The global pharmaceutical glass packaging market is set to gain momentum from the increasing development of new types of glasses owing to the high demand from the pharmaceutical industry. This information is given by Fortune Business Insights™ in a new study, titled, “Pharmaceutical Glass Packaging Market Size, Share & Industry Analysis, By Product (Vials & Ampoules, Bottles, Cartridges, and Syringes), By Drug Type (Generic, Branded, and Biologic), and Regional Forecast, 2020-2027.” The study further mentions that the pharmaceutical glass packaging market size was USD 6.31 billion in 2019 and is projected to reach USD 10.76 billion by 2027, exhibiting a CAGR of 6.3% during the forecast period.
Rising Awareness of Health to Favor Growth
The pharmaceutical industry is expanding rapidly across the globe. The rising expenditure on public healthcare systems, increasing awareness of health, and astonishingly surging population are the prime factors for the pharmaceutical glass packaging market growth in the upcoming years. However, the industry is making more usage of plastic packaging nowadays backed by its impact resistance, cost effectiveness, easy molding, and flexibility properties. It may lower the demand for pharmaceutical glass packaging.
Segment-
Cartridges Segment to Grow Steadily Fueled by High Demand for Self-administered Injectables
Based on the product, the cartridges segment generated 11.0% in terms of the pharmaceutical glass packaging market share in 2019. This growth is attributable to the increasing demand for multi-dosage and self-administered injectables. The bottles segment is expected to remain at the forefront stoked by the rising preference for such pharmaceutical glass packaging as they can contain ophthalmic products, syrups, capsules, and tablets.
Regional Insights-
Increasing Spending on Healthcare to Help North America Remain at the Forefront
Geographically, North America procured USD 2.12 billion in 2019 in terms of revenue. The ongoing expansion of the pharmaceutical industry would propel the regional growth. Besides, the increasing prevalence of various diseases, as well as surging spending on healthcare is likely to propel growth.
Europe, on the other hand, is projected to remain in the second position throughout the forthcoming years on account of the rising government guidelines for controlling the transmission of COVID-19. Italy, Germany, and the U.K. are considered to be the main contributors to this growth. In Latin America, governments are implementing new policies, such as favorable tariff protection. Coupled with this, the increasing geriatric population would accelerate the demand for pharmaceutical glass packaging.
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