Vials Market Growth, Development and Demand Forecast Report 2030

NEW YORK - Feb. 27, 2023 - PRLog -- Factors such as the soaring healthcare expenditure, flourishing pharmaceutical industry, and expanding production capacity of vial manufacturing units will drive the vials market at a CAGR of 8.6% during the forecast period (2021–2030). The market revenue stood at $1,263.0 million in 2020 and it is projected to reach $3,047.0 million by 2030. In recent years, the surging preference for glass vials has become a major market trend, due to the high durability, inertness, and robustness of this material.

One of the key growth drivers for the market is the expanding pharmaceutical sector in several countries. At present, glass vial manufacturers, such as SCHOTT AG and Gerresheimer AG, have been observing an extensive demand for vials from pharmaceutical companies, especially for producing COVID-19 vaccines. Additionally, pharmaceutical and biotechnology companies are making huge investments in the expansion of their production capacities to cater to the huge need for coronavirus vaccines.  With the launch of robust vaccination programs across the world, pharmaceutical companies are adopting glass vials at an exceptional rate.

Currently, the vials market is fragmented in nature, with the presence of numerous players. These players are majorly focusing on capacity expansions to increase their market share. For instance, in December 2020, SCHOTT AG started a new pharmaceutical tubing factory in Zhejiang Province, China, for producing FIOLAX borosilicate glass tubing for syringes, vials, ampoules, and cartridges. The new facility will have an initial capacity of 20,000 tons of glass per year and is equipped with advanced manufacturing technology.

The glass type segment of the vials market (https://www.psmarketresearch.com/market-analysis/vials-ma...) is bifurcated into fused-silica and borosilicate. Of these, the borosilicate category accounted for the larger market share in 2020, and it is projected to maintain its dominance throughout the forecast period. This can be ascribed to the increasing preference of vial manufacturers for borosilicate glass due to its thermal stability, impermeability, and chemical inertness. Owing to these properties, pharmaceutical and biotech companies are increasingly using glass vials for lyophilized and liquid drugs.

Geographically, Europe accounted for the largest share in the vials market in 2020, due to the soaring aging population, rising awareness regarding novel drugs, and burgeoning per capita income of the people in the region. As per the European Union (EU), in 2019, nearly 20.3% of the population of 27 member nations was aged 65 years or above. Additionally, the existence of eminent vial manufacturing companies, such as SGD S.A., Stevanato Group, Gerresheimer AG, and Schott AG also supports the market growth in the region.

Therefore, the flourishing pharmaceutical industry and burgeoning demand for COVID-19 vaccines will facilitate market growth in the coming years.