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Pharmaceutical Packaging Testing Equipment Market Size, Key Players, Trend Analysis, Growth And Forecast To 2033
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According to The Business Research Company's, 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 growth in the historic period can be attributed to stringent regulatory standards, rising pharmaceutical production, focus on patient safety, globalization of pharmaceutical supply chains, increasing 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 growth in the forecast period can be attributed to continued regulatory pressure, increasing focus on sustainability,shift toward biologics and personalized medicine,innovative packaging materials,emphasis on patient safety. Major trends in the forecast period include advancements in technology, regulatory compliance, quality assurance and control, data integrity and connectivity, customization and flexibility.
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Market Drivers and Trends:
The expansion of the pharmaceutical industry is a major driver propelling the pharmaceutical packaging testing equipment market. Pharmaceutical products refer to research, creation, and production in the pharmaceutical industry. It involves many different things, including research, chemicals, regulation, and the engagement of government organizations. Pharmaceutical packaging testing equipment helps the growth of the pharmaceutical industry by enabling globally improved regulatory flexibility and increased government cooperation, which resulted in the pharma industry's largely avoiding supply chain and API disruptions. As a result, major companies announced expansions. For instance, in May 2022, Eli Lilly, a USA-based pharmaceutical company, announced plans to build two new manufacturing sites with a $2.1 billion investment in its LEAP Lebanon Innovation and Research District. Therefore, the expansion of the pharmaceutical industry will continue to drive the pharmaceutical packaging testing equipment market.
Technological innovation is a key trend in the pharmaceutical packaging testing equipment market. Pharmaceutical packaging testing equipment provides efficient solutions for preparing pharmaceutical and nutraceutical products for distribution. The most recent equipment for pharmaceutical packaging may include hard film over wrappers, case packers, label applicators, sealers, and label applicators. The COVID-19 pandemic forced companies to innovate and design no-contact packaging solutions. For instance, in August 2022, Testronix Instruments, an India-based manufacturing company, launched a next-generation packaging testing instruments to meet the growing demand for accurate and reliable packaging testing.
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Major Key Players of the Market:
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.
Pharmaceutical Packaging Testing Equipment Market 2024 Key Insights:
• The pharmaceutical packaging testing equipment market will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• The Pharmaceutical Industry's Expansion As A Key Driver For Growth In The Pharmaceutical Packaging Testing Equipment Market
• Innovative Technological Solutions Driving Growth In The Pharmaceutical Packaging Testing Equipment Market
• North America was the largest region in the pharmaceutical packaging testing equipment market in 2023
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