PMMI's 2016 Report highlights U.S. as largest market for pharmaceuticals and medical devices.
Press Release Summary:
November 28, 2016 -
Releasing findings in its Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging Operations report at PACK EXPO International and Pharma EXPO 2016, PMMI - PACK EXPO owner and producer - states that U.S. continues to be the largest market for pharmaceutical and medical devices. Report also reveals that pharmaceutical manufacturers are subject to some of the most rigorous standards for labelling and package printing.
Original Press Release
U.S. Remains Largest Market for Pharmaceuticals and Medical Devices
Press release date: November 24, 2016
The U.S. continues to be the largest market for pharmaceutical and medical devices, according to PACK EXPO owner and producer PMMI, The Association for Packaging and Processing Technologies. As the global demand for medicines and devices rise, processors are concerned with issues such as changing consumer demographics, regulatory issues, the need for cost containment, advances in 3D printing and updating legacy lines.
PMMI released the findings of its Pharmaceutical and Medical Devices: Trends and Opportunities in Packaging Operations report at PACK EXPO International and Pharma EXPO 2016.
Looking globally, branded and specialty drugs and innovative medical devices will likely drive spending growth in the developed markets, while an overall increase in the use of pharmaceuticals and medical devices are projected to spur development in emerging markets. Contract manufacturing and packaging for pharmaceutical products in developed markets are forecasted to grow at six percent CAGR through 2018, according to PMMI’s research. Mergers and acquisitions will also remain a major component of strategic growth, with mergers up 66 percent from 2014 to 2015 and predictions of strong continued activity. Emerging markets, particularly India and China, are seeing rapid growth in pharmaceuticals and medical devices.
“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,” says Jorge Izquierdo, vice president, Market Development, PMMI.
“Pharmaceutical manufacturers face many of the same opportunities that other packaged goods manufacturers are challenged with, such as sustainability, smart packaging, 3D printing, track & trace and cold chain logistics. The PACK EXPO portfolio of trade shows consistently bring the entire packaging industry together to learn about the latest innovations and advancements benefitting all market sectors,” Izquierdo adds.
As the report highlights, pharmaceutical manufacturers are subject to some of the most rigorous standards for package printing and labeling. It is critical that pharmaceutical and medical device manufacturers stay abreast of the ever-evolving requirements including necessary counterfeit prevention and security features. Regulations requiring Serialization and Unique Product Identification (UDI) will continue to impact the entire supply chain.
PMMI’s PACK EXPO portfolio of trade shows continuously brings opportunities for the packaging machinery industry to support and grow the industry. PACK EXPO East 2017, the industry’s premier trade show experience in the East, returning to Philadelphia (Feb. 27–Mar. 1, 2017), brings together suppliers of packaging innovations for pharmaceutical/medical device, food, beverage, cosmetic/personal care, chemical/household and other packaged goods that serve companies of all sizes. With one-third of the nation’s consumer packaged goods companies and the majority of major pharmaceutical manufacturers located within 200 miles of Philadelphia, PMMI is expecting another top-tier event for the growing industry.
To download PMMI’s full 2016 Pharmaceutical and Medical Devices report, visit PMMI.org. For more information, contact Paula Feldman, director, Business Intelligence, PMMI: email@example.com.
PMMI, The Association for Packaging and Processing Technologies, represents the voice of more than 750 North American manufacturers and suppliers of equipment, components and materials as well as providers of related equipment and services to the packaging and processing industry. We work to advance a variety of industries by connecting consumer goods companies with manufacturing solutions through the world-class PACK EXPO portfolio of trade shows, leading trade media and a wide range of resources to empower our members. The PACK EXPO trade shows unite the world of processing and packaging to advance the industries they serve: PACK EXPO International, PACK EXPO Las Vegas, Pharma EXPO, PACK EXPO East, EXPO PACK México, EXPO PACK Guadalajara and ProFood Tech, launching in April 2017. PMMI Media Groupconnects manufacturers to the latest solutions, trends and innovations in processing and packaging year-round through brands including Packaging World, Automation World, Healthcare Packaging, Contract Packaging, ProFood World and Packaging + Processing OEM. PMMI Business Drivers assist members in pursuing operational excellence through workforce development initiatives, deliver actionable business intelligence on economic, market and industry trends to support members' growth strategies, and actively connect the supply chain throughout the year.