Discover your next big idea for life sciences at PACK EXPO Las Vegas
Experience a breakthrough in life sciences packaging—explore solutions from 2,300 suppliers spanning all industries, all in one place this September

Pharmaceutical and Medical Device Companies Optimistic Despite Investment Decline

The pharmaceutical and medical device industry is mellowing after a sharp increase in scheduled projects in 2022, but growth continues.

The pharmaceutical and medical device sector is growing in 2023, but has growth has slowed in comparison to 2022.
The pharmaceutical and medical device sector is growing in 2023, but has growth has slowed in comparison to 2022.
Getty Images

This year’s pharmaceutical and medical device investments are a far cry from the success of 2022, but the industry continues to grow at a slower pace.

That’s according to PMMI Business Intelligence’s 2023 report, “Purchasing Plans and Priorities.” The report analyzes packaging industry sectors through a purchasing index that measures expected investments, scheduled projects, and the number of SKUs manufactured, with an index of 50 representing the midpoint or no change.

Pharmaceutical and medical device companies are optimistic about market trends, with expected increases in investments at an index of 69.1, scheduled projects at 71.4, and the number of SKUs at 73.8.The pharmaceutical and medical device sector's purchasing index shows growth, but at a slower rate than the packaging industry overall.The pharmaceutical and medical device sector's purchasing index shows growth, but at a slower rate than the packaging industry overall.PMMI Business Intelligence: 2023 Purchasing Plans and Priorities

Those numbers show industry expansion, but compared to 2022, these companies anticipate a significant deceleration in the number of scheduled projects. The prior PMMI purchasing index measurement for scheduled projects was 91.7.

The pharma and medical device sector is also trending lower than the overall industry in every category. The total industry’s 2023 index is 75.6 for equipment investments, 77.5 for scheduled projects, and 76.8 for the number of new SKUs.

Pharmaceutical and medical device industry concerns

List: Digitalization Companies From PACK EXPO
Looking for CPG-focused digital transformation solutions? Download our editor-curated list from PACK EXPO featuring top companies offering warehouse management, ERP, digital twin, and MES software with supply chain visibility and analytics capabilities—all tailored specifically for CPG operations.
Download Now
List: Digitalization Companies From PACK EXPO
Medical Device Innovations Report
Cutting-edge packaging technologies are transforming the medical device sector in PMMI’s “Innovation in Medical Device” report, featuring advanced materials, smart solutions, and evolving regulations. Editors share insights from nearly 300 PACK EXPO booth visits—each product deemed new and truly innovative—alongside video demonstrations of the equipment and materials on display.
Learn More
Medical Device Innovations Report