Pharmaceutical Glass Packaging Market Worth $22.05 Billion By 2025
The global pharmaceutical glass packaging market size is projected to reach USD 22.05 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% during the forecast period. Governments in developing regions are expanding their public or private healthcare coverage which is expected to drive the demand for this packaging.
Pharmaceutical glass packaging plays a major role in increasing shelf life of the drugs. Growing requirement for brand enhancement and differentiation in an increasingly competitive environment, R&D activities, awareness regarding environmental issues, and adoption of new regulatory requirements for recycling of packaging products are some of the key market drivers.
The market size as well as penetration of glass vials is anticipated to remain high over the forecast period owing to the high inertness of these products to majority of chemicals. Moreover, the vials prevent atmospheric gases such as oxygen as well as carbon dioxide from entering the container, which is anticipated to surge the product demand in the forthcoming years.
The pharmaceutical glass packaging market is expected to face a stiff composition from other plastic substitutes such as Polyethylene Terephthalate (PET), High-density Polyethylene (HDPE), Low-density Polyethylene (LDPE), and Polystyrene (PS) not only for the development of non-parenteral containers but parenteral containers as well, which is expected to hinder the market growth in near future.
Asia Pacific is estimated to witness the fastest CAGR of over 9% during the forecast period on account of increasing production volumes in emerging economies including India and China. China is expected to emerge as one of the major consumers of pharmaceutical glass packaging.
Further key findings from the report suggest:
- In terms of revenue, pharmaceutical glass bottles is projected to ascend at a CAGR of 4.8% over the forecast period
- Cartridges and syringes contributed approximately over 9.8% to the total market in 2018
- Pharmaceutical glass packaging for generic drug types led the global market, constituting a revenue share of over 71.3% in 2018
- In terms of product, vials emerged as the second largest segment in 2018, registering a revenue of USD 4.66 billion. The segment is expected to expand at a CAGR of 7.0% in the forthcoming years
- Biologics accounted for 6 of the top 8 drugs, in terms of revenue, in 2018. Biologics are attractive for the global pharma industry as they provide benefits in the underserved therapeutic areas, which is anticipated to fuel the growth
- North America pharmaceutical glass packaging market is anticipated to expand at a CAGR of 3.6% in the forthcoming years.Expiration of patents, rise in aging population, and various efforts from governments and health care service providers to increase consumer awareness are likely to propel the utilization of generic drugs in the region
- SCHOTT AG; Gerresheimer AG; Nipro Pharmapackaging; Corning Incorporated; Şişecam Group; Stevanato Group; Arab Pharmaceutical Glass Co.; Beatson Clark; and Owens-Illinois, Inc. are some of the key manufacturers of pharmaceutical glass products such as ampoules, cartridges and syringes, vials, and bottles