According to The Association for Packaging and Processing Technologies (PMMI), the U.S. remains the largest market for medical devices and pharmaceuticals, even as the demand on a global scale continues to increase.
In its report Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging Operations, released by PMMI at PACK and Pharma Expo 2016, the association found that some of the issues processors are most concerned about include regulatory issues, the need to contain costs, changing consumer demographics, and advances in 3D printing. According to PMMI’s research, packaging for pharmaceuticals and contract manufacturing are expected to grow at 6% CAGR in developed markets over the next two years.
The research also found that rapid growth is being experienced in the medical device and pharmaceutical sectors in emerging markets, especially China and India.
PMMI VP of Market Development, Jorge Izquierdo, said that “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.”
Izquierdo also said that smart packaging, cold chain logistics, track & trace, sustainability, and other challenges faced by other manufacturers of packaged goods are the same faced by pharmaceutical manufacturers, who have the same opportunities to learn about the most recent advancements and innovations in packaging when the industry as a whole is brought together through the PACK EXPO portfolio of trade shows.
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