NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global pharmaceutical manufacturing equipment market size is likely to jump from US$ 14.7 billion in 2023 to US$ 27.3 billion by 2033. The market is projected to expand at a remarkable 6.4% CAGR over the coming decade.
Increasing technological advancements worldwide are expected to drive the growth of the pharmaceutical manufacturing equipment market. Technological developments, such as the development of production lines for small batch sizes and for research purposes, are contributing to the growth of anti-counterfeit drugs. Growing integration and automation for packaging equipment is considered a leading trend in the market.
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Rising digitalization worldwide for flexible manufacturing equipment has advantages in the pharmaceutical industry. Manufacturing companies are able to adjust their machines to accommodate continuously changing patient demand while improving patient safety through automation and robot technology. Increased use of AI and ML, cloud technology, digital therapeutics, and block chain technology is expected to create significant opportunities in the pharmaceutical manufacturing equipment market.
Increasing demand for generics and the growing potential of pharmaceutical manufacturing infrastructure across the world are expected to drive growth in the market. Government initiatives and schemes for quality assurance also drive the market. However, the rising demand for refurbished equipment is expected to hamper the market during the forecast period. Manufacturers are adopting new pharmaceutical equipment to enable first-to-market advantages nowadays. The markets in China and Japan are expected to grow significantly during the forecast period due to the region's low manufacturing and labor costs.
Key Takeaways from the Pharmaceutical Manufacturing Equipment Market:
- The global pharmaceutical manufacturing equipment market is estimated to register a CAGR of 6.4%, reaching a valuation of US$ 27.3 billion by 2033.
- The market captured a CAGR of 8% over the historical period from 2018 and 2022.
- The United States is anticipated to dominate the global market by registering a 6.5% CAGR during the forecast period.
- With a 6.9% CAGR, the market in China is expected to significantly drive global sales by 2033.
- The market in Japan is anticipated to grow at a CAGR of 7.3% during the forecast period.
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Key Players and Strategies for Success in the Pharmaceutical Manufacturing Equipment Market
In recent years, there has been a surge in investment and collaboration within the industry with the growth of venture capital firms and businesses. Strategic partnerships and financial investments accelerate research and development, scale production, and create awareness about the benefits of adopting pharmaceutical manufacturing equipment.
Recent Developments in the Pharmaceutical Manufacturing Equipment Market:
- In 2023, Syntegon Technology GmbH announced that it would be acquiring Bosch Packaging Technology, a leading supplier of pharmaceutical packaging equipment. This acquisition is expected to strengthen Syntegon's position in the pharmaceutical manufacturing equipment market.
- In 2023, Emerson announced it would invest US$ 100 million in its pharmaceutical manufacturing equipment business. This investment will be used to develop new products and expand the production capacity.
Top 12 Key Companies Profiled in the Pharmaceutical Manufacturing Equipment Market:
- GEA Group
- I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A.
- Syntegon Technology GmbH
- ACG (India)
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Sartorius Stedim Biotech
- Bosch Packaging Technology
- Buhler Group
- Rockwell Automation
- Siemens AG
- Danaher Corporation
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Key Segments in the Pharmaceutical Manufacturing Equipment Market
By Type:
- Processing Equipment
- Packaging Equipment
By Application:
- Pharmaceutical Company
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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