The pharmaceutical processing and packaging equipment market is expected to reach $30.8 billion by 2031, growing at a CAGR of 5.3% from 2024 to 2031. The pharmaceutical sector is experiencing unprecedented growth, fueled by a notable increase in disease prevalence, aging demographics, and enhanced research and development investments. As global health challenges escalate, the demand for pharmaceuticals—and the advanced processing and packaging equipment necessary to support this demand—is predicted to rise sharply.
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Cancer and Diabetes Trends
As reported by the Cancer Tomorrow project, the global incidence of cancer was 19.3 million cases in 2020, with projections of 30.2 million cases by 2040. This urgent need for innovative treatments is compounded by the rising rates of diabetes, with the International Diabetes Federation noting that around 463 million adults were living with the condition in 2019, a number expected to climb to nearly 700 million by 2045. This alarming trend in chronic diseases will drive significant growth in the pharmaceutical industry.
Impact of Aging Populations
The aging global population is a critical factor in the increasing demand for pharmaceuticals. The World Health Organization estimates that, by 2020, the number of people aged 60 and older reached 1 billion and will exceed 2.1 billion by 2050. The elderly are more susceptible to chronic conditions, leading to a further rise in pharmaceutical needs.