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The Dispensing Pharmacy Packaging Machine Global Market is projected to experience robust growth in the coming years. From a market size of $2.03 billion in 2023, it's estimated to grow to $2.21 billion in 2024, reflecting a compound annual growth rate CAGR of 8.9%. This growth is primarily driven by an increase in pharmaceutical R&D expenditure, increased healthcare spending, rise in disposable income, growing penetration of retail pharmacies, and increasing population. Moreover, the market size is expected to reach $3.18 billion by 2028, with a CAGR of 9.5%.
What Is Driving The Growth Of Delivery Pharmacy Packaging Machine Market?
A key growth driver in the market is the rise of biopharma, which refers to medical drugs produced using biotechnology. Pharmaceutical packaging machinery provides efficient solutions for preparing pharmaceutical and nutraceutical products for distribution. According to HCP Detection, an International organizational website for detecting host cell protein data, global biopharmaceuticals are escalating, with a forecast to reach USD 341.16 billion by 2023. This growth in biopharma is expected to further propel the dispensing pharmacy packaging machine market.
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Which Market Trends Are Impacting The Growth Of Dispensing Pharmacy Packaging Machine Market?
An emerging trend in the market is the technological advancements brought about by major players in the industry. For instance, in October 2021, ATS Packaging Machinery, an Italy-based company, introduced their new Gemini capping machine. This innovation features Siemens machine control technology, providing preventative maintenance, remote diagnostics, service support, and is suitable across a wide range of industrial applications including pharmaceuticals.
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Who Are The Key Players In The Dispensing Pharmacy Packaging Machine Market?
The market report includes major companies such as Yuyama Manufacturing Co Ltd, TOSHO Inc, Marchesini Group SPA, Canon Inc, JVM Co Ltd, Takazono Corporation, I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A, Optima Packaging Group GmbH, Romaco Group, Bausch+Stroebel, Uflex Limited, Parekhplast India Limited, Essel Propack Limited, Nipro India Corporation Pvt. Ltd, Shanghai Fosun Pharmaceutical Group Co Ltd, Yung Chung machinery co, and Jiangsu Yangtze River Pharmaceutical Group among others.
How Is The Market Segmented?
The dispensing pharmacy packaging machine market can be segmented by:
1 Product Type: Fully Automatic, Semi-Automatic
2 Speed: Low Speed, Standard Speed, High Speed
3 Function: Filling, Wrapping, Mixing And Split, Other Functions
This segmentation offers insights into the distinct sections within the market, providing an overview of the diverse solutions these machinery provide.
A Look At Regional Insights
Asia-Pacific was the largest region in the dispensing pharmacy packaging machine market in 2023, indicating the region's growing prominence in the healthcare and pharmaceutical industry. Other regions covered in the market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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