Pharmaceutical Packaging Equipment Market Overview:
Packaging is a form of protection during the process of creation, storage and delivery of a product. The purpose of pharmaceutical packaging is to prevent the contamination of complex pharmaceuticals by external components and microbes. It also serves the purpose of extending its shelf life. All drug manufacturers are governed by international laws and regulations to maintain packaging standards right from its manufacture to the point of purchase. Packaging can be in the form of bottles, jars, tubes, containers, blister packs etc. and the raw materials necessary in this packaging would range from glass to plastic resins, and paper to aluminium. However, plastics are the predominant raw material being used currently.
Pharmaceutical Packaging Equipment Market Size:
The global pharmaceutical packaging market was valued at USD 6230 million in 2017 and is estimated to grow at a CAGR of 5.60% to reach USD 8160 million by 2022.
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Pharmaceutical Packaging Equipment Market Drivers and Restraints:
Nanotechnology has helped this industry immensely. Its ability to control molecules in the process of developing medicines with automatic functions enables the medication to have enhanced protection from moisture, light, oxygen and other forces. This technology is a relief, because of the concerns regarding the usage of plastics generally. Apart from rising raw material costs that affects the industry negatively, the creation of eco-friendly packaging that are more sustainable, advancement of technology and investments by firms to focus on better and more efficient minimalistic packaging ensures lower costs in manufacture thus allowing for the industry to scale higher.
Pharmaceutical Packaging Equipment Market Geographical Segmentation:
Geographically, North America occupies a major share in the market with the US contributing to its economy greatly. Canada comes a close second in this region in terms of market share. Robust technological growth, and advanced manufacturing process is likely to push the market further in North America. Europe and Asia Pacific are also close contending markets in the global scenario. The LAMEA region is expected to grow at a CAGR of 7.14% in the next 5 years.
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Key Players of Pharmaceutical Packaging Equipment Market:
Some of the key players are Amcor Group, CCL Industries, Rexam PLC, Gerresheimer AG, Aptar Group, Becton Dickinson & Co, Schott AG, Intrapac Group etc. The market is strongly organized and constantly innovating by investing heavily to come up with better, more efficient technology that can be economically scaled to stay in competition. Because of the laws governing this sector, the competition is healthy, and firms ensure quality as their utmost focus. Recently, Corning Incorporated and Gerresheimer collaborated to provide better protection in the form of corning valor glass to pharmaceuticals.
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