The global ready-to-fill/ready-to-use (RTF/RTU) vials market is growing on account of the rising focus of pharmaceutical companies on higher operational efficiency, increasing popularity of injectable medicines, surging vial production output, escalating healthcare spending, and expanding pharmaceutical sector.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "RTF/RTU Vials Market" - https://www.reportlinker.com/p06129689/?utm_source=GNW
As a result, the revenue generated from the sale of such products will witness a 14.5% CAGR during 2021–2030, to reach $1,183.4 million by 2030, according to the report.
During the COVID-19 pandemic, the RTF/RTU vials market has received a boost due to the burgeoning demand for vaccines. Moreover, research and development (R&D) and clinical trial activities have surged during the pandemic, which has encouraged vial manufacturers to augment their output. As the efficient distribution of vaccines requires robust packaging, the vial demand is quite high presently.
Tray and nest & tub are the bifurcations of the RTF/RTU vials market on the basis of packaging type. Of these, nest and tub will be the larger share holder throughout the forecast period. Because this type of packaging emerged first, it has been more popular in the pharmaceutical sector. Additionally, with its nest-like arrangement, it reduces the chances of breakage and scratches, thereby improving the rate of vial acceptance among end users.
Europe will likely be the most-productive RTF/RTU vials market till 2030 due to the rising vial production output, growing pharmaceutical sector, and escalating healthcare expenditure. Additionally, numerous market players exist in the region, including SCHOTT AG, Stevanato Group, Gerresheimer AG, and SGD S.A., who are strongly focused on meeting the rising demand for COVID-19 vaccines.
In order to augment their revenue, players in the RTF/RTU vials market are expanding their facilities.
For instance, in December 2020, a new pharmaceutical tubing factory was established by SCHOTT AG in Zhejiang Province, China. The factory will be used for producing 20,000 tons of FIOLAX borosilicate glass tubing for cartridges, vials, ampoules, and syringes, with the production output raised gradually.
In July 2020, plans to triple the production of tubular glass and double the manufacturing output of molded vials by the end of 2020 were announced by Gerresheimer India. After the expansion, the company aims to double its production of multi-dose borosilicate vials from 150 million units to 300 million units by 2021-end.
The most-prominent companies in the global RTF/RTU vials market are SCHOTT AG, SGD S.A., Gerresheimer AG, Stevanato Group, China Lemon Trading Co. Ltd., Nipro Corporation, DWK Life Sciences GmbH, and Ningbo Zhengli Pharmaceutical Packaging Co. Ltd.
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