PMMI: US remains largest market for pharmaceuticals and medical devices
The US continues to be the largest market for pharmaceutical and medical devices, according to PACK EXPO organizer PMMI, The Association for Packaging and Processing Technologies.
PMMI released the findings of its Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging Operations report at PACK EXPO International and Pharma EXPO 2016.
Looking globally, branded and specialty drugs and innovative medical devices will likely drive spending growth in the developed markets, while an overall increase in the use of pharmaceuticals and medical devices are projected to spur development in emerging markets.
Contract manufacturing and packaging for pharmaceutical products in developed markets are forecasted to grow at 6% compound annual growth rate (CAGR) through 2018, according to PMMI's research.
Mergers and acquisitions will also remain a major component of strategic growth, with mergers up 66% from 2014 to 2015 and predictions of strong continued activity.
Emerging markets, particularly India and China, are seeing rapid growth in pharmaceuticals and medical devices.
"With two out of three companies predicting the need to spend more on capital equipment in the next 12 to 24 months there are great opportunities for OEMs in both pharmaceuticals and medical devices," said Jorge Izquierdo, Vice President, Market Development, PMMI.
"Pharmaceutical manufacturers face many of the same opportunities that other packaged goods manufacturers are challenged with, such as sustainability, smart packaging, 3D printing, track & trace and cold chain logistics. The PACK EXPO portfolio of trade shows consistently bring the entire packaging industry together to learn about the latest innovations and advancements benefitting all market sectors," he added.
As the report highlights, pharmaceutical manufacturers are subject to some of the most rigorous standards for package printing and labeling. It is critical that pharmaceutical and medical device manufacturers stay abreast of the ever-evolving requirements including necessary counterfeit prevention and security features. Regulations requiring Serialization and Unique Product Identification (UDI) will continue to impact the entire supply chain.
