Global Pharmaceutical Glass Packaging Market
Global pharmaceutical glass packaging market was valued at USD 13,468 million in 2017 and is expected to reach USD 22,169 million by 2024, at a CAGR of 7.5%. The growth is primarily attributed to the increasing demand for secure packaging of pharmaceutical products. Moreover, increasing regulatory pressure and stringent standards for patient safety coupled with implementation of extra measures to reduce the risk of drug interaction are also driving the market growth.
Drug interaction with the primary packaging material is a common problem in healthcare sector. Glass packaging has been the foremost choice for parenteral formulations in pharmaceutical and biotechnological sector as it prevents drug interaction. Furthermore, technological advancements in glass manufacturing are also driving the growth in the market. An essential role of primary packaging material is to provide adequate protection against drug interaction with primary materials, as well as loss of sterility. This is especially important for biological and parenteral containers, as contamination or lack of sterility can cause adverse effects.
Global Pharmaceutical Glass Packaging Market Regional Insight
Geographically, North America held the largest share of the global market in 2017. The growth in the region is attributed to the growing demand of glass in primary packaging of parenteral and topical formulations. Moreover, growing investment in the manufacturing of new generation of pharmaceutical vials by key players is also driving the growth in the region. Europe held the second largest share of the market. The growth in the region is primarily due to technological advancement in glass manufacturing and increasing number of product approvals. Asia-Pacific pharmaceutical glass packaging market is projected to grow at the fastest rate during the forecast period owing to growing number of healthcare companies adopting glass in primary packaging (injectable and biological). Moreover, advancement in biotechnology leading to introduction of new injectable therapies is also expected to propel the market growth in the region.
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Key findings from the report:
- On the basis of product, the vial segment held major share of the global market in 2017. The growth in this segment is majorly due to excellent barrier properties, with high chemical resistance and breakage resistance properties offered by vials. Additionally, vials are widely used in the new biotech products, and vaccines which require specific feature of storage condition.
- On the basis of application, the injectable segment held the major share of the market in 2017, and is expected to continue its dominance over the forecast period
- Geographically, North America held the largest share of the global market in 2017 and the trend is likely to continue over the forecast period
- Some of the key companies operating in the market include, Gerresheimer AG, SCHOTT AG, Bormioli Pharma S.r.l, Origin Pharma Packaging., SGD Group SAS, West Pharmaceutical Services, Inc, Nipro Corporation, Piramal Glass Private Limited,Stevanato Group SpA and among others
This report segments global pharmaceutical glass packaging market by type, products, color, application, and region.
- Type I – (Borosilicate Glass)
- Type II – (Treated Soda-Lime Glass)
- Type III – (Regular Soda Lime Glass)
- North America
- South America
- Middle East and Africa
Global Pharmaceutical Glass Packaging Market to Witness a CAGR of 7.5% during 2018-2024