Pune, June 25, 2021 (GLOBE NEWSWIRE) -- Pharmaceutical Glass Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pharmaceutical Glass Packaging Market Research Report, Product, Application and Region - Forecast till 2027”, The global Pharmaceutical Glass Packaging Market is projected to reach USD 13.5 billion by 2027 from an estimated USD 7.6 billion in 2020, at a CAGR of 6.9% from 2021 to 2027.
The pharmaceutical glass packaging market outlook appears extremely positive. The market growth is supported by the increase in glass container shipments in end-use markets. Glass containers are one of the most preferred materials for packaging liquid-based pharmaceutical products, chemicals, and a variety of other perishable/non-perishable products. Moreover, the rising preference for environment-friendly packaging solutions impacts pharmaceutical glass packaging adoption.
Demand for eco-friendly pharmaceutical glass packaging solutions, such as malleability and non-reactive nature, allows the market to witness an upward trajectory. Resultantly, the demand for pharmaceutical glass packaging is expected to remain concentrated during the upcoming period.
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Competitive Analysis
List of the Key Companies Profiled in the Pharmaceutical Glass Packaging Market Research Report are:
- Nipro Corporation (Japan)
- Gerresheimer AG (Germany)
- SCHOTT Pharmaceutical Packaging (US)
- Shandong Qidu Pharmaceutical Co. Ltd. (China)
- SGD Pharma (France)
- Bormioli Rocco SpA (Italy)
- West Pharmaceutical Services Inc. (US)
- Ardagh Group SA (Luxembourg)
- Stölzle-Oberglas Gmbh (Austria)
- Piramal Glass (India)
The pharmaceutical glass packaging market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/technology launches. Key industry players make strategic investments to drive research & development activities and expansion plans. With the rising consumer demand for pharmaceutical glass packaging on the rise, manufacturers look for new ways to bring innovative solutions to customers, improving their practices.
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For instance, recently, on June 14, 2021, SCHOTT, a leading pharmaceutical glass packaging solution provider, announced investments in smart skin technologies. The company is investing substantially into Canadian big data expert Smart Skin as a part of its strategic investments. Smart Skin offers a monitoring system helping pharma companies to run pharmaceutical containers smoothly on the lines, saving time and money.
On Jan.13, 2021, SCHOTT had announced producing record-breaking pharmaceutical containers, including critical glass vials, as the US prepares for COVID-19 vaccine distribution. With the healthcare industry’s focus on scaling up approved vaccine production, proven and safe pharmaceutical primary packaging has become crucial to accelerate rapid drug distribution while ensuring patient safety.
SCHOTT’s pharmaceutical containers and high-quality glass vials are used in 75 % of all COVID-19 vaccine projects approved or are currently in the pipeline, including projects funded by the US Operation Warp Speed program.
COVID-19 Impact
COVID-19 pandemic has positively impacted the global pharmaceutical glass packaging market. On one side, where glass packaging businesses faced various problems, ranging from obtaining raw materials to attracting workers during the lockdown to delivering end products, the impact of the pandemic on the pharmaceutical glass packaging industry was swift & positive, which is projected to remain with changes to both supply and demand.
The steadily increasing demand for packaging of pharmaceutical products & medical supplies to address the virus spread would be favorable for the market during the years ahead. Additionally, the demand for glass vials is augmenting due to their uses in producing, storing, and distributing COVID-19 vaccines. Initiatives from public and private sectors worldwide to prioritize the production, packaging, distribution, and administration of the vaccine are expected to foster the production of pharmaceutical glass vials.
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Industry Trends
Rising investments in innovation & expansion and stronger support from governments worldwide are anticipated to accelerate the pharmaceutical glass packaging market value. Rapidly growing markets from developing countries continue to drive the pharmaceutical glass packaging market share. Furthermore, increased governmental efforts to foster the adoption of environmentally sustainable products are expected to offer substantial opportunities for the market.
Despite the significant growth prospects, the pharmaceutical glass packaging industry still witnesses major challenges, such as fluctuating prices and shortages of raw materials required for production. Glass materials invariably offer sustainable packaging options for pharmaceutical products. However, glass packaging production is costlier than plastic packaging, and market trends appear very cyclical. In addition, rising uses of cost-competitive plastic containers are significant factors challenging market growth.
Segmentation
The market is segmented into products, applications, and regions. The product segment is sub-segmented into glass vials, ampoules, and cartridges. The glass vial segment holds the largest market share due to its favorable properties, such as easy to clean, dust resistant, and non-reactive to fluids stored in them. The application segment is sub-segmented into generic drugs, branded drugs, and biological drugs.
Of these, the generic drugs segment holds the largest market share due to the new government initiatives to produce generic drugs and promote their uses to treat chronic diseases. Moreover, the low cost of generic drugs in emerging markets is majorly responsible for the growth of the generic drugs market. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America leads the global pharmaceutical glass packaging market. The region is witnessing increased investment in research and development and innovations in glass packaging. Pharmaceutical glass packaging market trends such as rising consumption and growth rates in the pharmaceutical sector drive the market growth. The US and Canada are major revenue generators in the regional market, becoming the most attractive market space for the manufacturers.
Asia Pacific stands second in terms of global pharmaceutical glass packaging market revenue. There is a tremendous opportunity for glass packaging due to the rising demand from the booming pharmaceutical industry in this region. The strong presence of major market players leads to the faster development of various packaging technologies.
Additionally, state-backed initiatives to reduce reliance on plastic for packaging increase the regional market share. Furthermore, the increased disposable incomes, changing lifestyles, and fluctuating preferences of consumers in the region, encourage the pharmaceutical glass packaging market growth. Japan, China, and India are key contributors to the regional market growth.
Segmentation of Market covered in the research:
Information by Product (Glass Vials, Ampoules, and Cartridges), by Application (Generic Drugs, Branded Drugs, and Biological Drugs) and by Region
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