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.
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.
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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