The global pharmacy accessory bagging system (PABS) market is expected to increase at a growth rate of around 5.0% to 5.5% during the forecast period
The pharmacy accessory bagging system is gaining a lot of attention with the growth of the global pharmaceutical market, owing to the pandemic. The machine efficiently packs any contents that are needed to be bagged and shipped.
The common workflow of the machine starts with feeding the rolls of bags into the machine which are then transferred into the loading and sealing area and after the contents are filled the bag, and it is sealed by the application of heat. The machine is capable of packaging a significantly higher number of products in a comparatively lesser timeframe which drastically increases the efficiency of the manufacturers.
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Currently, in the packaging machinery market, automated machines are gaining traction as they not only help in improving overall efficiency but also avoid a lot of wastage due to their preciseness.
The pharmacy accessory bagging system is common among users who are in the need of packaging a high volume of products in a comparatively shorter period. The automation in the pharmacy accessory bagging systems has been successful in attracting many customers because of its enhanced capabilities and overall cost-effectiveness.
The changing consumer behavior regarding the consumption of vitamins, nutritional supplements and keeping stock of common medicines due to the pandemic has resulted in incremental growth of the pharmaceutical industry.
The sheer volume of products supplied by the pharmacies has significantly increased in the past couple of years. This has resulted in generating heightened demand for a variety of medical supplies among the manufacturers. To satisfy this demand, the applications of automated packaging machinery like pharmacy accessory bagging machines among the manufacturers have been drastically improved.
Currently, the most common challenge faced by the pharmacy accessory bagging systems is its high initial cost of purchase and installation.
The machine has been successful in generating consistent demand for the major players in the market but there are many small players in the pharmaceutical industry that are hesitant towards investing in the fully automatic pharmacy accessory bagging system, owing to its comparatively higher costing than other manual and semi-automatic machines. The comparatively higher initial costing might prove to be a restraint in the growth of the target market.
Key global players such as
Asian players in the pharmacy accessory bagging systems market are
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The key players in the pharmacy accessory bagging system market are offering innovative and customized machines to their customers to gain maximum market share.
The customization in terms of integrating different systems like label printing, bar code printing, weighing machine, etc. is gaining popularity among the customers. The key players are also adopting strategies like partnerships, mergers and acquisitions in an attempt to enhance their geographical presence.
Currently, the demand for pharmacy accessory bagging systems is significantly higher from the major players in the pharmaceutical industry in the developed nations. There is tremendous scope for the manufacturers to expand their operations and target the players from emerging nations.
The pharmaceutical industry has witnessed an exponential growth in the emerging nations owing to the pandemic, in turn creating a massive opportunity for the manufacturers of pharmacy accessory bagging systems.
The automated machinery industry in China is anticipated to grow consistently because of its favorable infrastructure for manufacturing processes. The country offers cheaper labor, ease in availability of raw materials and also favorable government policies towards manufacturing processes.
Further, the pharmaceutical industry in China is well established with the presence of some of the major players hoping to benefit from the increasing population of the country. All these factors are anticipated to augment the demand for pharmacy accessory bagger system market in the country.
The COVID-19 pandemic has severely affected the machinery industry across the globe. The major problem faced by the manufacturers is the cost-cutting strategies adopted by many industry players that resulted in slowing the demand for the comparatively costly automatic machines. The pharmacy accessory bagging systems also experienced certain stagnancy in its demand from the market due to the pandemic.
But with its applications to the pharmaceutical industry, the adverse effects of the pandemic have been dampened compared to its effects on other types of machinery in the market.