The market is expected to have a decent CAGR in the mentioned forecasting period. It is predicted that the market will continue to expand itself with the recent developments in Pharmaceutical sector.
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According to the study, The Latin America Pharmaceutical Packaging Equipment Market was worth USD 0.44 billion in 2016 and estimated to be growing at a CAGR of 6.5%, to reach USD 0.6 billion by 2021.
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Pharmaceutical packaging equipment are the devices that are used for the packing of pharmaceutical products in order to protect them against harmful toxins and rays.
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The packaging also prevents the deterioration of the quality of products, protecting them against bacterial growth and thus increases their life span. Pharmaceutical packaging mainly includes primary packaging system, secondary packaging system and labelling system.
The Latin America Pharmaceutical Packaging Equipment market is driven by factors increasing stability of the economy, the increase in the number of pharmaceutical companies and increasing awareness in the healthcare sector. However, factors like unstable political scenario, high competition for pharmaceutical products and regulations by government agencies is restricting the market growth in this region.
The Latin America Pharmaceutical Packaging Equipment market is broadly categorized into Primary Packaging Equipment, Secondary Packaging Equipment and Labelling & Serialization Equipment on the basis of Packaging. The primary packaging equipment includes Aseptic Filling and Sealing Equipment, Bottles Filling and Capping Equipment, Blister Packaging Equipment, Soft-Tube Filling and Sealing Machines, Sachet Packaging Equipment, Strip Packaging Equipment, Counting Equipment and Others.
The secondary packaging equipment includes Cartoning Equipment, Case Packaging Equipment, Wrapping Equipment, Tray Packaging Equipment, Palletizing and De-palletizing Equipment and Others. The labelling and serialization equipment includes Bottles and Ampoules, Cartons and Data-matrix.
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Further the market is segmented on the basis of Product into Liquid Packaging Market, Solid packaging Market and Semi-solid Packaging Market. Liquid packaging market covers equipment for Aseptic Liquids, Syrups, Ear/Eye drops, Aerosols and others while solid packaging market covers equipment for Tablets, Capsules, Powders and Granules.
The semi-solids packaging covers Ointments, creams and Suppositories.
The Latin America region is geographically analysed under Brazil, Mexico, Argentina, and remaining countries of South America. The region hosts many developing countries and thus there is a scope for Pharmaceutical packaging equipment market to grow significantly in the forecast period.
The stabilizing economy of the countries like Brazil and Mexico also plays a key role for driving the market.
Some of the major competitors dominating the market by their Packaging Equipments are Robert Bosch GmbH (Germany), Körber AG (Germany), Marchesini Group S.p.A. (Italy), Multivac Group (Germany), Uhlmann Group (Germany), OPTIMA Packaging Group GmbH (Germany), and Romaco Pharmatechnik GmbH (Germany).
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