Pharmaceutical Glass Packaging Market Share, Growth and Future Analysis

The global pharmaceutical glass packaging market size was valued at USD 15.99 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.

The global Pharmaceutical Glass Packaging Market size is expected to reach USD 30.87 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.6% over the forecast period. The product demand is projected to be driven by the growth in the pharma industry in emerging regions, such as Asia Pacific.

The cost-sensitivity in the healthcare sector and the growing significance of biotech drugs have resulted in the establishment of stringent regulations related to drug delivery products. Many pharmaceutical drug manufacturing companies are focusing on increasing the shelf life of a drug and are therefore making investments in the research and development of glass vials. The newly-developed products are expected to boost the demand for glass vials.

Generic drugs has been the fastest-growing drug type segment and is expected to maintain rapid growth over the forecast period. This is due to the significant increase in the volume of generics, which is estimated to face a change in the market dynamics primarily due to the increased competitive intensity and customer consolidation in the U.S., which has a strong presence of several global pharma companies.

Glass packaging is highly preferred in the pharma industry as it is easy to sterilize with heat and does not react with most of the drugs and medicines being chemically inert. The colored glass can protect the medicines from different wavelengths including UV rays. In addition, the raw material is easily available and can be recycled, which has made it an ideal for the packing of pharma products.

The market in North America is expected to witness steady growth on account of the presence of several global players in the region. With the rising volume of generic drugs, glass packaging is being increasingly adopted owing to the preexisting established supply chain. The recent outbreak of Covid-19 had a positive impact on the global market due to growing product usage for the packing of immunity-boosting drugs.

Related Press Release @ Pharmaceutical Glass Packaging Market Report

Pharmaceutical Glass Packaging Market Report Highlights

• In terms of revenue, the generic drug type segment is projected to ascend at the fastest CAGR of 9.5% over the forecast period
• Distrust in the quality of unbranded generic medicines by physicians/patients, high out-of-pocket patient spending for drug purchases, and insufficient government promotion of unbranded generics are likely to promote the use of branded generic drugs over the coming years
• Ampoules product segment accounted for a significant revenue share in 2020. Ampoules have been widely used for the primary packaging of injectables
• Glass delamination has been a growing concern and has been highlighted by the FDA for better compatibility testing of container & drug
• However, the development of glass vials that reduces the chances of delamination and breakage is estimated to result in the continuation of the trend of vials occupying a major market share over the coming years
• Companies in the market are trying to improve the product strength to reduce breakage during the filling of these vials. In September 2019, Corning Inc. got approval from the FDA to market its Corning Valor Glass, which enables superior chemical durability and improves resistance to breakage, damage, and particulate contamination