Pharmaceutical Manufacturing Equipment Market Size, Volume, Revenue Trends Analysis Report 2023-2028

The pharmaceutical manufacturing equipment market is estimated to be worth USD 14.5 billion in 2023 and is projected to reach USD 19.7 billion by 2028, at a CAGR of 6.3% during the forecast period.

Growing global demand for generics, rising necessity for adoption of flexible pharmaceutical manufacturing practices, rising potential of pharmaceutical manufacturing infrastructure worldwide, and growing implementation of government schemes and regulatory frameworks for quality assurance are some of the major factors driving the market growth globally.

Asia Pacific is one of the fastest-growing and dynamically emerging pharmaceutical markets globally. Due to the low labor and manufacturing costs, the developing pharmaceutical manufacturing infrastructure, especially in India and China.

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Driver: Rising demand for generics

As patents on branded drugs are expiring, the generic drug market is proliferating worldwide. One of the major factors driving the generic drug market is the implementation of favorable policy frameworks across regions aimed at reducing the overall cost of healthcare and check the spread of chronic diseases. In a time when pharmaceutical manufacturers are experiencing stagnation in developed economies, the growth opportunities in emerging markets, especially in Africa, seem enormous. Significant factors contributing to these opportunities include critical infrastructure improvements, extensive urbanization, rising demand for a diverse set of medications from the population, and growing investments in the healthcare sector.

Opportunity:Adoption of pharmaceutical manufacturing equipment to enable first-to-market advantages

Rapidly growing demand for drugs and injectables has triggered competition among manufacturers to expedite the development and review pathways to reduce the demand and supply gap. In the pharmaceutical industry, there are many first-to-market benefits spanning across different market contexts and are more evident in cases of specialty areas with a small number of patients and prescribers and when the first mover is a well-established pharmaceutical manufacturer with experience in the product’s therapeutic area. Traditionally, pharmaceutical manufacturing has been executed through a combination of multiple facilities to perform different processes across the supply chain. But, as the competition to increase the speed to market has intensified, the project delays occurring due to transfers between different manufacturing sites are negatively hampering the manufacturers.

Challenge:  Rising costs and expenditures related to usage of pharmaceutical manufacturing equipment

Pharmaceutical manufacturing equipment must comply with strict regulations and guidelines set by government agencies, such as the EMA and FDA. Adhering to multiple regulations and standards is a time-consuming process and increases capital expenditures. In addition, pharmaceutical manufacturing equipment is often expensive to purchase, operate, and maintain. The high upfront costs related to adherence to regulations and maintenance can hinder innovation and product development. They also threaten the entry of emerging or smaller players to enter the market. Moreover, to cater to the ever-changing market demand in the pharmaceutical industry, manufacturing equipment needs to be constantly evolving.