Pharmaceutical Processing and Packaging Equipment Market Size, Share, Growth Analysis, By mode of delivery(oral, parenteral, topical, and other formulations), By Type(cartoning equipment, wrapping equipment, labeling equipment, and cleaning equipment), By Region - Industry Forecast 2024-2031

Pharmaceutical Processing and Packaging Equipment Market Drivers

Increasing Cost of Healthcare Services to Boost Market Growth

• Due to rising healthcare costs, the release of new medications, and the rise in chronic illness incidence, the worldwide pharmaceutical industry is predicted to increase strongly in the upcoming years. A significant number of blockbuster medications have also recently lost their patents, and more are expected in the upcoming years. This will make it possible for low-cost generic competitors to enter the market, which is expected to increase the number of medications sold. By the end of 2018, when the patents on several prescription pharmaceuticals in developed markets like the US and the UK expired, the total sales of these medications were probably down by more than USD 100 billion. In reality, however, the sales volume climbed because to the rise in demand for their generic and biologic competitors' products. The market for packaging equipment for the manufacture of generic drugs is anticipated to rise significantly as a result of this increase in production volume, particularly in Latin American and Asian nations with affordable manufacturing facilities.

• In order to assure high-speed packaging production, the growing need for pharmaceutical medications is predicted to boost the demand for effective packaging systems. This, in turn, will drive the market for automated equipment.

Pharmaceutical Processing and Packaging Equipment Market Restraints

Stringent Regulations to Hinder Market Growth

• Compliance has become difficult for producers of packaging equipment all around the world due to ambiguity surrounding standards for serializing and laws, including the potential for the implementation of new regulations. Due to the uncertainties surrounding serialization requirements, several end users have also halted or postponed their packing equipment buying initiatives. While the product lot number and expiration date are now required on pharmaceutical labels, the US FDA has stressed the necessity for manufacturers to include additional distinctive identifiers on their packaging to improve supply chain control. Some manufacturers have started incorporating a specialized labelling system designed to fulfil MP requirements and prevent labelling errors before they become a systematic problem in order to comply with changes in labelling rules. Currently, this problem is delaying the production of pharmaceutical packaging.