Pharmaceutical Glass Packaging Market Share, Distributor Analysis, Development Trends 2028

Posted on 2022-06-13 by researchinsights in Pharmaceuticals // 0 Comments

Pharmaceutical Glass Packaging Industry Overview

The global pharmaceutical glass packaging market size was valued at USD 3.79 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028.

Extensive utilization of generic injectable drugs, coupled with the high demand from the pharmaceutical industry, is anticipated to drive the market. Glass poses as a hindrance to atmospheric gases, such as carbon dioxide and oxygen, from entering the primary container, mitigating the risk of contamination of the drugs. Glass packaging lowers the drug’s susceptibility to degradation, such as hydrolysis and oxidation. Moreover, glass packaging helps in resisting the escape of volatile ingredients, thereby increasing the drug stability. All these factors are anticipated to surge the product demand in the near future.

The growth in the global pharma market slowed considerably in 2017 due to the slow growth of the industry in emerging markets owing to low to moderate demand for pharmaceutical products. This was seen particularly in the case of the U.S., which is the world’s largest and the most important pharmaceuticals market. The sales of injection drugs were majorly affected within the market. However, the growing importance of generic drugs and access to better healthcare services in the economy are anticipated to provide opportunities for the market.

Gather more insights about the market drivers, restrains and growth of the Global Pharmaceutical Glass Packaging Market

The growing significance of cost-sensitivity and biotech drugs in the healthcare sector has resulted in the establishment of strict regulations related to drug delivery products. Multiple manufacturers working in the pharmaceutical glass manufacturing market are focused on packaging aimed at increasing the shelf life of a product and are therefore investing in vials.

The pharmaceutical glass packaging developers have been enhancing their production capabilities in order to cater to the changing pharmaceutical industry, which is anticipated to incline more toward biological drugs. Gerresheimer AG, for instance, has developed a metal-free 1 ml Gx RTF long Luer Lock syringe. This 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.

The additional impact of the COVID-19 pandemic has left the pharmaceutical industry with a steadily growing high demand for medicines and other healthcare facilities. The surge in demand for pharmaceutical drugs, as a result of the pandemic, has affected the market growth positively. The demand is expected to reach a new peak in the case of the approval for COVID-19 vaccines developed by different institutions and companies in various countries.

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