As per The Business Research Company’s dispensing pharmacy packaging machine market report, the market is expected to grow from $2.00 billion in 2023 to $2.52 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%. North America is expected to be the largest region in the market during the forecast period.
The dispensing pharmacy packaging machine market report, in addition to the key drivers, highlights trends and strategies that companies can adopt to achieve maximum growth. Major players in the dispensing pharmacy packaging machine industry are TOSHO Corporation, JVM, Yuyama Manufacturing Co., Ltd., Canon Lifecare Solutions Inc., Takazono Corporation, and Nisshin Medical Device Co., Ltd.
A variety of key drivers are fueling significant growth in the dispensing packaging machine market.
1. Rise in Geriatric Population
A rise in the geriatric population is expected to drive the growth of the dispensing pharmacy packaging machine market. The elderly population is increasing rapidly across the world, and it is expected to continue over the forecast period creating high demand for pharmaceuticals drugs and leading the market growth. Per forecasts, by 2030, 1 in 6 people in the world will be aged 60 years or over. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple in 2050 to reach 426 million.
As the elderly suffer disproportionately from a number of conditions including cancer, dementia, cardiovascular and respiratory disease, the rise in the ageing population is expected to drive the growth of the dispensing pharmacy packaging machine market during the forecast period.
2. Increasing Government Initiatives
In addition, favorable government initiatives will contribute to the growth of the dispensing pharmacy packaging machine market in the forecast period. Governments across the world are encouraging various digital technologies to make dispensing pharmacy packaging machine available for manufacturers.
For instance, in September 2021, President Joe Biden’s administration unveiled its promised initiative to reduce drug prices, saying it will test new ways to reduce such costs for the Medicare health insurance program, including tying payments for medications to their effectiveness. The initiative was announced by the United States Department of Health and Human Services (HHS), which oversees the federal medical insurance program for people 65 and older and the disabled. It will use models to determine how much Medicare pays for medicines based on their clinical value. Thus, the government initiatives will support the growth of the market.
3. Growth in the Pharmaceutical Manufacturing Sector
During the forecast period, the growth of the pharmaceutical manufacturing sector in emerging economies will support the growth of the market. Emerging markets, particularly India and China, offer significant growth opportunities for pharmaceutical packaging equipment providers.
In both countries, governments are emphasizing the development of life science infrastructure by undertaking a number of projects and initiatives to encourage pharmaceutical and biopharmaceutical companies to develop and manufacture drugs for a variety of infectious and chronic diseases. Government assistance in the form of regulatory interventions and investments is an essential first step toward launching innovation-led industry growth.
Dispensing Pharmacy Packaging Machine Market Report
Learn more in-depth about key drivers, opportunities, and strategies in the dispensing pharmacy packaging machine market through The Business Research Company’s Dispensing Pharmacy Packaging Machine Market Report 2022. The report provides dispensing pharmacy packaging machine market size, covering dispensing pharmacy packaging machine market analysis & trends.
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