The global pharma glass packaging Market held USD 3.8 USD billion in 2019and is to grow with a CAGR of 8.4% from 2020-2030. Pharma glass packaging uses molded glass products for packaging pharmaceutical drugs to facilitate safety against contamination. The pharmaceutical industry commonly uses several glass categories which include borosilicate glass of type I and a soda-silica glass of types II and III. These glasses are made from a combination of several materials including silica as a major component, calcium oxide, barium oxide, sodium oxide, boric oxide, aluminum oxide, potassium oxide, and magnesium oxide. Pharma glass packaging based glass bottle products are made available in different colors and sizes according to the requirement.
Market Dynamics and Factors
Rising global healthcare spending owing to a surge in health awareness among the people has impelled the pharmaceutical glass packaging market growth. For instance, according to the World Health Organization report in 2017, the global healthcare spending rose to about US$ 7.8 trillion, this is attributed to rising investment by the fast-growing government economies spending, surge in public and private spending globally. Pharma glass packaging is primary packaging used in the healthcare systems due to increasing government spending on healthcare. The rising formation of new drugs with extensive investment in research and development activities coupled with a surge in government initiatives and funding is anticipated to witness high pharma glass packaging market growth. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA)) the report, the global pharmaceutical market was valued at approximately USD 998.23 billion in 2018 and is projected to reach USD 1,580 billion by 2022. Thus, it created exponential demand for the growth of the pharma glass packaging market.
Request For Report Sample: https://www.trendsmarketresearch.com/report/sample/13606
The pharma glass packaging market, the glass vials segment has the highest share which is driven by rising Covid-19 vaccine supply due to surge in global number of Covid-19 infection cases. For instance, as of May 2021, the global Covid-19 infection cases reached to more than 174.5 million with over 3.7 million people died. It created demand for the vaccine production which requires glass vials as primary packaging.
North America is dominated by the growth of the pharma glass packaging market due to the presence of leading pharmaceutical companies. Increasing the disposal of glass in developed countries has impelled the pharma glass packaging market. As per the Glass Packaging Institute (GPI) Organization, North American disposes of over 10 million metric tons of glass annually.
Request For Report Discount: https://www.trendsmarketresearch.com/report/discount/13606
Leading players in the pharmaceutical industry are investing in the expansion of the pharma glass packaging manufacturing facilities due to the increasing demand for vaccine production around the globe. For instance, in August 2020, Schott AG has increased its pharma vials production with 2 billion doses capacity requires for Covid-19 vaccines.In Nov 2020, SCHOTT Glass India increased its existing plant capacity by adding a new glass melting tank at Gujarat, India facility. This has increased the capacity to produce glass by 25%, equivalent to 40,000 metric tonnes. Also, in April 2019, Schott Ag has invested more than US 1 Billion in pharmaceutical packaging to expand its global pharmaceutical packaging business.
Some of the leading players include Gerresheimer AG, Nipro Corporation, SCHOTT AG, SGD Pharma, Shandong Qidu Pharmaceutical Co., Ltd., Bormioli Rocco SpA, Ardagh Group S.A, West Pharmaceutical Services, Inc, Piramal Glass, Stölzle-Oberglas Gmbh, etc.