The global pharmaceutical tablet packaging equipment market to grow at a CAGR of 8.98% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global pharmaceutical tablet packaging equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the sales of tablet packaging equipment by several types which include blister packaging equipment, strip packaging equipment, aluminum foil packaging equipment, and other equipment. The 'others' segment includes fill and sealing equipment, automatic pouch packing machine, tablet counting machine, and vertical tablet packing machine.
The latest trend gaining momentum in the market is Rising developments in pharmaceutical packaging equipment industry. Developments and innovations in the global pharmaceutical packaging equipment industry are helping the vendors grow at a rapid pace, thereby positively impacting the global pharmaceutical tablet packaging equipment market.
According to the report, one of the major drivers for this market is Growing developments in pharmaceutical industry. Advances and developments in drug discovery in the pharmaceutical industry have surged the need for packaging. This, in turn, is generating the need for packaging in the pharmaceutical industry.
Pressure from consumers, investors, regulators, and governments to drive down costs and improve product performance in terms of efficacy and ease of use are driving pharmaceutical companies to consider all aspects of a specialized drug, including the use of advanced drug delivery technologies and unique packaging solutions. Drug manufacturers are looking toward custom manufacturing organizations that can offer unique drug delivery technologies and unique product packaging to ensure that patients get the medicine they need in the dosage form they prefer.
Further, the report states that one of the major factors hindering the growth of this market is Availability of used equipment. The global pharmaceutical tablet packaging equipment market is facing intense competition due to the availability of used and rebuilt equipment.
Small vendors in the market, such as Optima Packaging Group, distribute used and rebuilt pharmaceutical packaging equipment machinery at affordable rates to small-scale companies, thereby leading to a reduced demand for the latest pharmaceutical packaging equipment. Even the high-quality used equipment is usually sold at a discounted price of nearly 40% of the original price.
Key Market Trends
Increasing M&As in pharmaceutical packaging equipment industry
Rising developments in pharmaceutical packaging equipment industry