According to the latest report by Meticulous Research®, the pharmaceutical processing and packaging equipment market is on track to reach $28.75 billion by 2031, growing at a CAGR of 4.2% from 2024 to 2031. This growth is primarily driven by the expansion of the pharmaceutical sector, stringent regulatory requirements, the rising prevalence of chronic and infectious diseases, the increasing elderly population, and the demand for adaptable manufacturing solutions. Nevertheless, the market may face challenges due to the growing preference for refurbished equipment.
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Opportunities for market expansion are bolstered by the enhancement of domestic pharmaceutical manufacturing capacities in countries such as China, India, Malaysia, Indonesia, and the UAE, along with increased investment in pharma R&D. However, the evolving demands within the pharmaceutical industry may pose significant challenges.
Key players in this market include ACIC Pharmaceuticals Inc. (Canada), Bausch+Ströbel (Germany), IDEX Corporation (U.S.), JEKSON VISION (India), Kevin Process Technologies Pvt. Ltd. (India), and several others from around the world.
The market is segmented by formulation types (Oral, Parenteral, Topical, and Others), secondary packaging types (Cartoning Equipment, Carton Labeling & Serialization Equipment, Wrapping Equipment, and Others), and end-of-line packaging types (Case Packaging, Palletizing & Depalletizing Equipment, and Others). Parenteral formulations are expected to see the highest growth due to increased approvals for injectables and advancements in pre-fillable syringes and vials. In secondary packaging, cartoning equipment is projected to dominate due to regulatory recommendations and cost-efficiency. Case packaging is anticipated to lead in end-of-line equipment due to concerns over counterfeit medicines and international trade.
Geographically, North America is predicted to hold the largest market share in 2024, driven by a robust pharmaceutical industry and high R&D investment. The Asia-Pacific region is expected to experience the fastest growth rate during the forecast period.
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