Dallas, TX -- (SBWIRE) -- 02/13/2014 -- The pharmaceutical packaging equipment market has a high-growth potential owing to a majority of the drugs going off-patent in the forecast period and resultant genericization.. However, factors such as the increasing cost of raw materials, the increasingly competitive environment, the use of refurbished packaging equipment for cost-cutting activities that are preferred among smaller pharmaceutical manufacturers in the emerging markets across APAC and the Latin American region may represent a significant challenge for the market growth during the forecast period of 2013 to 2018.
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Besides the structural market drivers, there are strong geographic drivers for the growth of the pharmaceutical packaging equipment market. The economic situation and cost-containment issues have diverted the attention of pharmaceutical packaging equipment manufacturers from the North American and European regions to the emerging markets such as India, China, and Brazil. Major companies are establishing their subsidiaries in these regions and are investing in building stronger footholds in these countries. The Asia-Pacific region forms one of the most promising pharmaceutical packaging equipment markets in the world. Developing countries such as India and China have a relatively high CAGR rate and are expected to see a significant market growth due to low labor costs and the rising demand for healthcare. A growing trend towards outsourcing of manufacturing activities in the pharmaceutical industry has also led to a surge in the number of FDA-approved manufacturing sites in low-cost manufacturing locations across India, China, and Brazil. Furthermore, growth in offshoring of pharmaceutical manufacturing is also expected to drive the market for pharmaceutical packaging equipment in these countries.
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In response to the rising demand for flexible, automated, and integrated packaging lines from the pharmaceutical industry, the pharmaceutical packaging equipment market has witnessed a paradigm shift in the use of conventional packaging lines. In order to keep up with this change, pharmaceutical packaging equipment manufacturers are applying various novel technologies to reduce down time in order to increase production. It is expected that this trend will continue to solve the present challenges and fulfill the unmet needs of the market. The overall research activities in the pharmaceutical packaging equipment market mostly concentrate on developing equipment for novel drug delivery solutions and personalized drugs to meet patient compliance requirements. The regulatory modifications regarding packaging and labeling of pharmaceutical products is also expected to play a vital role in the growth of this market during the forecast period.
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