DUBLIN, Sept. 24, 2021 /PRNewswire/ -- The "Global Pharmaceutical Glass Packaging Market Size, Share & Trends Analysis Report by Product (Vials, Bottles, Cartridges & Syringes, Ampoules), by Drug Type (Generic, Branded, Biologic), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global pharmaceutical glass packaging market size is expected to reach USD 7.46 billion by 2028. It is expected to expand at a CAGR of 8.8% from 2021 to 2028.
The demand for pharmaceutical glass packaging is projected to be driven by the growth of the pharmaceutical industry in emerging economies, especially in the Asia Pacific region.
The cost sensitivity in the healthcare sector and the growing significance of biotech drugs have resulted in the establishment of stringent regulations related to drug delivery products. Many pharmaceutical drugs manufacturing companies are focused on increasing the shelf life of a drug and are therefore making investments in the research and development of glass vials. The newly developed products are expected to aid the growth of glass vials due to the expansive number of applications.
The generic drug type segment is expected to witness the fastest growth in terms of revenue as well as volume over the forecast period. This is due to the significant increase in the volume of generics in the country, which is estimated to face a rapid change in the market dynamics primarily due to the increased competitive intensity and customer consolidation.
Glass packaging is highly preferred in the pharmaceutical industry as it is easy to sterilize with heat and does not react with most of the drugs and medicines being chemically inert. The colored glass packaging can protect the medicines from different wavelengths, including UV rays of the sun. Additionally, glass is easily available all over the world and can be recycled, which has made it an ideal material for the packaging of pharmaceutical products.
The market in North America is expected to witness steady growth in the years to come on account of global key players present in the region. With the rising volume of generic drugs, glass packaging has been increasingly adopted owing to the preexisting established supply chain. The recent outbreak of COVID-19 has positively impacted the market growth due to the growing use of pharmaceutical glass packaging in the packaging of immunity-boosting drugs.
Companies in the pharmaceutical glass packaging industry have been trying to improve product strength to reduce breakage during the filling of vials. In September 2019, Corning Inc. got approval from the FDA to market its Corning Valor Glass, which enables superior chemical durability and improves resistance to breakage, damage, and particulate contamination.
For instance, Gerresheimer AG, a key German-based pharma glass packaging manufacturer, has developed a metal-free 1 ml Gx RTF long Luer Lock syringe. This particular syringe uses a new technology in which the pin used to shape the cone is made of a special ceramic material instead of the conventional tungsten or alternative metal.
Pharmaceutical Glass Packaging Market Report Highlights
Pharmaceutical Glass Packaging Market Variables, Trends & Scope
Market Lineage Outlook
Penetration & Growth Prospect Mapping
Value Chain Analysis
Market Driver Analysis
Market Restraints Analysis
Major Deals & Strategic Alliances Analysis
For more information about this report visit https://www.researchandmarkets.com/r/rdexhd
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