A recent report, released by non-profit organisation for packaging and processing technologies, PMMI has shown that the US is the largest market for pharmaceutical and medical devices.
Medical Packaging
The report looked into the global pharmaceutical and medical device market, showing how specialty drugs and innovative medical devices will drive spending growth. An increase in the use of pharmaceuticals and medical devices are projected to urge development in emerging markets.
The rise in global demand is expected to bring about issues such as changing consumer demographics, regulatory issues, the need for cost containment, advances in 3D printing and updating legacy lines.
PMMI’s research highlights that mergers and acquisitions will remain a major component of strategic growth. It also states how contract manufacturing and packaging for pharmaceutical products in developed markets are forecasted to grow.
Emerging markets in India and China are seeing rapid growth in the pharmaceuticals and medical devices according to PMMI.
“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,” says Jorge Izquierdo, vice president, Market Development, PMMI.
The report was released at the Pack Expo, a trade show bringing together suppliers of packaging innovations for pharmaceutical, medical devices and more.