Market Trends of Pharmaceutical Glass Packaging Industry
Growth of Pharmaceutical Industry in Emerging Economies to Drive the Market
- Emerging markets are described as growing prosperous nations where investment is anticipated to increase profits despite significant risks. The BRICS (Brazil, Russia, India, China, and South Africa) nations are the top developing economies. There are a few different approaches to classifying lower-tier economies. One only uses a select few as the MIST (Mexico, Indonesia, South Korea, and Turkey). Another interpretation separates the two groups into CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa) and Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey, and Vietnam.
- While pharmaceutical sales grow slowly in many developed nations, emerging market sales patterns indicate ongoing expansion. Several economic and demographic variables influence the trend in these markets, such as challenging conditions in established markets, with which growth has been flattened due to patent expiration, cost-cutting measures that encourage generic replacement, and strict enforcement of restrictions.
- The pharmaceutical glass packaging industry has seen significant penetration in nations like China. Glass packaging for pharmaceuticals is becoming more widely used in developed countries. As a result of COVID-19, the healthcare and pharmaceutical sectors are growing in emerging nations, which presents the potential for the Chinese market for pharmaceutical glass packaging.
- For instance, in September 2022, SCHOTT Pharma expanded cartridge output in China. Several million investments are intended to significantly improve the manufacturing capabilities for pharmaceutical cartridges in China and Hungary.
- Additionally, R&D was highly valued in the pharmaceutical sector in India. India became a worldwide medical giant in 2022 by enlarging its R&D ecosystem and raising pharmaceutical exports, creating opportunities for various domestic glass packaging vendors.
- Overall, all these investments by significant market incumbents due to the growth of the pharmaceutical market are expected to drive market growth in the forecast period.
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Asia Pacific to Witness Significant Growth
- China's pharmaceutical glass packaging market is expected to grow very fast as China has built a standard system for the pharmaceutical industry over the years. The country pays more and more attention to the stability of pharmaceutical packaging materials during the drug storage period and safety when used. Against this background, new types of green, degradable, and easy-to-use pharmaceutical packaging materials and vessels are in the palmy days.
- China's large and rapidly growing healthcare market has been an obvious target of opportunity for the glass packaging sector in China due to the presence of major multinational pharmaceutical companies, and these companies are among the most significant revenue earners in the Chinese pharmaceutical market.
- In India, pharmaceutical glass packaging has been growing due to the increasing usage of generic injectable drugs in the healthcare industry. Pharmaceutical glass packaging is available in various drug types, such as injectable and non-injectable. The significant property of pharmaceutical glass packaging has high chemical durable properties, which maximizes the reliability of the products.
- The demand for glass packaging in India is expected to grow rapidly as India is a prominent and expanding player in the global medicines market. According to data published on the India Brand Equity Foundation website, India is the world's largest provider of generic pharmaceuticals, accounting for 20% of the worldwide supply and meeting over 60% of global vaccine demand. The Indian pharmaceutical industry is valued at USD 42 billion globally.
- In Japan, the market's growth is supported by the increase in glass container shipments in end-use markets. Glass containers are one of the most preferred materials for packaging liquid-based pharmaceutical products, chemicals, and a variety of other perishable/non-perishable products. Moreover, the rising preference for environment-friendly packaging solutions impacts pharmaceutical glass packaging adoption.
- The scope of the Rest of the Asia-Pacific region includes multiple countries such as Indonesia, Australia, Singapore, Thailand, South Korea, and Malaysia. The market is driven by the surge of international partnerships, biosimilars, an expansion in the export of finished formulations, and a robust generics market.
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