CHICAGO, May 18, 2023 /PRNewswire/ -- The Pharmaceutical Manufacturing Equipment market is expected to reach USD 19.7 billion by 2028 from USD 14.5 billion in 2023, at a CAGR of 6.3% during the 2023-2028 period according to a new report by MarketsandMarkets. The major factors driving the market growth of the pharmaceutical manufacturing equipment market include growing potential of the pharmaceutical industry worldwide, growing necessity for adoption of flexible pharmaceutical manufacturing practices, rising need to reduce lead times, and increasing demand for generics.
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Browse in-depth TOC on "Pharmaceutical Manufacturing Equipment Market"
191 - Tables
49 - Figures
224 - Pages
Silicon Photonics Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $14.5 billion |
Estimated Value by 2028 | $19.7 billion |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Equipment Type, End-Product Type, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Rising costs and expenditures related to usage of pharmaceutical manufacturing equipment |
Key Market Opportunities | Adoption of pharmaceutical manufacturing equipment to enable first-to-market advantages |
Key Market Drivers | Rising demand for generics |
Packaging machines are expected to register the highest growth and also hold the largest share of the market followed by mixing and blending machines and spray drying equipment.
Packaging machines offer a variety of applications such as cartooning, serialization, labelling, and capping, among others. Blister packaging machines accurately fill each blister with the required medication amount, seal it with foil or plastic, and cut and perforate the packaging for easy opening. Cartooning machines package products into cardboard boxes. They can also label and package the boxes for distribution. The diversity, accuracy, and efficiency of packaging machines makes them one of the most sorts after equipment in the pharmaceutical manufacturing industry to ensure effective packaging of drugs for better safety and prevention against contamination. Pharmaceutical packaging machines help to automate the packaging process, reduce errors, and increase efficiency. This leads to cost savings for pharmaceutical manufacturers, which is a significant factor in the growing demand for these machines. The pharmaceutical industry is heavily regulated, and there are strict guidelines for the packaging and labeling of pharmaceutical products. This has led to the adoption of advanced packaging machines that meet the safety and quality standards set by regulatory bodies such as the FDA. With the development of new drugs and therapies, there is a growing need for precise mixing and blending of multiple ingredients. Pharmaceutical mixing and blending machines offer the ability to homogenously mix various active pharmaceutical ingredients (APIs), excipients, and other components to ensure uniformity and consistency in the final product, thereby driving their demand.
Liquid end-product type is expected to register the highest growth and also hold the larger share of the market.
Liquid dosage forms are a type of pharmaceutical formulation that consists of a liquid medium containing one or more active pharmaceutical ingredients (APIs) and other excipients. They are used for a wide range of drugs, including antibiotics, antacids, cough syrups, and analgesics. Liquid dosage forms provide easier administration, rapid absorption, and accurate dosing. Liquid medications are absorbed more quickly than solid dosage forms, leading to a faster onset of action. This is especially important for medications used to treat acute conditions such as pain, nausea, and vomiting, thereby driving their demand. Advances in technology have led to the development of new formulations and packaging materials that improve the stability and shelf life of liquid medications. This has increased the demand for liquid dosage forms for medications that were previously only available in solid forms.
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Asia Pacific is expected to register the highest CAGR and also hold the largest share followed by Europe during the forecast period.
Japan is a well-established pharmaceutical product market due to its aging population and supportive government regulations, thereby attractive foreign investments for pharmaceutical manufacturing. The South Korean government has implemented initiatives to introduce medical coverage for four major chronic disease areas, including cancer, cardiovascular, cerebrovascular, and other rare diseases. Owing to these reasons, the country's pharmaceutical manufacturing infrastructure and research and development activities are growing Both the local and global demand for Chinese pharmaceutical manufacturing equipment is rising due to the availability of low-cost manufacturing facilities and quality assurance. Also, the outsourcing of manufacturing of pharmaceutical manufacturing operations to countries in Asia Pacific is a key factor driving the growth of the pharmaceutical manufacturing equipment industry in the region. In Europe, the presence of many major pharmaceutical companies, such as Pfizer, Abbott, GlaxoSmithKline, Sanofi, Boehringer Ingelheim, etc., are among the significant reasons boosting the growth of the pharmaceutical manufacturing industry in the region. the growing demand for branded and generic drugs across the region is catapulting the need for increasing production capacity and efficiency.
The report profiles key players in pharmaceutical manufacturing equipment companies 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).
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