can be formulated as solutions or suspensions. Owing to these reasons, liquid dosage forms are preferred more over solid dosage forms, thereby driving their demand.
Asia Pacific held for the largest share of the pharmaceutical manufacturing equipment market in 2022
Asia Pacific is one of the fastest-growing and dynamically emerging pharmaceutical markets globally. Due to the low labor and manufacturing costs, the developing pharmaceutical manufacturing infrastructure, especially in India and China, has attracted many foreign investments from several pharma giants such as Uhlmann Group, Bausch+Ströbel, IMA S.p.A., and Marchesini Group. Moreover, governments across Asia are implementing schemes to boost local manufacturing capacity, expand generic drug production, and enhance quality assurance by establishing stringent regulations to meet global standards.
The major players in the pharmaceutical manufacturing equipment Companies include 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).