The market size of the Global Glass Bottles and Vials for Vaccines and Pharmaceutical Market is predicted to show an 7.45% CAGR during the forecast period.
A vial is a small glass or plastic container that stores medication in powders, liquids, and capsules (also referred to as a flacon or phial). The demand for glass bottles and vials has increased due to end users using glass vials more frequently than conventional vials. Since they make recycling simple, they are also eco-friendly. Glass bottles and vials allow producers to lower production costs while providing consumers with items of higher quality. As the demand for pharmaceutical packaging surges, it opens up the potential for marketers to sell the vaccine and pharmaceutical glass bottles and vials. As chances for marketers are created by a rise in demand for pharmaceutical packaging, the glass bottles and vials for vaccines and the pharmaceutical industry are rising. Leading industry players are spending money to improve their market position. A vial maker, SCHOTT AG, recently invested US $333 million in pharmaceutical packaging to grow its glass tubing business. Global market companies are attempting to increase their product offerings and global presence in this industry.
Since the COVID-19 pandemic, the demand for glass bottles and vials used for pharmaceutical and vaccination products has grown exponentially. Following the COVID-19 vaccines' approval, vaccination campaigns have been launched in numerous nations. Due to the enormous demand for glass bottles and vials for vaccine packaging from vaccine makers, the market is expanding. In addition, the market for glass bottles and vials for pharmaceuticals and vaccines will be significantly constrained by the rising cost of the overall packaging.
The Glass Bottles and Vials for Vaccines and Pharmaceutical market is segmented based on application and end-user. Based on application, the market is segmented into vaccines and general medicine. Based on end-user, the glass bottles and vials for vaccines and pharmaceutical is segmented into hospital, drug manufacturers, diagnostic centers and others.
Based on application, the vaccines segment is accounted as a major contributor in the Glass Bottles and Vials for Vaccines and Pharmaceutical market
Based on application, the market is segmented into vaccines and general medicine. The vaccine segment dominated the market. Vaccine vials are used in pharmaceutical packaging. The vaccination vial is a compact cylindrical container that can be utilized in industries such as pharmaceutical, medical, environmental, and lab testing. There are several varieties of vaccine vials available, including single dosage and multi-dose vials. Increased investment in glass vaccine vials, particularly in the pharmaceutical industry, increased vaccine production, and rising government initiatives in the biochemical industry are key drivers projected to fuel the growth of the vaccine vials market.
The hospital segment witnessed growth at a rapid rate
Based on end-user, the glass bottles and vials for vaccines and pharmaceutical is segmented into hospital, drug manufacturers, diagnostic centers and others. The hospital category dominated the market. The need for glass bottles and vials has increased due to their expanding use by hospitals. In hospitals, glass bottles and vials are frequently used to store medications and samples. Over the past ten years, glass bottles and vials have grown in popularity in hospitals because they are non-reactive, have a long shelf life, and are contamination-free.
In the region, the North America Glass Bottles and Vials for Vaccines and Pharmaceutical market holds a significant revenue share.
The North America Glass Bottles and Vials for Vaccines and Pharmaceutical market is expected to register the highest market share in revenue in the near future. Pharmaceutical spending in developing nations is expected to rise in the coming years. With innovative products driving the rise, the United States is projected to be a prominent driver and the region's most important market for expanding the pharmaceutical sector. This expansion is predicted to be aided by an increase in generics in the region, which are expected to maintain high volume and sales demand. In addition, Asia Pacific is projected to grow rapidly in the global Glass Bottles and Vials for Vaccines and Pharmaceutical market. Chronic disease incidence increased healthcare expertise, and rising income levels will help Asia Pacific emerging markets expand. Governments in the Asia Pacific region are expanding their private and public healthcare coverage due to increased knowledge. Government actions in emerging countries to encourage low-cost generic drugs and lower healthcare costs are projected to raise the volume of pharmaceutical products, encouraging the region's market expansion even further.
The key players in the Glass Bottles and Vials for Vaccines and Pharmaceutical market have shifted their focus towards product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some major key players in the Glass Bottles and Vials for Vaccines and Pharmaceutical market are SCHOTT AG, Thermo Fisher Scientific, ZHENGCHUAN ICP, Cang Zhou Four-star Glass Co., Ltd, Stevanato Group PIVA, Gerresheimer AG, SGD Pharma, Qorpak, Corning Incorporated and SM PACK.