PUBLISHER: The Business Research Company | PRODUCT CODE: 1409696
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409696
“Pharmaceutical Packaging Testing Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pharmaceutical packaging testing equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pharmaceutical packaging testing equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pharmaceutical packaging testing equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pharmaceutical packaging testing equipment pertains to solutions employed in the packaging of pharmaceutical and nutraceutical products. The equipment used for testing pharmaceutical packaging encompasses hard film overwrappers, case packers, sealers, and label applicators, and is essential in the packaging of pharmaceutical medicines.
The primary categories of pharmaceutical packaging testing equipment consist of services and equipment. Services involve intangible economic activities that necessitate personal interaction between service providers and consumers. The product category includes primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment. These are utilized by various end users, including pharmaceutical companies, contract research organizations, government entities, research institutions, and testing laboratories.
The pharmaceutical packaging testing equipment market research report is one of a series of new reports from The Business Research Company that provides pharmaceutical packaging testing equipment market statistics, including pharmaceutical packaging testing equipment industry global market size, regional shares, competitors with a pharmaceutical packaging testing equipment market share, detailed pharmaceutical packaging testing equipment market segments, market trends and opportunities, and any further data you may need to thrive in the pharmaceutical packaging testing equipment industry. This pharmaceutical packaging testing equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pharmaceutical packaging testing equipment market size has grown steadily in recent years. It will grow from $3.97 billion in 2023 to $4.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The historical period's growth can be attributed to stringent regulatory standards, an increase in pharmaceutical production, a heightened emphasis on patient safety, the globalization of pharmaceutical supply chains, and a growing number of drug recalls.
The pharmaceutical packaging testing equipment market size is expected to see strong growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be ascribed to sustained regulatory pressure, a growing emphasis on sustainability, a shift toward biologics and personalized medicine, the adoption of innovative packaging materials, and an increased focus on patient safety. Key trends expected in the forecast period include advancements in technology, a focus on regulatory compliance, enhancements in quality assurance and control, a heightened emphasis on data integrity and connectivity, and an increased demand for customization and flexibility.
The pharmaceutical packaging testing equipment market is experiencing significant growth, primarily driven by the expansion of the pharmaceutical industry. Pharmaceutical products encompass various aspects, including research, chemicals, regulations, and government involvement. The utilization of pharmaceutical packaging testing equipment contributes to the global regulatory flexibility and enhanced government collaboration, mitigating supply chain and API disruptions. Major companies, such as Eli Lilly, are investing billions to construct new manufacturing sites, exemplifying the continuous expansion of the pharmaceutical industry and its positive impact on the pharmaceutical packaging testing equipment market.
Another crucial factor fueling the growth of the pharmaceutical packaging testing equipment market is the rise in healthcare spending. Healthcare spending represents the financial resources allocated to the healthcare sector in a specific region, country, or organization. The investment in pharmaceutical packaging testing equipment ensures the safety, integrity, and compliance of pharmaceutical products, thereby enhancing the overall quality of healthcare delivery. Notably, the United States witnessed a 2.7% increase in health spending in 2021, reaching $4.3 trillion, driving the demand for pharmaceutical packaging testing equipment.
Technological innovation emerges as a key trend in the pharmaceutical packaging testing equipment market. Efficient solutions for pharmaceutical and nutraceutical product distribution are facilitated by cutting-edge equipment such as hard film over wrappers, case packers, label applicators, sealers, and label applicators. The COVID-19 pandemic prompted companies to innovate, leading to the development of no-contact packaging solutions. For instance, Testronix Instruments launched next-generation packaging testing instruments to meet the growing demand for accuracy and reliability.
Major players in the pharmaceutical packaging testing equipment market are actively engaged in developing innovative products, such as high-performance leak testers. These instruments play a crucial role in determining the condition of pharmaceutical packaging. Sepha Ltd., a UK-based manufacturing company, introduced the Multi-Q HD high-performance leak tester capable of detecting leaks as small as 1 µm. This device supports non-destructive defect detection in various pharmaceutical containers, including vials, ampules, pre-filled syringes, bottles, and blow-fill-seal containers.
In October 2021, Tjoapack, a Netherlands-based contract packaging organization, acquired Pharma Packaging Solutions (PPS). This acquisition positions Tjoapack as a global leader in supply chain services and contract packaging for the pharmaceutical industry. PPS, a US-based healthcare packaging company, offers commercial packaging and additional services such as cold chain storage, stability, and product retention, reinforcing Tjoapack's commitment to customer satisfaction and expansion strategy.
Major companies operating in the pharmaceutical packaging testing equipment market report are Labthink International Inc., Union Park Capital LLC, West Pharmaceutical Services Inc., Qualitest International Inc., AMETEK Inc., Test & Calibration, Packaging Technologies & Inspection LLC, Westpak Inc., Eurofins Scientific SE, Intertek Group plc, SGS SA, TASI Group, Edwards' Analytical Limited, NSF International, Nelson Laboratories LLC, CVC Technologies Inc., Zwick Roell Group, Lighthouse Instruments LLC, Bruker Corporation, Sepha Ltd., TME Systems Pte Ltd., Qualicaps Co Ltd., ACG Group, Bosch Packaging Technology, Thermo Fisher Scientific Inc., Marchesini Group, MG America Inc., Romaco Group, Uhlmann Group, Optel Group, Antares Vision Group, Mettler-Toledo International Inc
North America was the largest region in the pharmaceutical packaging testing equipment market in 2023. The regions covered in the pharmaceutical packaging testing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pharmaceutical packaging testing equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pharmaceutical packaging testing equipment market consists of sales of vials, stoppers, blisters, bottles, screw caps, and closure liners. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.