Global Pharmaceutical Packaging Equipment Market Steers Toward Integrated Packaging Solutions, even as Refurbished Equipment Restrains Growth

The failure to properly package pharmaceuticals can not only compromise their efficacy, but also pose a danger to patients’ health. New drugs on the market are a result of sophisticated formulation techniques; they also call for the use of specific handling methods. This is where pharmaceutical packaging equipment proves exceedingly crucial. With the growth and development of the pharmaceutical industry, a proportional increase for pharmaceutical packaging equipment is bound to be been. Moreover, the growing focus on packaging technologies has consequently led to an increase in the purchases of sophisticated pharmaceutical packaging equipment.

It is primarily owing to these factors that the global pharmaceutical equipment packaging market will witness a healthy rate of growth. According to the estimates of a study conducted by Transparency Market Research, the global pharmaceutical packaging market will exhibit a compounded annual growth rate (CAGR) just short of 7.0% (6.8% to be precise) between 2015 and 2021. At this rate of growth, the market, which stood at US$5.1 bn in 2014, is expected to surpass US$8 bn by the end of 2021. 

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Integrated Packaging Solutions are the Need of the Hour; how does this Trend Impact the Pharmaceutical Packaging Equipment Market?

The pharmaceutical industry is governed by a stringent set of regulations at every stage of the pharmaceutical production process – right from formulation to packaging. Speaking specifically of packaging equipment, using certified and industry-standard machinery is of paramount importance. This has prompted several pharmaceutical manufacturers to consider investing in equipment that offers integrated packaging solutions. From folding cartons to imprinting instructions in Braille on cartons to a variety of finishing effects, integrated pharmaceutical packaging equipment offers a one-stop solution. Integrated packaging-line solutions that meet the required industry standards are thus becoming much sought after.

Manufacturers of pharmaceutical packaging equipment are thus required to cater to orders from pharmaceutical manufacturers for packaging solutions that offer end-to-end operations. The rapid improvement in packaging techniques is yet another factor that will prompt investments in new equipment. 

Revamped Pharma Packaging Equipment Considered Wiser Investment by Companies in Developing Economies. How will this Impede Growth?

Although the global market for pharmaceutical packaging equipment is expected to gain significantly in terms of sales and revenue, players will have to contend with a few impediments to growth. The key restraining factor will be seen in developing and emerging economies where the cost of pharmaceutical packaging equipment directly influences the purchase decision of executives. Since pharmaceutical packaging equipment entails a high one-time cost (not to forget the subsequent maintenance expenses), several companies in the pharmaceutical industry prefer to opt for refurbished packaging equipment. This is a strong trend in the Asia Pacific region, especially in countries such as India and Japan. The Brazilian pharmaceutical packaging equipment market shares similar characteristics. 

It is thus not surprising that the North America region currently represents the largest share in the global pharmaceutical equipment market. In 2014, the region accounted for an impressive 32.2% of the global pharmaceutical packaging equipment market. While the pharmaceutical packaging equipment market will demonstrate healthy growth in nearly all major regions globally, it is North America that will continue to hold the leading position through the remainder of the decade. 

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