The Pharmaceutical Glass Packaging Market is Expected to be Valued at USD 13.5 Billion by 2026: MRFR

Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Pharmaceutical Glass Packaging Market, 2020–2026.Overview

Pharmaceutical glass packaging market is projected to reach USD 13.5 billion by 2027 from an estimated USD 7.6 billion in 2020, at a CAGR of 6.9% from 2021 to 2026.

The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global pharmaceutical glass packaging market is mainly driven by various factors such as extending the shelf life of products, technical developments in the growth of pharmaceutical glass packaging, and the increasing demand from the pharmaceutical industry

Competitive Analysis

The global pharmaceutical glass packaging market comprises several global and regional players. These players are adopting growth strategies such as product developments, partnerships,mergers & acquisitions, joint ventures, and expansion to expand their market share and improve their position in the pharmaceutical glass packaging market. High competition, constant technological changes, and integrated solutions by industry participants are the key factors that impact market growth.

The success of the market vendors depends on the market conditions, government support, and industry development. Thus, the vendors must focus on improving their products and expanding their regional presence. Schott AG (Germany), Nipro Corporation (Japan), Piramal Glass (Mumbai), Sisecam Group (Tuzla, TR), Owens-Illinois Inc. (US), being the leading players, held a significant market share in 2019. Gerresheimer AG (Germany), SGD Pharma (France), Bormioli Pharma S.p.A(Italy), Ardagh Group S.A.(Luxembourg), West Pharmaceutical Services Inc. (US), and Stoelzle Oberglas Gmbh (Austria) are some of the other key players operating in the pharmaceutical glass packaging market.The leading players, as mentioned above, are dominating the market due to their diverse product offerings, vast industry experience, and wide geographic reach. These players may strengthen their presence worldwide through expansions and acquisitions during the forecast period. With access to better technologies, the market players can develop unique and innovative products and services, rendering their competitors’ offerings obsolete. The competitive environment in the global market is likely to intensify further due to the increasing number of expansions.

Segmental Analysis

The growing demand for packaging from the pharmaceutical industry has been influential in fueling the overall growth of the pharmaceutical glass packaging market.The need for extending the shelf life of pharmaceutical products and technological advancements in pharmaceutical packaging are likely to spur market growth. The global market for pharmaceutical glass packaging has been segmented based on product, material type, application, and region.

Based on product, the global pharmaceutical glass packaging market has been segmented into vials, bottles & jars, cartridges & syringes, and ampoules. The ampoules segment is expected to grow at a faster rate during the forecast period. In 2019, the bottles & jars segment held a share of 30.90% of the global pharmaceutical glass packaging market. It is projected to register a significant CAGR over the projected timeframe as glass bottles & jars offer several advantages over plastic, such as chemically inertness and transparency.

Based on material type, the global pharmaceutical glass packaging market has been segmented into type I, type II, and type III. The type II segment is projected to grow at the fastest rate during the forecast period. In 2019, the type III segment held a 67.49% share of the global pharmaceutical glass packaging market. It is projected to register a significant growth rate over the study period as type III glass is relatively inexpensive, chemically stable, reasonably hard, and extremely workable. Soda-lime glass can be re-softened and re-melted numerous times, and thus, it is ideal for glass recycling.

By application, the pharmaceutical glass packaging market has been segmented into generic drugs, branded drugs, and biological drugs. The generic drugs segment is projected to grow at the fastest rate during the forecast period. In 2019, the generic drugs segment held a 71.41% share of the global pharmaceutical glass packaging market. It is projected to witness a lucrative growth rate over the forecast period as generic drugs have the same chemical composition as brand-name drugs and meet the standard and regulations criteria in terms of dosage form, safety, strength, purity, quality, and characteristics.

Regional Analysis

Geographic analysis of the pharmaceutical glass packagings markets pans across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America is one of the leading regions for the pharmaceutical glass packaging market. The region has witnessed increased investments in R&D and product innovation as far as glass packaging is concerned. Stringent regulations and policies in the US and Canada, increased consumption of drugs, and rapid growth of the pharmaceutical sector are the key factors driving the demand for pharmaceutical glass packaging in the region. The US dominated the pharmaceutical glass packaging market in North America.In the country, the pharmaceutical glass packaging industry is witnessing rapid growth. With the expanding market for drugs, the demand for glass packaging is increasing continuously in the pharmaceutical industry. The growing healthcare spending is also contributing to the growth of the pharmaceutical glass packaging market in the US.Access Full Report Details - Pharmaceutical Glass Packaging Market Size