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LONDON, GREATER LONDON, UNITED KINGDOM, September 24, 2024 /EINPresswire.com/ -- The pharmaceutical packaging testing equipment market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Pharmaceutical Packaging Testing Equipment Market And Its Annual Growth Rate?
The pharmaceutical packaging testing equipment market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Pharmaceutical Packaging Testing Equipment Market
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.
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Who Are the Leading Competitors in the Pharmaceutical Packaging Testing Equipment Market Share?
Key players in the market include 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.
Which Key Trends Are Driving Pharmaceutical Packaging Testing Equipment Market Growth?
Major companies operating in the pharmaceutical packaging testing equipment market are focused on developing innovative products such as high-performance leak testers to test the integrity of various objects. A high-performance leak tester is a measuring instrument used to determine the condition of pharmaceutical packaging.
How Is The Global Pharmaceutical Packaging Testing Equipment Market Segmented?
1) By Type: Services, Equipment
2) By Product: Primary Packaging Equipment, Secondary Packaging Equipment, Labeling And Serialization Equipment
3) By End User: Pharmaceutical Companies, Contract Research Organizations, Government Organizations, Research Institutions, Testing Laboratories
Geographical Insights: North America Leading The Pharmaceutical Packaging Testing Equipment Market
North America was the largest region in the market in 2023. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Pharmaceutical Packaging Testing Equipment Market Definition
Pharmaceutical packaging testing equipment refers to solutions used for pharmaceutical and nutraceutical products packaging. The equipment for pharmaceutical testing packaging include hard film overwrappers, case packers, label applicators, sealers, and label applicators. It is utilized in pharmaceutical medicine packaging.
The main types of pharmaceutical packaging testing equipment are services and equipment. Services refer to intangible economic activities that require personal interaction between service providers and consumers. The product includes primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment, that includes various end users as pharmaceutical companies, contract research organizations, government organizations, research institutions, and testing laboratories.
Pharmaceutical Packaging Testing Equipment Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global pharmaceutical packaging testing equipment market report covering trends, opportunities, strategies, and more
The Pharmaceutical Packaging Testing Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pharmaceutical packaging testing equipment market size, pharmaceutical packaging testing equipment market drivers and trends, pharmaceutical packaging testing equipment market major players and pharmaceutical packaging testing equipment market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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