The pharmaceutical processing and packaging equipment market is expected to reach $30.8 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. The pharmaceutical sector is experiencing unprecedented growth, fueled by a notable increase in disease prevalence, aging demographics, and enhanced research and development investments. As global health challenges escalate, the demand for pharmaceuticals—and the advanced processing and packaging equipment necessary to support this demand—is predicted to rise sharply.
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Cancer and Diabetes Trends
As reported by the Cancer Tomorrow project, the global incidence of cancer was 19.3 million cases in 2020, with projections of 30.2 million cases by 2040. This urgent need for innovative treatments is compounded by the rising rates of diabetes, with the International Diabetes Federation noting that around 463 million adults were living with the condition in 2019, a number expected to climb to nearly 700 million by 2045. This alarming trend in chronic diseases will drive significant growth in the pharmaceutical industry.
Impact of Aging Populations
The aging global population is a critical factor in the increasing demand for pharmaceuticals. The World Health Organization estimates that, by 2020, the number of people aged 60 and older reached 1 billion and will exceed 2.1 billion by 2050. The elderly are more susceptible to chronic conditions, leading to a further rise in pharmaceutical needs.
Role of Pandemic Preparedness
Recent health crises, including the COVID-19 pandemic, have dramatically impacted the pharmaceutical landscape. Events like COVID-19 have highlighted the necessity for effective pandemic preparedness and adaptable manufacturing capabilities. Government initiatives aimed at making medicines more affordable are expected to boost the demand for pharmaceuticals and subsequently increase the need for processing and packaging equipment.
Generic Drugs and Market Opportunities
The expiration of key drug patents is creating new opportunities in the pharmaceutical sector for generic drugs. As several notable patents expire, including those for Lucentis and Vascepa, the generics market is expected to grow significantly, driving up demand for pharmaceutical processing and packaging solutions.
Research and Development Growth
Increasing investments in research and development are pivotal for market expansion. The International Federation of Pharmaceutical Manufacturers & Associations indicates that R&D investments have surged, especially in the U.S. and Europe. With about 6,900 drugs in development targeting critical health areas, the need for cutting-edge pharmaceutical equipment will continue to grow.
Market Outlook
The interplay of high disease prevalence, an aging population, increased R&D investment, and the expiration of drug patents is fostering robust growth in the pharmaceutical industry. These elements will significantly boost the demand for pharmaceutical processing and packaging equipment, creating substantial opportunities for manufacturers and suppliers alike. As the industry progresses, the pharmaceutical equipment market is positioned for accelerated growth, addressing the needs of patients and healthcare providers worldwide.
Key Players: Some of the key players operating in the pharmaceutical processing & packaging equipment market are ACIC Pharmaceuticals, Inc. (copyright), Bausch+Ströbel (Germany), IDEX Corporation (U.S.), JECKSON VISION (India), Kevin Process Technologies Pvt. Ltd. (India), KIKUSUI SEISAKUSHO LTD. (Japan), Körber AG (Germany), KORSCH AG (Germany), Mettler-Toldeo International, Inc. (U.S.), MAQUINARIA INDUSTRIAL DARA, SL (Spain), Marchesini Group S.p.A. (Italy), Optel Group (copyright), OPTIMA packaging group GmbH (Germany), Syntegon Technology GmbH (Germany), Wenzhou Trustar Machinery Technology Co.
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