“Pharmaceutical Processing and Packaging Equipment Market by Mode of Delivery (Oral, Parenteral, Topical), Secondary Packaging (Cartoning, Labeling, Serialization) and End-of-Line Packaging (Palletizing, Case Packaging) – Global Forecasts to 2028”, published by Meticulous Research®, 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.
The growth in the pharmaceuticals market is due to the high burden of diseases globally, a surge in the geriatric population, and growing preparedness to tackle pandemics. Further, pharmaceutical production is also likely to increase due to the growing generic production in light of recent patent expirations of patented drugs. The increasing demand for flexible manufacturing and the growing need to comply with various regulations also contribute to the market growth.
Moreover, the emerging manufacturing hotspots in Sri Lanka and Malaysia and growing spending on pharmaceutical R&D are likely to offer market growth opportunities.
Impact of COVID-19 on Pharmaceutical Processing and Packaging Equipment Market
The global COVID-19 pandemic affected the healthcare industry diversely. The pandemic had led to an increase in demand for vaccines and therapies, due to which various pharmaceutical and biopharmaceutical manufacturers expanded their manufacturing facilities.
The adoption of expansion plans by manufacturers is expected to improve the demand for pharmaceutical processing and packaging equipment. The pandemic led to temporary supply chain disruptions due to the national lockdowns imposed in various countries. The lockdown led to temporary shutdowns of local manufacturing plants, due to which the supply of APIs and finished dosages were largely affected.
Owing to supply chain disruption, governments in several countries decided to increase the domestic manufacturing of therapeutics to decrease the dependence on imports. Such initiatives positively impacted the growth of the pharmaceutical processing and packaging equipment market.
Pharmaceutical Processing and Packaging Equipment Market Overview
The overall pharmaceutical processing and packaging equipment market is segmented on the basis of product type, mode of drug delivery, and geography.
Based on the mode of drug delivery, in 2021, the oral formulations segment is estimated to account for the largest share of the overall pharmaceutical processing and primary packaging equipment market. Oral formulations are preferred over other formulations owing to their benefits, like safety and convenience in administration and cost-effectiveness.