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Pharmaceutical Glass Packaging Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Pharmaceutical Glass Packaging Global Market Report 2024
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According to The Business Research Company's, The pharmaceutical glass packaging market size has grown strongly in recent years. It will grow from $13.8 billion in 2023 to $15.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing pharmaceutical production, stringent regulations and quality standards, preference for glass's inert nature, global aging population, rise in chronic diseases.
The pharmaceutical glass packaging market size is expected to see rapid growth in the next few years. It will grow to $22.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to continued growth in pharmaceutical sector, advancements in drug delivery, focus on sustainable packaging, demand for biopharmaceuticals, global healthcare infrastructure development. Major trends in the forecast period include growing popularity of ready-to-use packaging, shift towards biodegradable packaging, expansion of emerging markets, collaborations and partnerships.
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Market Drivers and Trends:
The growth of the pharmaceutical industry is expected to propel the growth of the pharmaceutical glass packaging market going forward. The pharmaceutical industry refers to the discovery, development, and manufacture of medications and drugs. Pharmaceutical glass packaging is used to pack and store medicines, strong alkalis, and acids. For instance, in 2021, according to the Indian Brand Equity Foundation, an India-based government agency, the Indian pharmaceutical market increased by 17.7% annually, and the market revenue is expected to be over 12% in 2022. Therefore, the growth of the pharmaceutical industry is driving the growth of the pharmaceutical glass packaging market.
Major companies operating in the pharmaceutical glass packaging market are focusing on innovating products, such as the Molded glass vials, to provide a competitive edge in the market. Molded glass vials are glass containers formed using a process of injecting a glob of molten glass into a mold and compressed air is used in the pre-forming process to fill the mold. For instance, in March 2022, SGD Pharma, an India-based company specializes in glass pharmaceutical packaging services launched Ready-to-Use (RTU) sterile 100 ml molded glass vials. Ready-to-Use (RTU) sterile 100 ml molded glass vials are a type of vials designed to package high-value parenteral drugs in large volumes. Ready-to-Use (RTU) sterile 100 ml molded glass vials has no glass-to-glass contact, which reduces particle generation to protect patient safety.it is Compatible with various injectable applications. it has sterility and depyrogenation, ensuring the vials are free from contaminants.
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Major Key Players of the Market:
AGC Inc., Berry Global Inc., Corning Inc., Sisecam, Ardagh Group S.A., Teijin Pharma Ltd., O-I Glass Inc., Hoya Corporation, Albéa Group, Nipro Corp, Aptar Group Inc., Bormioli Pharma SpA, Gerresheimer AG, Piramal Enterprises Ltd., Wheaton Industries Inc., Shandong Pharmaceutical Glass Co Ltd., Hindusthan National Glass & Industries Limited, Quadpack, Yoshino Glass Co Ltd., Stolzle Glass Group, West Pharmaceutical Services Inc., Schott AG, Beatson Clark, Arab Pharmaceutical Glass Co, Acme Vial & Glass Co, United Glass Company, SGD SA, Yamamura Glass Co Ltd., Toyo Glass Co Ltd., NEG Group Co Ltd.
Pharmaceutical Glass Packaging Market 2024 Key Insights:
• The pharmaceutical glass packaging market size is expected to see rapid growth in the next few years. It will grow to $22.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Pharmaceutical Industry Surge Propels Growth In The Pharmaceutical Glass Packaging Market
• Pharmaceutical Glass Packaging With Ready-To-Use Sterile 100 Ml Molded Glass Vials
• North America was the largest region in the pharmaceutical glass packaging market in 2023
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