Pharmaceutical Glass Packaging Market to Attain a US$ 54.6 Billion Valuation by 2034, Grow at a 9.5% CAGR | Future Market Insights Inc.

The United States of America will lead North America, and pharmaceutical glass packaging market growth forecasts suggest that it will be accelerated at a 9.8% CAGR. Also, the pharmaceutical glass packaging market size will reach US$ 9.7 billion during the forecasted period.

NEWARK, Del., April 30, 2024 /PRNewswire/ -- The advancement path of the global pharmaceutical glass packaging market will be carved promisingly at a CAGR of 9.5%, enabling the market growth drivers to uplift the market from US$ 22 billion to US$ 54.6 billion in the forecasted period 2024 to 2034.

The demand for less invasive therapies is increasing. As a result, consumable tablets are more in demand. Similarly, other less invasive capsules and other medicines observe a spike in demand. Consequently, the demand for packaging solutions is increasing, driving the growth of the pharmaceutical glass packaging market.

The growth in the number of accidental cases, the rising prevalence of chronic diseases, and the growing medical facilities accelerate the pharmaceutical sector. Therefore, demand for glass packaging for better handling medicines increases, driving the pharmaceutical glass packaging market size.

Regulatory policies by different governments mandate leading players in the pharmaceutical glass packaging market to produce sustainable packaging solutions. Therefore, this drives the demand for glass packaging material that meets sustainability standards.

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The growing demand for eco-friendly and recyclable materials surges the need for glass packaging. Also, its low reactivity with patients' samples enhances the shelf-life of samples collected.

Key Takeaways from the Market Study:

• The South Korean pharmaceutical glass packaging market will likely be the fastest growing market, projecting a CAGR of 12.1%.
• The United Kingdom is the European leader, predicting a promising CAGR of 10.7%.
• The United States of America will lead the global pharmaceutical glass packaging market in terms of its size, projecting the estimated valuation to reach US$ 9.7 billion by 2034.
• Generic segment will likely hold 64% of the market space and advance at the highest 9.3% through 2034.

"The potential risk of material damage during transportation might affect the life of glass packaging solutions, which is a key market challenge," says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

Pharmaceutical Glass Packaging Market Competitive Landscape:

Leading players in the pharmaceutical glass packaging market emphasize market expansion through various strategies. These moves aid a better market place for these players, enhancing their market occupancy.

Strategic initiatives include mergers, alliances, collaborations, drug packaging innovation, and partnerships. The following key developments have been observed:-

• In March 2020, Corning Incorporated launched first ultra-low-loss, smaller-diameter fibers, specially designed for long-haul networks. This product launch helped the organization gain more market space. Also, it allowed the business to create a niche in the market.
• In December 2022, Nipro Corporation founded a new sales office in China. This strategic move enabled the organization to enhance its international presence, gaining market space in the competitive landscape.

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More Valuable Insights Available

Future Market Insights offers an unbiased pharmaceutical glass packaging market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.

The market is segmented on the basis of Material (Type I, Type II, and Type III), Product (Vials (Small vials and Large vials), Bottles (Small bottles and Large bottles), Cartridges & Syringes, and Ampoules), and Drug Type (Generic, Branded, and Biologic) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).

Report Scope:

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Pharmaceutical Glass Packaging Market - Key Segments

By Material:

• Type I
• Type II
• Type III

By Product:

• Vials
• Small vials
• Large vials
• Bottles
• Small bottles
• Large bottles
• Cartridges & Syringes
• Ampoules

By Drug Type:

• Generic
• Branded
• Biologic

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

About the Packaging Division at Future Market Insights.

The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Authored by:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics. 

Have a Look at Related Research Reports on Packaging Domain:

The global sustainable pharmaceutical packaging market size is anticipated to be worth US$ 410 billion by 2034. According to the estimates, the market is projected to clock a 15.6% CAGR until 2034. In 2024, the sustainable pharmaceutical packaging market size is valued at US$ 96 billion.

The anti-counterfeit pharmaceutical packaging market is estimated to be valued at US$ 108.1 billion in 2023 according to estimates. The market is expected to reach US$ 246.6 billion by 2033 developing at a CAGR of 8.6%.

The global pharmaceutical vials market is expected to be valued at US$ 12,137.2 million in 2023 and reach a valuation of US$ 24,099.7 million by 2033. The demand for pharmaceutical vials is estimated to grow at a steady 7.10% CAGR, with the United Kingdom, the USA, China, and India emerging as key producers.

The temperature controlled pharmaceutical containers market is set to enjoy a valuation of US$ 4.8 billion in 2024, registering progression at a CAGR of 4.8% to reach US$ 7.7 billion by 2034. Sales of such containers are anticipated to bolster with the top 3 countries estimated to hold around 35 to 40% of the market by the end of this forecast period.

The net worth of the market share of pharmaceutical plastic bottles is predicted to grow from US$ 35.8 Billion in 2023 to over US$ 97.1 Billion by 2033. This is expected to further drive the market share and register a CAGR of 10.5% between 2023 and 2033.

The global pharmaceutical unit dose packaging market is expected to attain an impressive valuation of US$ 34.2 billion in 2023 and is projected to reach US$ 136 billion by 2033, expanding at a CAGR of 14.8%.

Newly released data by Future Market Insights (FMI) projects the global pharmaceutical cold chain packaging market to register a CAGR of 14.8% and to reach US$ 60,100.9 million by 2033. As per the report, polymer emerge as the top choice for packaging material and it is expected to account for over 62.1% of the global market share in 2023.

The pharmaceutical container market is likely to be valued at US$ 95.3 billion in 2023. The estimated CAGR of 6.1% from 2023 to 2033 suggests that the global pharmaceutical container market is expected to reach a valuation of US$ 172.4 billion by 2033.

The global pharmaceutical packaging equipment market size is expected to be valued at US$ 5.6 billion in 2023. Increasing demand for sustainable packaging solutions, bolsters the overall scope for pharmaceutical packaging equipment market, which is projected to grow at a CAGR of 4.1% between 2023 and 2033, totaling around US$ 8.4 billion by 2033.

The global pharmaceutical contract packaging market is predicted to be valued at US$ 6.1 billion in 2023. Contract packaging services in pharmaceuticals are forecasted to advance at 7.5% CAGR from 2023 to 2033. By the end of the year 2033, the overall market is forecasted to reach a valuation of US$ 11.9 billion.

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights