Pharmaceutical Equipment Market Size (2024 - 2029)

Pharmaceutical Equipment Market Analysis

The Pharmaceutical Equipment Market size is estimated at USD 24.27 billion in 2024, and is expected to reach USD 30.42 billion by 2029, at a CAGR of 4.62% during the forecast period (2024-2029).

Factors such as high pharmaceutical and biopharmaceutical industry growth and technological developments are expected to increase market growth over the forecast period.

Rising investments from pharmaceutical and biopharmaceutical companies to expand their presence are anticipated to boost market growth. For instance, in January 2024, AbbVie enhanced its manufacturing capabilities by initiating a USD 223 million expansion at its Singapore facility. This investment will add 24,000 liters of biologics drug-substance capacity to AbbVie's global manufacturing network. The expansion aims to support AbbVie's current products and emerging immunology and oncology compounds in its pipeline. Therefore, investments in new drug facilities are expected to increase the adoption of pharmaceutical equipment for upstream and downstream processes, driving market growth.

In addition, in February 2024, AstraZeneca allocated USD 300 million to establish a state-of-the-art facility in Rockville, Maryland, to launch its critical cell therapy platforms in the United States. These platforms will support essential cancer trials and future commercial production. This investment is primarily focused on manufacturing T-cell therapies to facilitate global clinical trials. Therefore, increasing investment in cancer research is expected to enhance the adoption of pharmaceutical equipment for lead characterization, lead optimization, and other preclinical identifications, thereby bolstering market growth.

Furthermore, the rising technological advancements from the key market players such as the launch of technologically advanced and innovative pharmaceutical equipment is anticipated to increase the adoption, thereby propelling the market growth. For instance, in March 2024, KORSCH America will introduce its latest tablet press to the North American market at INTERPHEX in New York City. The company will debut its X 5 Tablet Press, which significantly increases single-sided output while maintaining flexibility and rapid changeover design and offers an output capacity more than 50% higher than the company’s flagship XL 400, despite a slightly larger footprint.

Therefore, the factors such as rising pharmaceutical investments and advancements in the technology of pharmaceutical equipment are the factors anticipated to foster the market growth. However, the high cost of equipment is expected to hinder market growth.

Pharmaceutical Equipment Industry Segmentation

As per the scope, pharmaceutical equipment helps manufacturers produce drugs with desired qualities and properties. The pharmaceutical equipment market is segmented by type, formulation, end user, and geography. By type, the market is segmented into weighing equipment, lyophilizer, pharmaceutical water equipment, granulating equipment, packaging equipment, and others. By formulation, the market is segmented into tablets, capsules, injectables, and other formulations. By end user, the market is segmented into pharmaceutical manufacturing companies, contract manufacturing, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across the major regions globally. The report offers the values (in USD) for the above segments.