Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The "Vaccine Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The vaccine packaging industry is experiencing an unprecedented boom with a robust Compound Annual Growth Rate (CAGR) of 10.62% during the forecast period. This meteoric rise can be attributed to the soaring demand for vaccines, primarily driven by the ongoing COVID-19 pandemic. Key players in the market are swiftly scaling up their production capacities to meet this surging global demand.
Key Highlights
The vaccine packaging market's expansion is being fueled by multiple factors, including the rising incidence of various viral infections and immunological disorders worldwide. The imperative need for efficient vaccine packaging facilities has been significantly amplified by the advent of the COVID-19 pandemic. Additionally, the growing awareness among consumers regarding the importance of early detection and prevention of infectious diseases has led to a surge in demand for protective vaccines, further contributing to the market's growth.
Healthcare expenditures, both by individuals and governments, have been on the rise, which bodes well for the vaccine packaging market's growth. A prime example of this is China, where the National Health Commission anticipates the country's healthcare industry to reach CNY 16 trillion (USD 2.39 trillion) by 2030. This substantial investment is poised to drive the market forward.
Leading vaccine manufacturers are proactively establishing robust production facilities to prepare for future pandemics. These strategic moves are expected to sustain long-term market growth. For instance, in April 2022, pharmaceutical giant Sanofi announced a substantial investment of EUR 900 million (USD 618.55 million) to construct two state-of-the-art Evolutive Vaccine Facilities (EVFs) in France and Singapore.
Vaccine Packaging Market Trends
Emphasis on Immunization Campaigns by Governments
Countries such as India, China, the United States, and various European nations have swiftly developed and acquired COVID-19 vaccines through concerted government efforts. These nations have also executed extensive vaccine distribution programs to curb the spread of the virus. As of July 2022, the Indian government administered nearly 2 billion COVID-19 vaccinations.
Beyond COVID-19, governments worldwide are intensifying their efforts against other diseases like monkeypox and polio. In 2022, numerous countries experienced the spread of monkeypox, with over 47,600 confirmed cases worldwide as of August 2022, including over 17,000 cases in the United States. Governments are also fortifying vaccine supply chains for diseases like monkeypox. For example, the United States government announced in August 2022 that it would contribute approximately USD 11 million to support Bavarian Nordic in packaging its BAVA.CO Jynneos monkeypox vaccine at a U.S.-based manufacturing facility.
Furthermore, funding for immunization campaigns has been on the rise. In the case of polio, the United States government's support has increased from USD 134 million in FY 2009 to USD 253 million in FY 2022.
Asia-Pacific is Expected to Grow with the Highest CAGR
Glass packaging manufacturers and suppliers are strategically relocating to China, India, and Brazil due to the burgeoning opportunities presented by the pharmaceutical industry in these countries, particularly in vaccine packaging. As the vaccine packaging sector in the region experiences remarkable growth alongside the ongoing COVID-19 pandemic, market players are committed to securing a stable supply of pharmaceutical glass.
SCHOTT, for instance, is investing nearly EUR 70 million in expanding its Indian tubing site in Jambusar, Gujarat, resulting in a more than 30% increase in the facility's overall Indian production capacity. This investment aligns with the government's vision of India becoming a global pharmaceutical hub. Additionally, the Indo-German joint venture between specialty glass manufacturers Schott AG and Kaisha anticipates selling approximately 380 million vials for COVID-19 vaccines in 2021-2022.
China has pledged to make its COVID-19 vaccines a global public good, exporting and donating them to as many nations as possible. Vaccine manufacturers are also expanding their facilities across Southeast and East Asian countries to enhance supply flow management. For example, in February 2022, COVID-19 vaccine producer Moderna announced its expansion in Hong Kong, Singapore, Taiwan, and Malaysia to better serve Asian markets, contributing to the growth of the vaccine packaging market in the region.
Vaccine Packaging Market Competitor Analysis
The vaccine packaging market is highly competitive, boasting a strong presence of major players worldwide. With stringent quality requirements for packaging and the dominance of established market players, the industry maintains a moderately concentrated landscape. Key market participants are adopting various strategies such as product innovation, mergers and acquisitions, and expansion to extend their reach and enhance production capabilities.
A selection of companies mentioned in this report includes
- Gerresheimer AG
- Nipro Corporation
- Piramal Glass Private Limited
- Catalent, Inc.
- Schott AG
- Becton, Dickinson and Company
- Shandong Pharmaceutical Glass Co., Ltd
- Corning, Inc.
- SGD Pharma
- Stevanato Group
For more information about this report visit https://www.researchandmarkets.com/r/alku3f
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