PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1394647
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1394647
Pharmaceutical glass packaging refers to a type of packaging made from a variety of glass components and designed to ensure the secure carriage of various medical products. By nature, glass is so resistant to temperature changes, using it for pharmaceutical packaging presents many advantages. Glass is extensively used to package a variety of pharmaceutical drugs and medicines. Ultra-resistant borosilicate glass, soda-lime glass with a surface treatment, normal soda-lime glass, and soda-lime glass for general use are some of the widely used pharmaceutical glass packaging materials. It prevents ambient gases like carbon dioxide and oxygen from accessing the main container, therefore eliminating the possibility of medication contamination. It also helps extend the shelf life of pharmaceutical products and prevents the volatile chemicals/ingredients from escaping, thereby increasing medicinal stability. Pharmaceutical glass packaging has exceptional strength, durability, clarity, recyclability, and chemical resistance, and has rapidly gained prominence in recent years.
The pharmaceutical glass packaging market is expected to grow at a steady rate of around 8%. Expansion of the pharmaceutical industry is to act as a major driving factor for the growth of the market. The rise in demand for generic drugs and medicines in developing economies as well as emerging markets owing to higher consumer healthcare consciousness and low-cost initiatives carried out by governments is anticipated to drive the market growth during the period of forecast. Furthermore, the latest technological advancements and innovations and their implementation in pharmaceutical glass packaging manufacturing processes will boost the growth of the market during the forecast period. For instance, in November 2021, Corning Incorporated launched coated, specially engineered, Type I borosilicate vials known as Corning Velocity Vials. These vials exhibit effective hardness compared to conventional borosilicate vials, reducing the chances of cracking and breaking.
Based on product, the market is segmented into bottles, vials, ampoules, cartridges and syringes and others. Among them, the bottle category is expected to offer rewarding opportunities for the growth and expansion of the market during the forecast period owing to its attributes of chemical inertness, rigidity, and superior protective qualities. Additionally, the bottles segment has gained popularity in the packaging of both solid as well as liquid pharmaceutical preparations such as tablets, capsules, syrups, and ophthalmic offerings. The surge in demand for the bottles category in the pharmaceutical industry is projected to propel market growth. Vials segment will also hold a significant CAGR during the period of forecast. Owing to the presence of its better analytical performance and sustainability. Vials prevents external/atmospheric gases from damaging the product contained in the glass packaging. Additionally, they are also widely used in the collection of biological samples.
Based on drug type, the market is divided into generic, branded and biologic. Among them, the generic segment held the maximum market share and is expected to maintain its position during the period forecast. Generic drugs are low in cost as compared to branded drugs with the same composition. Initiatives taken by the government for promoting the use of generic drugs are fueling the growth of the market. Furthermore, patent expiration of branded drugs also acts as a major factor for the growth of the generic drugs category. Developing nations have a high demand for branded drugs, which ultimately propels the growth for generic drugs.
Based on application, the market is segmented into oral, injectable, nasal and others. Among them, the injectable category is anticipated to witness the highest CAGR during the forecast period. Owing to the extensive usage of medicines and drugs in the form of injections to properly and effectively give dosage to patients from vials, cartridges, ampoules,etc.
For a better understanding of the market adoption of the pharmaceutical glass packaging industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America holds the major market share in the pharmaceutical glass packaging market and is anticipated to grow at a substantial CAGR during the forecast period. The major reason for the growth of the market is the expansion of the pharmaceutical industry in the region. Increased spending on healthcare units coupled with technological advancements is driving the market growth. Additionally, the growing prevalence of infectious and chronic diseases is propelling the growth in the region. Asia-Pacific is expected to be the fastest-growing segment during the forecast period owing to growing population rates in this region. Europe also holds a significant CAGR and accounted for more than 20% share of the total market. It recognizes the need for pharmaceutical packaging. Government initiatives that supply priority medicines are anticipated to be beneficial for the pharmaceutical industry. Another major reason for the growth in the region is the new product introduction, mergers and acquisitions made by key market players. For instance, In March 2021, Stoelzle Glass Group acquired the Monaca, Pennsylvania, glass factory of Anchor Hocking Glass Company. The Oneida Group is the parent company of Anchor Hocking Glass Company. With the new acquisition, it will open its seventh glass plant in the United States and its first outside Europe.
Some of the major players operating in the market include: Corning Incorporated, Nipro Europe Group Companies, SGD Pharma, Stoelzle Glass Group, Gerresheimer AG, Schott AG, Bormioli Pharma S.p.A., PGP Glass, West Pharmaceutical Services, Inc, Ardagh Group S.A.