Pharmaceutical Glass Packaging Market Poised to Reach USD 7.51 Billion by 2026
Published | 05 March 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global pharmaceutical glass packaging market reached USD 5.77billion in 2020. The market is further expected to reach USD 7.51 billion by 2026 and is projected to grow at a CAGR of 4.4% during 2021-2026 (forecast period). The growth of the global pharmaceutical glass packaging market has been positively impacted by the growing demand for glass packaging products. Glass packaging helps prevent any intervention of gases present in the atmosphere besides averting the possibility of any contamination caused due to these gaseous substances. Additionally, it alsohelps enhance product life. Pharmaceutical drugs are in high owing to factors such as exponential growth inthe global population, and an increase in public healthcare expenditure, to name a few.
Higher reliability & recyclability rates than plastics have contributed to its adoption
Most of the developing &developed countries are facing extreme climate change threats. To address this growing issue, countries are resorting to glass packaging for pharmaceutical products. As a result of this growing issue, the demand for plastic packaging has dropped, while the demand for glass packaging has increased. The global pharmaceutical industry is directly affected by the surging health expenditure. For instance, according to the U.S. Centers for Medicare & Medicaid Services, the U.S., which is known to be the largest consumer of pharmaceutical products, has seen a substantial increase in its health expenditures. It grew from 17.3% in 2012 to 17.7 % in 2019. However, the growth is now witnessing a downward trend due to the impact of COVID-19. Also, the pharmaceutical glass packaging market is expected to witness major demand coming from developing countries, primarily India. The country is exhibiting major policy changes in order to reduce plastic wastes.
Less reactiveness to the components present in the pharmaceuticals
The non-reactivity of pharmaceutical glass packaging to the materials inside is one of the reasons for its growing popularity. For example, some plastics are made of an industrial chemical called Bisphenol-A. When the chemical comes into contact with the elements present in the medicine, it can raise blood pressure levels besides causing brain damage.Industrial chemicals present in plastic can damage the elements present in the medicine, thereby affecting the entire product.As a result, glass packaging is becoming increasingly popular these days. Glass packaging provides an extra layer of chemical resistance that preserves the components within the products. This is one of the major reasons why glass packaging is preferred over plastic packaging in the global pharmaceutical glass packaging market.
Vialsoccupy the largest market share in the product category
There are four main categories of products in the pharmaceutical glass packaging market. It consists of the vials (which can be bifurcated into small& large ones), syringes, ampoules, and cartridges. The large vials are used for the packaging of liquid medicines, powders as well as capsules. Due to the recyclability of the vials, it holdsthe top position in the market. The vials category hasseen a dramatic increase since the pandemic due to their nature. Besides preserving vaccines, it keeps the vaccines safe besides protecting them from any contamination. Moreover, it is crafted using Type–I borosilicate glass which enhances chemical resistance, thereby protecting the product from damage.
Global Pharmaceutical Glass Packaging Market: Regional Insights
Based on region, the market has been categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The developing nations are anticipated to witness a rise in healthcare expenditures which can help drive the growth of the pharmaceutical glass packaging market. With the U.S being the biggest player in the pharmaceutical industry, North America is expected to dominate the pharmaceutical glass packaging market.
On the other hand, Asia-Pacific is also expected to exhibit exponential growth prospects in the pharmaceutical glass packaging market. The surge in public & private healthcare is expected to help drive the growth of Asia’s pharmaceutical glass packaging market. Additionally, low-cost labor in the region has also contributed to rising Foreign Direct Investment (FDI) in the pharmaceutical glass packaging market. The rise in the FDI could aid in the allocation of funds toward more efficient glass packaging.
COVID Impact Analysis
The COVID-19 pandemic has had a positive impact on the overall pharmaceutical glass packaging market, especially in the bottles category for the European market, due to the rising demand for hand sanitizers. The number of COVID-19 cases rose exponentially in 2020, resulting in a boom in bottled glass packaging. One of the reasons for the rapid growthcan be its chemical resistance. Owing to supply disruptions, the pharmaceutical glass packaging industry took a hit in the initial days. However, the market has been surging thereafter.
Due to its eco-friendly nature &good chemical resistance, Vials saw the sharpest growth in demand during the pandemic. As more and more vaccines are getting emergency approvals, the vials & syringe market are expected to see a sharp growth in the glass packaging. However, the demand for special syringes outweighs the demand for other syringes as special syringes contain six vaccine doses per vial compared to the normal syringe which expels fewer doses than the special syringes. For example, Pfizer vaccines expel five doses per vial. Thus, a special syringe might help the government meet its targets more quickly and efficiently than normal syringes.
The leading players include SCHOTT Pharmaceutical Packaging, Gerresheimer AG, Nipro Corporation, SGD Pharma, Shandong Qidu Pharmaceutical Co., Ltd, Bormioli Rocco S.P.A, Ardagh Group S.A., West Pharmaceutical Services, Inc., Piramal Glass, Stölzle-Oberglas Gmbh, and other prominent players.The pharmaceutical glass packagingmarketis fragmented in nature. The rise in government initiatives and programs backed by rising demand for injectables or orals has resulted in more business opportunities. In terms of competition, SCHOTT, Gerresheimer Incorporated, and Corning Incorporated are expected to leadthe pharmaceutical glass packagingmarket in the coming years.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Pharmaceutical Glass Packagingmarket.It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Pharmaceutical Glass Packagingmarket and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
- Global Pharmaceutical Glass Packaging Market By Product(Vials, Ampoules, Syringes, Cartridges), By Material Type(Type-I, Type-II, Type-III), By Application (Generic, Biologic Branded), By Region (North America, Europe, Asia-Pacific, Latin America, the Middle East &Africa); Trend Analysis, Competitive Market Share & Forecast, 2017-2026
Publish Date: March 2021
The global pharmaceutical glass packaging market reached USD 5.77 billion in 2020. The market is further expected to reach USD 7.51 billion by 2026 and is projected to grow at a CAGR of 4.4% during 2021-2026
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