The market size of Pharmaceutical Packaging Equipment in North America was valued at USD 1.90 billion in 2022. This value is estimated to be growing at a CAGR of 6.9%, to reach USD 2.66 billion by 2027.
The overall growth in the pharmaceutical industry is primarily boosting the pharmaceutical packaging equipment market in North America. The rise in population, rise in prevalence of chronic diseases will rise in demand for drugs, and manufacturing are other significant factors driving force to the market growth. Government initiatives to create awareness on early detection of diseases and treatments, health care provisions, and plans are encouraging factors for the growth of the pharmaceutical packing market, which is expected to favour the market growth.
Most drugs in recent times lost their patents; this will encourage new drug enrolment with cheaper generic counterparts, and this increases market size. A large amount of drug production and manufacturing will need a lot of equipment, which in turn leads to demand for packing and equipment, thereby increasing market size. North America stands first in healthcare and infrastructure, also spends half of its economy on healthcare. Hence the investors and government, nongovernment funds to the same are high in this region, which is a beneficial factor for the growth of this market.
However, time and cost are the main concerns showed degrading the market. Availability of machinery and set up, set up cost and time, new instruments with high prices are few growths are hampering factors for pharmaceutical packing equipment market. Regulatory guidelines are also stringent in terms of setting up machinery and etc. the service life, installations, testing of machinery, quality check for the condition of equipment, operating manuals provision are the tasks associated with this market. For this, there is a need for skilled workers and staff to achieve the goals. Lack of labor and staff will restrict the growth of this market. There are a lot of stringent rules for the approval of the packing and manufacturing of drugs, which will lead to uncertainties in standards. It is also hard to meet the standards of organizations such as the FDA and other bodies. In order to meet the standards, manufactures have to set up dedicated systems that will meet Good manufacturing practices; errors have to be minimized.
COVID-19 impact on the North America Pharmaceutical Packaging Equipment Market
Since the outbreak of the novel Covid19 virus, we all have learned social distancing is the only key to preventing the spread of infection. Hence the government has come up with stringent lockdown regulations and norms where there are no or fewer contacts between people. And the travel ban is also a stringent regulation announced during the pandemic. Due to travel ban issues, the awareness of early testing of diseases and early diagnosis of health conditions is not achieved. The imports and exports of materials and equipment related to maintenance are also in halt. The production and manufacturing loss has been a negative impact on the pharmaceutical packing market. Hence along with end-users, manufacturers are also in a loss. Easy Availability of drugs is not seen throughout this lockdown period.
This research report on North America Pharmaceutical Packaging Equipment Market has been segmented and sub-segmented into the following categories.
Regionally, the North America is leading the global Pharmaceutical Packaging Equipment Market as of 2019 and is expected to grow significantly over the forecast period. The high disposable income of people in the U.S.A and Canada is also contributing to the market growth.
North America is expected to show high trends in the growth of the pharmaceutical packing equipment market and dominates every other market in this region with the highest shares. The growth of this market is contributed by the rise in population, increase in awareness, early detection of diseases and treatment, government and public funds, a government initiative to make drugs affordable and easily available. US and Canada are technologically developed countries with advanced and flexible machinery, which increases market size and growth.
Some of the Major Companies dominating the North America Pharmaceutical Packaging Equipment Market Profiled in the report are Robert Bosch GmbH, Körber AG, Marchesini Group S.p.A., Multivac Group, Uhlmann Group, OPTIMA Packaging Group GmbH, and Romaco Pharmatechnik GmbH.
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