LONDON--(BUSINESS WIRE)--The blister packaging machinery market size is poised to grow at a CAGR of over 10% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The pharmaceutical industry is one of the major end-users for the blister packaging machinery market. The alarming increase in cardiovascular problems, diabetes, nervous system disorders, the growth of the aging population, and new launches by pharmaceutical manufacturers are driving the demand for the pharmaceutical products such as drugs and medicines that require blister packaging. Moreover, blister packaging reduces the cost of the packaging of OTC drugs by 50%. Thus, the increase in demand for the blister packaging solutions, from the pharmaceutical sector will drive the growth of the global blister packaging machinery market during the forecast period.
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As per Technavio, the reduction in cost through automated machines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Blister Packaging Machinery Market: Reduction in Cost Through Automated Machines
Blister packaging of pharmaceutical drugs using manual processes proves expensive when compared to automated blister packaging solutions. The manual task generally involves various activities such as picking up of the blister card and blister insert, sealing of blister card, and labeling of the final product. On an average, around 1.5 minutes is taken for manually filling and labeling of a unit dose blister card that has an average of 35 doses. Thus, companies are shifting to automated blister packaging machinery that cuts down the time and labor cost by more than 50% due to the high precision and increased efficiency of the machines. Thus, the reduction in cost and other advantages of automated machines will drive the demand for blister packaging machinery during the forecast period.
“Factors such as the increasing use of robotic blister packaging machinery, growing demand for multi-functional blister packaging machinery and the development of hygienic blister packaging machinery will have a significant impact on the growth of the blister packaging machinery market value during the forecast period,” says a senior analyst at Technavio.
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Blister Packaging Machinery Market: Segmentation Analysis
This market research report segments the blister packaging machinery market by application (pharmaceutical, food, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2019, followed by Europe, North America, South America, and MEA respectively. The growth of the blister packaging machinery market share in APAC can be attributed to factors such as the increase in the middle-class population and the strong growth of the economy in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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