The global glass medicine bottles market is expected to register a market value of US$ 19.6 billion in 2023 and is projected to accumulate a valuation of US$ 35 billion by exhibiting a CAGR of 5.9 % in the forecast period 2023 to 2033. The glass medicine bottles market registered a CAGR of 4.2% in the historical period 2018 to 2022.
The extensive use of generic injectable drugs along with rising demand from the pharmaceutical industry for glass bottles is expected to drive growth in glass medicine bottle market during the forecast period.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 19.6 billion |
| Projected Market Value in 2033 | US$ 35 billion |
| Growth Rate (2023 to 2033) | 5.9% CAGR |
Glass medicine bottles also help in restricting the escape of volatile contents, thereby, increasing the stability of drugs. All these factors are expected to fuel product demand over the forecast period. Also, the rising significance of cost-sensitivity and biotech drugs in the healthcare sector has resulted in the inception of stringent regulations related to medicine delivery.
Various manufacturers involved in the medicine glass bottles manufacturing industry are employing these packaging solutions aimed at improving the shelf life of products and thus bottles are finding their wide use. Medicine glass bottle manufacturers have been improving their product features to meet the transforming pharmaceutical industry, which will further contribute to market expansion.
For example, in November 2021, Corning Inc. developed, specially designed, coated Type I borosilicate glass vials known as Corning Velocity Vials. These bottles offer effective hardness compared to traditional neutral glass vials, reducing the chances of breaking and cracking.
Apart from this, the impact of the COVID-19 pandemic has been pushing the pharmaceutical industry with a steady product demand in the market for glass medicines bottles and other healthcare facilities. The burgeoning demand for medicinal drugs, because of the pandemic, has positively affected the market. The sales for glass bottles are expected to reach new heights, depending on approvals for new COVID-19 vaccines and due to the demand for secondary management of the disease.
Demand from the generic drug segment is expected to be maximum which will boost product sales. The market for generic drugs has been witnessing significant growth in the past few years due to rising cases of chronic diseases, an increasing elderly population, and a rising in drug patent expiration rate.
Rising efforts from the government and healthcare service providers to cut healthcare expenditure & drug prices and terms of health insurance coverage are further anticipated to increase the consumption of generic drugs which will directly benefit the market of glass medicine bottles. Thus, there will be high demand for medicine glass packaging in the coming years due to its regulatory ease and exceptional barrier properties.
Geographically, North America dominated the market and accounted for over 35.4% of revenue share in 2022. The region is expected to retain its lead in the market by accumulating more than 41% market share by end of the forecast period.
The United States is expected to be a key driver and most important market for the growth of the medicine bottles and pharmaceutical sector in the region due to rapid innovations of new products in the country. Also, the growth is further anticipated to be supplemented by the emergence of generics in the region that will witness high demand in terms of volume and sales.
The underdeveloped markets are expected to experience higher growth rates compared to developed markets due to a significant increase in consumer base and spending. Increasing cases of chronic diseases, increased healthcare awareness, and rising income levels are expected to further support the growth of emerging markets in this region.
The market in Asia Pacific is expected to grow with the fastest CAGR of 6% during the forecast period. The governments in this region are increasing their coverage in private and public healthcare sectors due to rising awareness. Also, increasing government efforts to encourage low-cost generic drugs and cut healthcare costs will lead to a high sales volume of pharmaceutical products including glass bottles.
Recent innovations, product launches, and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing Glass Medicine Bottles are anticipated to create new opportunities for market expansion during the forecast period.
According to the latest research by Future Market Insights, Glass Medicine Bottles Market is expected to witness robust growth with 3-4% CAGR during the forecast period from 2021 to 2031. The Glass Medicine Bottles will show growth due to the rising demand for packaged foods and rising disposable income. Therefore, growth at a significantly high CAGR will be expected soon.
Glass containers are among the primary packaging material that has found use in the pharmaceutical industries. Glass is an inorganic material mostly silicates or a mixture of materials. Pharmaceutical manufacturers are inclining towards bottle glass for drug containment due to its major advantage to maintain a steady temperature.
Glass can hold liquid or solid at a steady temperature without absorbing flavour, odour, and colour. Glass poses as a hindrance to atmospheric gases, such as carbon dioxide and oxygen, from entering the primary container, mitigating the risk of contamination of the drugs.
Glass packaging lowers the drug’s susceptibility to degradation, such as hydrolysis and oxidation. Moreover, glass packaging helps in resisting the escape of volatile ingredients, thereby increasing the drug stability. These advantages of glass packaging for medicines are expected to grow the glass medicine bottles market.
Moreover, rising environmental concerns and increasing recycling activities in developed and developing countries are expected to further support the growth of the global glass medicine bottles market. Also, with the increasing demand and consumption of medicines globally there will be a rise in medicine manufacturing rising the demand for packaging.
All these factors drive the glass medicine bottles Market significantly during the forecast period from 2021 to 2031.
Glass packaging of pharmaceuticals safeguards products from physical damage, biological contamination, and from all antagonistic external influences that can damage the products. The pharmaceutical glass packaging market is growing at a significant rate owing to the increasing demand for pharmaceutical products and technological advancements in the field.
One of the major advantages of using glass packaging is the inert nature of glass, which does not let it react with the contents under most circumstances. The ongoing investment and R&D activities for drug discovery, approach towards generic medicines, extensive utilization of generic injectable drugs and adoption of better packaging solution is resulting in demand for glass bottles.
The glass packaging solution provides enhanced chemical durability and damage resistance, enabling pharmaceutical companies to effectively store and deliver critical drug formulations. The glass medicine bottles market is experiencing significant growth due to the types of medicines manufactured, maintaining the stability of the product, and also its recyclable nature.
Thus the demand for glass medicine bottles will increase over the forecasting period.
USA and Canada will retain the top position in the market of glass medicine bottles due to the large number of pharmaceutical industries and manufacturing plants in the region. The presence of key manufacturers, strong infrastructure, key packaging industries, and in the USA and Canada are adding to glass medicine bottle growth in the region.
The Chinese glass medicine bottles market is experiencing significant growth due to increasing pharmaceutical manufacturing capacities in the country. China is one of the most renowned countries where at a large scale pharmaceutical manufacturing is done and imported on a global level.
Also, there have been emerging companies in the country which will lead to rising demand for packaging, and as the benefits of glass, it will gain interest in the forecasted period.
Some of the leading manufacturers and suppliers of Glass Medicine Bottles include
These companies followed certain strategies like partnership, manufacturing plant expansion, mergers, and acquisitions to gain a good position in the market. For instance, in July 2017, Pfizer and Merck announced a collaboration with glass manufacturer Corning to offer a new solution for injectable drugs in vials and cartridges.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Glass Medicine Bottles Market
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