Pharmaceutical Glass Packaging Market Overview
Pharmaceutical Glass Packaging Market is expected to grow USD 8.57 Billion at a CAGR of 8.5% during the forecast period, says market research future (MRFR).
According to Market Research Future (MRFR), the global pharmaceutical glass packaging market is expected to grow at a 6% CAGR from 2017 to 2023 (forecast period). The study offers a precise understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Packaging relates to the process of providing protection, presentation, identification, the convenience of information, and compliance for a product during storage, transport, and display. Packaging also allows manufacturers to distinguish their products from their competitors. Pharmaceutical packaging is an essential part of the delivery system of pharmaceutical products and drugs in the pharmaceutical industry. Pharmaceutical packaging protects products from physical damage, biological contamination, and other antagonistic external effects that can damage the products. Pharmaceutical packaging equipment comprises primary packaging equipment, secondary packaging equipment, and labeling and serialization equipment. Pharmaceutical packaging equipment can be used for the packaging of solids, semi-solids, liquids, and others. It helps to minimize the time needed for packaging pharmaceutical products, which helps increase the production and innovation of drug delivery systems and personalized drugs. Several packaging materials can be used for pharmaceutical packagings, such as plastics, paper, glass, and metals.
Glass packaging is primarily used in pharmaceutical packaging for liquid preparations due to their rigidity and superior protective properties. Its high transparency makes it easy to review its contents. It provides greater protection due to its relative impermeability to air and moisture. Glass is chemically immune to most medicinal products. Also, colored glass, such as amber and red-colored glass, can protect its contents from ultraviolet rays and certain wavelengths. Glass containers can be quickly sterilized using heat, making them suitable for pharmaceutical packaging.
Market Dynamics
The pharmaceutical glass packaging market is rising at a significant rate due to the increasing demand for pharmaceutical products and technological developments in the industry. One of the key benefits of using glass packaging is the inert nature of glass, which, in most cases, does not cause it to react with the contents.
Market Segmentation
The global pharmaceutical glass packaging initiative has been segmented based on product and application.
By product, the global pharmaceutical glass packaging market has been segmented into glass vials, ampoules, and cartridges. Glass vials are projected to hold the largest market share in the product segment during the forecast period. Glass vials are relatively easy to clean, resistant to dust and non-reactive to fluids contained in them. Nowadays, manufacturers have been inclined to use high-tech glasses and eco-friendly packaging solutions to keep medicinal fluids safe.
By application, the global pharmaceutical glass packaging market has been segmented into generic drugs, biological drugs, and branded drugs. The generic drugs are estimated to rise further. This is due to new government policies to produce generic drugs and, in particular, to promote the use of generic drugs for chronic diseases. The patent expiry of branded drugs is one of the main drivers of development and the primary explanation for producing more revenue for the demand for generic drugs. In addition, new emerging markets in developed countries and the low cost of generic drugs are primarily responsible for thickening the expansion of the demand for generic drugs. This strengthens the global market for pharmaceutical glass packaging.
Regional Analysis
Region-wise, the global pharmaceutical glass packaging market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America drives the global market for pharmaceutical glass packaging due to technological developments and the demand for pharmaceutical products in the region. In addition, increased awareness of the advantages of using glass packaging for pharmaceutical products and enhanced healthcare facilities drive the North American market for pharmaceutical glass packaging. The Asian market for pharmaceutical glass packaging is expected to show a strong growth rate over the next few years, followed by the European market. China and India are expected to be the fastest-growing markets for pharmaceutical glass packaging in the region, given the large population base and the rising prevalence of chronic diseases in these countries. Increased information and enhanced healthcare services are some of the main drivers for the pharmaceutical glass packaging market in developing countries.
Key Players
The key players in the global pharmaceutical glass packaging market are Gerresheimer AG (Germany), Bormioli Rocco SpA (Italy), Nipro Corporation (Japan), Shandong Qidu Pharmaceutical Co.,Ltd. (China), Ardagh Group S.A. (Luxembourg), SGD Pharma (France), West Pharmaceutical Services, Inc. (U.S.), SCHOTT Pharmaceutical Packaging (U.S.), Piramal Glass (India), and Stölzle-Oberglas Gmbh (Austria).
The pharmaceutical glass packaging industry is projected to experience a range of new entrants over the forecast period due to continuous advances in the pharmaceutical industry, coupled with rising customer preferences for high protective features. The market is also estimated to have a high degree of expansion by multinationals and well-established firms. Mergers and acquisition activities are estimated to be seen over the forecast period.
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