The global pharmaceutical tablet market is growing due to a rapid increase in the global aging population as well as more people getting diagnosed with chronic and infectious diseases. The vast and ever-growing pool of patients are target audience benefitting from the evolving technological innovations in research and development in the pharma industry.
The designing and manufacturing of pharmaceutical tablets are highly complex. The multi-step manufacturing process is successful only when the correct amount of the drug substance in the right physical form is added at the right time. Due to this, there is a high demand for pharma professionals and for data analytics professionals in the industry.
In spite of this, the market is experiencing growth hindrance from the growing popularity of parallel sciences such as Ayurveda and Naturopathy. These modes of medicine are giving patients alternative options for taking medicine.
Market Segmentation Of The Pharma Tablet Industry
The industry can be segmented by the type of product and geography. As per the product, the tablet industry can be segmented into tablet processing and tablet packaging. The tablet processing market can be further segmented into milling equipment, granulators which include spray dryer, roll compactors, and rapid mixer granulators. The processing can also be done through vibrio sifters and blenders which include mass mixers, double cone mixers, octagonal mixers, etc. On the basis of the feedstock of the product, the market can also be segmented into the tablet press (multi-stage press or the single-stage press) and finally as per the tablet coating machines which can be of the type of air suspension coater and perforated coating pan to name a few.
According to geography, the tablet industry is spread across 5 major regions of the world namely Latin America, Europe, North America, the Middle East, and Africa. As per tablet industry analysis, companies are increasingly implementing various strategies to expand their product and market influence in order to have a larger market share. Europe and North America are expected to witness a heightened growth in the tablet packaging market due to a rise in health policies in these regions.
Market Giants and Upcoming Trends In The Pharma Industries
Key strategies that most tablet companies follow are to come up with new product launches and the expansion of new as well as seasoned products. Leading players who keenly follow these strategies are The Elizabeth Companies, GEA Group, and I.M.A. (Industria Macchine Automatiche S.p.A) to name a few. Countries such as Germany and Finland play a pivotal role in the European tablet market. They are identified as the key suppliers for the region. Latin America has stringent pharma regulations because of which the tablet market there is highly specialized and has a high investment in research and development.
Improved cloud-based technologies and the introduction of hardware in the pharma industry can augment strong and aggressive growth as well as rapid expansion on a global scale. The developed and developing countries are actively updating their pharmaceutical policies aimed at boosting the consumption and the manufacture of tablets for domestic use and international trade.