The introduction of stringent laws to enhance the quality and integrity of domestically manufactured drugs is primarily leading to an increase in the usage of glass as a material for pharmaceutical packaging products.
New York, June 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Glass Vials and Ampoules Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06079810/?utm_source=GNW
- The rapidly growing pharmaceutical industry across the globe is driving the growth of the market. The demand for pharmaceutical glass vials and ampoules are arising majorly from densely populated countries. The increasing pharmaceutical production in these countries is further increasing the demand.
- Moreover, it should be noted that across the world, a significant volume of the glass vials and ampoules are being manufactured from borosilicate glass material. The demand for the product is increasing at a very rapid pace, primarily owing to its inert properties, which other conventional materials are not able to offer.
- The growing complexity of drugs and the increasing diseases, such as diabetes, are expected to drive the growth of vials and ampoules, primarily being driven by increased consumption from the emerging markets, such as China and India. According to the World Health Organization (WHO), around 422 million people have diabetes.
- Vendors in the market are trying to help as much as they can during the coronavirus outbreak. For instance, Corning is supplying its products from glass tubing for diagnostic test kits to vials for clinical drug trials for vaccines, to providing corning valor glass packaging to help fill the gap for the projected drug shortages. The company is also providing assistance with glass packaging, or any need for consumables from its Life Sciences portfolio for vaccine process development.
Key Market Trends
India is Expected to Witness Significant Growth
- India is one of the largest manufacturers and exporters of pharmaceutical products in the world. According to the India Brand Equity Foundation (IBEF), the total export value of the pharmaceutical industry in 2019 was USD 19.1 billion. The country also has huge R&D operations. It is estimated that the top-ten Indian pharmaceutical companies (on an average) invested over 8.6% of their revenues toward R&D.
- According to the IBEF, the packaging industry in the country constitutes about 4% of the global packaging industry. The country is witnessing increasing purchasing power of India’s middle-class population in healthcare services, particularly medicines.
- Also, multiple factors, such as innovations, increased R&D spending, the rising trend of contract packaging, and the development in the generics market, are expected to drive the demand for glass vials and ampoules in the country.
- India also has an advantage over many nations in terms of the basic production of pharmaceutical products, primarily owing to the resources, such as high man-power, knowledgeable workforce, and WHO-GMP-approved production methodologies.
United States is Expected to Hold a Major Share of the Market
- The United States primarily dominates the pharmaceutical market, both in consumption and development. According to the STAT, prescription drug spending in the nation is considered to add up to USD 600 billion by 2023, up from an estimated USD 500 billion in 2019, which is further expected to drive the market for glass vials and ampoules in the country.
- The North American region is one of the largest regions for the pharmaceutical packaging industry owing to its large pharmaceutical manufacturing base and the ability to introduce technological advancements to pharmaceutical packaging. According to the association for packaging and processing technologies (PMMI), there are more than 700 North American Manufacturers of equipment, components, and materials for processing and packaging.
- Moreover, in May 2020, the Trump administration signed a USD 354 million, 4-year contract with Phlow Corp. to manufacture generic medicines and pharmaceutical ingredients that are currently needed to treat COVID-19 infected patients. The contract may be extended for a total of USD 812 million for 10 years.
The pharmaceutical glass vials and ampoules Market is highly competitive, owing to the presence of multiple players in the market operating in domestic and international markets. The market appears to be moderately concentrated, with the major players adopting strategies, like product innovation, mergers and acquisition, and expansion, to expand their reach and increase their production capabilities. Some of the major players in there market are Schott AG, Gerresheimer AG, Nipro Corporation.
- Nov 2019 - Schott AG announced its plan to double its manufacturing capacity in India, by infusing a total of EUR 47 million (including its existing investment of EUR 21 million). The company is also planning to inject additional investments of EUR 26 million for another tank facility in 2020.
- Dec 2019 - Gerresheimer opened a new plant in India through Triveni Polymers Pvt. Ltd to increase its production capacity. The company will be making vials made of tubular glass for pharmaceutical and diagnostic applications, as well as ampoules in the plant.
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