Sales of Sterile Vials Market to Generate US$ 10 Billion Revenue by 2031

Demand for sterile vials is growing steadily owing to increasing requirement from hybrid packaging solutions. With demand from clinical and compounding labs surging rapidly, manufacturers of sterile vials are set to witness impressive growth in demand over the coming years.

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Additionally, growing preference for glass and plastic sterile vials by key end-use sectors is expected to boost overall sales further.

According to the report by Fact.MR, focus of suppliers will be on leading regions such as North America, Europe, and Asia Pacific, while global market value will grow substantially to surpass US$ 10 billion by 2031.

Key Takeaways from Market Study

• The global sterile vials market is forecast to expand at around 8.5% CAGR through 2031.
• High requirement for sterile empty expected to be witnessed.
• Sterile empty vials with volume less than 2 ml set to gain traction.
• Glass sterile vials to boost overall sales.
• Growing demand from clinical labs to augment market growth.
• The United States to lead the market in in North America for sterile vials.
• Germany to remain dominant in Europe’s sterile vials industry.

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• The market in Asia Pacific to register the fastest growth during the forecast period.
• China, Japan, India, South Korea, Canada, and France to maintain positive industry outlook through 2031.

Market Segmentation by Category

• Volume
o 20 ml Sterile Vials

• Material
o Glass Sterile Vials
o Plastic Sterile Vials

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How is Requirement from Biopharmaceutical Sector Fuelling Sales of Sterile Vials?

Sterile vials are extensively used in the biopharmaceuticals industry for storing, research & development (R&D), and other activities. With increase in demand from this sector, industry players are anticipated come across lucrative growth scope over the coming years.

According to a report titled “Biopharmaceutical Industry Spotlight”, published by SelectUSA, the United States is the largest industry for biopharmaceuticals, accounting for around a third of the global industry. As stated in the report, U.S. firms conduct over half the world’s R&D in pharmaceuticals, which is worth US$ 75 billion, while more than 800,000 people work in this industry. These figures give a glimpse of the growing opportunities for sterile vial manufacturers in the U.S. and also around the globe.

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Who is Winning in this Space?

The global sterile vials market is getting more competitive with the each passing year. In order to maintain their leading positions, key industry players are bringing in more innovative products.

For instance,
• APG Europe recently launched its new range of sterile injection vials, sterile infusion vials, and others.
• Corning Incorporated launched its new Corning® Internal Thread Cryogenic Vials a couple of years back.

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This release was published on openPR.