The global pharmaceuticalglass packaging market is set to gain momentum from the increasing developmentof new types of glasses owing to the high demand from the pharmaceuticalindustry. This information is given by Fortune Business Insights™ in a newstudy, titled, “Pharmaceutical Glass Packaging Market Size, Share &Industry Analysis, By Product (Vials & Ampoules, Bottles, Cartridges, andSyringes), By Drug Type (Generic, Branded, and Biologic), and RegionalForecast, 2020-2027.” The study further mentions that the pharmaceutical glasspackaging market size was USD 6.31 billion in 2019 and is projected to reach USD10.76 billion by 2027, exhibiting a CAGR of 6.3% during the forecast period.
Surging Demand for Drugs Associated with COVID-19 to Affect GrowthPositively
The COVID-19 pandemic has severelyaffected a large number of industries worldwide. But, the pharmaceuticalindustry was least impacted as governments of various countries declared it tobe essential. Many pharmaceutical glass packaging manufacturers are experiencinghigh demand forCOVID-19-related products. Hence, they are implementing noveltechnologies to automate their operations. Our research reports will help youbetter understand the current scenario of the market so that you can adopt theright strategy.
How Did We Create This Report?
As customer expectations arechanging, the aspirations of dealers are also transforming rapidly.Distribution channels are becoming complex. To provide our clients withdetailed information, we have conducted extensive primary and secondaryresearch. We have thoroughly investigatedeach opportunityqualitatively and quantitativelyso that our clients get a complete picture of both emerging and existingopportunities in the market forpharmaceutical glass packaging. We have alsoconducted a techno-economic study.
Drivers & Restraints-
Rising Awareness of Health to Favor Growth
The pharmaceutical industry isexpanding rapidly across the globe. The rising expenditure on public healthcaresystems, increasing awareness of health, and astonishingly surging populationare the prime factors for the pharmaceutical glass packaging market growth inthe upcoming years. However, the industry is making more usage of plasticpackaging nowadays backed by its impact resistance, cost effectiveness, easymolding, and flexibility properties. It may lower the demand for pharmaceuticalglass packaging.
Segment-
CartridgesSegment to Grow Steadily Fueled by High Demand for Self-administeredInjectables
Based on the product, thecartridges segment generated 11.0% in terms of the pharmaceutical glasspackaging market share in 2019. This growth is attributable to the increasingdemand for multi-dosage and self-administeredinjectables. The bottles segmentis expected to remain at the forefront stoked by the rising preference for suchpharmaceutical glass packagingas they can contain ophthalmic products, syrups,capsules, and tablets.
Regional Insights-
Increasing Spending on Healthcare to Help North America Remain at theForefront
Geographically, North Americaprocured USD 2.12 billion in 2019 in terms of revenue. The ongoing expansion ofthe pharmaceutical industry would propel the regional growth. Besides, theincreasing prevalence of various diseases, as well as surging spending on healthcareis likely to propel growth.
Europe, on the other hand, is projectedto remain in the second position throughout the forthcoming years on account ofthe rising government guidelines for controlling the transmission of COVID-19.Italy, Germany, and the U.K. are considered to be the main contributors to thisgrowth. In Latin America, governments are implementing new policies, such as favorabletariff protection. Coupled with this, the increasing geriatric population wouldaccelerate the demand forpharmaceutical glass packaging.
Competitive Landscape-
Key Players Focus on Launching Innovative Packaging Solutions to StrengthenTheir Positions
The global market for pharmaceuticalglass packaging houses multiple reputed companies that are presently focusingon developing unique products to cater to the high demand worldwide. Also, theCOVID-19 pandemic has resulted in the high demand for robust packaging. Belowis one of the latest industry developments:
· March 2019:SCHOTTunveiledEVERIC™,new generation of ultra-pure pharmaceutical vials in the market. The newproduct will allow pharmaceutical companies to gain access to a state-of-the-artblend of attributes to pack biologic drugs. At the same time, they can keep upwith the current quality requirements of finish lines and fill.
A list of all the prominent pharmaceutical glass packaging manufacturersoperating in the global market:
· Corning Inc. (New York, U.S.)
· Nipro Corporation (Osaka, Japan)
· SCHOTT (Mainz, Germany)
· Gerresheimer AG (Dusseldorf, Germany)
· SGD S.A. (France)
· Stölzle-Oberglas GmbH (Köflach, Austria)
· Bormioli Pharma (Philadelphia, U.S.)
· West Pharmaceutical Services, Inc. (Pennsylvania,U.S.)
· Shandong Medicinal Glass Co., Ltd. (China)
· Beatson Clark (U.K.)
· Şişecam Group (Tuzla, Turkey)
· Others
Information Source:
https://www.fortunebusinessinsights.com/pharmaceutical-glass-packaging-market-104710
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