LONDON, July 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Pharmaceutical Packaging Testing Equipment Global Market Report 2023, the market will grow from $3.8 billion in 2022 to $3.9 billion in 2023, at a compound annual growth rate (CAGR) of more than 4.6%. Further, the market will reach $4.7 billion by 2027, with a CAGR of more than 4%. North America was the largest region in the pharmaceutical packaging testing equipment market in 2022.
One of the primary drivers of growth in the pharmaceutical packaging testing equipment industry is the expansion of the pharmaceutical industry. This sector encompasses research, development, and production activities related to pharmaceutical products. The industry involves various aspects, including research, chemicals, regulations, and engagement with government organizations. The utilization of pharmaceutical packaging testing equipment has facilitated improved regulatory flexibility on a global scale and enhanced government cooperation, enabling the pharmaceutical industry to largely mitigate disruptions in the supply chain and active pharmaceutical ingredient (API) availability. Consequently, numerous major companies have announced plans for expansion.
Learn More In-Depth On The Pharmaceutical Packaging Testing Equipment Market
Major pharmaceutical packaging testing equipment companies are Labthink International, Inc, Union Park Capital, West Pharmaceutical Services Inc, Qualitest International Inc, AMETEK Sensors, Test & Calibration (STC), Packaging Technologies & Inspection, LLC, Westpak Inc, Eurofins Scientific, Intertek Group plc, SGS SA, TASI Group, Edwards' Analytical Limited, NSF International, and Nelson Laboratories, LLC.
Technological innovation represents a key trend in the pharmaceutical packaging testing equipment market. These equipment solutions provide efficient means of preparing pharmaceutical and nutraceutical products for distribution. Recent advancements in pharmaceutical packaging equipment encompass the development of hard film overwrappers, case packers, label applicators, sealers, and label applicators.
For example, in September 2020, Snapsil Corporation, an Australian company, introduced user-friendly packaging technology and patented applications that facilitate easier usage of pharmaceutical and medical packaging. Moreover, this period has witnessed the development of enhanced tamper-evident solutions that ensure both accessibility and robust protection of the packaged contents.
Get A Free Sample Of The Global Pharmaceutical Packaging Testing Equipment Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=9539&type=smp
The global pharmaceutical packaging testing equipment market is segmented as-
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
The pharmaceutical packaging testing equipment market report provides a comprehensive analysis of the global market, highlighting its projected growth, key drivers, prominent players, technological trends, and regional market dynamics. By examining the market size, CAGR, and future prospects, this report offers valuable insights for stakeholders, industry participants, and decision-makers. The significance of this report lies in its ability to inform strategic decision-making processes. It equips businesses operating in the pharmaceutical packaging testing equipment sector with crucial information regarding market trends, competitive landscape, and emerging opportunities. By understanding the drivers behind market growth, such as the expansion of the pharmaceutical industry and technological innovation, companies can align their strategies to capitalize on these trends and enhance their market presence.
Pharmaceutical Packaging Testing Equipment Global Market Report 2023 by The Business Research Company provides insights on the pharmaceutical packaging testing equipment market size, pharmaceutical packaging testing equipment market segments, pharmaceutical packaging testing equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
