Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights.
Pharmaceutical Glass Packaging Market: Size, Status, Competition Landscape And Opportunity 2018-2025
The global pharmaceutical glass packaging market size is expected to reach USD 22.05 billion by 2025, according to a new report by Radiant Insights, Inc., registering a CAGR of 6.3% during the forecast period. Spiraling sale of generic drugs in developed as well as developing economies is projected to drive the demand for pharmaceutical glass packaging. Glass has a well-defined supply chain in the pharmaceutical industry and is traditionally used for parenteral drug packaging. Extensive R&D is being conducted by product manufacturers in order to minimize negative aspects of glass, such as high susceptibility to breaking and delamination, as well as to improve the quality & efficacy of the product.
The pharmerging market is anticipated to witness phenomenal growth owing to favorable government policies and increased healthcare awareness. Governments of developing nations are expanding their public or private healthcare coverage and simultaneously making efforts to minimize out-of-pocket medical expenses for the consumers. Increasing government efforts to reduce healthcare cost and promotion of low-cost generic drugs are estimated to fuel the utilization of glass packaging over the coming years.
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Emergence of novel drugs such as cancer drugs and bio-therapeutics is likely to help the market gain traction over the coming years. In an effort to safeguard patient health, guidelines for packaging of biological drugs have been made highly stringent, which necessitates constant development in the field of pharmaceutical packaging. Aforementioned factors promote manufacturers to adopt advanced techniques, thereby driving the market.
In primary pharmaceutical packaging, glass has an advantage over plastic as plastic production requires raw materials such as polyethylene, polypropylene, and polystyrene, which are largely dependent on fluctuating petroleum industry. Manufacturers use soda lime, quartz, and other additives for manufacturing glass. These raw materials are easily available in the market by numerous suppliers. Recent developments in the pharmaceutical glass packaging include launch of Gx Baked-On RTF and an Omniflex plunger, a prefilled syringe, by Gerresheimer AG in September 2017. This technology has the ability to minimize particle loads and meet strict requirements for therapeutic protein products for better deliver of drug.
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Further key findings from the report suggest:
• The vials segment is projected to ascend at a CAGR of 6.9% in terms of revenue over the forecast period
• The bottles segment dominated the global pharmaceutical glass packaging market in 2016 in terms of revenue and is anticipated to witness a CAGR of 4.7% from 2017 to 2025 owing to high penetration of plastics in the manufacturing of bottles
• The generic drug segment accounted for 69.8% of the market in 2016 due to rapidly increasing manufacturing volumes of generic drugs in emerging economies
• Europe is expected to witness considerable growth during the forecast period owing to constant development in the medical field aimed at improving health and quality of life
• Some of the key companies present in the market are Corning Incorporated; Gerresheimer AG; Nipro Pharmapackaging; SCHOTT AG; ?i?ecam Group; Arab Pharmaceutical Glass Co.; Beatson Clark; Stevanato Group; and Owens-Illinois, Inc.
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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