Micro Vials Market Overview
Micro Vials industry was valued at ~US$ 6.6 Bn in 2020, and is expected to grow at a CAGR of ~6.0% during the forecast period 2021-2031. Increasing consumption in pharmaceutical companies is a driving factor for micro vials sales.
Unprecedented outbreak of COVID-19 pandemic has increased the demand for parenteral drugs, encouraging manufacturers to develop new micro vials that are safe, sterile, and remain contamination free before administration. This will create lucrative growth opportunities for micro vial products. Moreover, the rising demand for ready-to use glass vials for flexible aseptic filling are gaining prevalence among the researchers due to which the demand for micro vials is increasing at a higher rate.
What is Driving Demand for Micro Vials?
Increasing number of chemical laboratories and growing investments by government in biochemical industry is likely to accelerate the demand for micro vials globally. Also, with the introduction of stringent laws to enhance the integrity and quality of locally manufactured drugs, the usage of glass as a material is primarily leading for pharmaceutical packaging products.
Furthermore, the rising complexity of drugs and emerging diseases, such as diabetes, are expected to drive the growth of micro vials, majorly being compelled by increased consumption in the emerging economies, such as India and China. Currently around 422 million people suffers from diabetes, according to the World Health Organization (WHO). Thus, micro vials sales are estimated to witness robust growth over the coming years.
Demand for Glass Micro Vials to Surge
Over the last few years, although the development of materials such as plastic has created an alternative to conventional glass, however factors such as high cost-effectiveness as well as availability through multiple supply chains are responsible for creating huge demand for glass vials as compared to plastic vials. Also, prominent glass micro vial manufacturers are continuously focusing on product innovation as per the consumer needs.
Glass micro vials are easily recyclable, and thus, are considered as an eco-friendly material, which eventually propels their popularity. This shifting focus of end users from conventional containers and vials to glass micro vials is significantly driving the growth. In addition, the growing inclination of various end users such as drug manufacturers towards glass micro vials is boosting the growth of the micro vials across the globe.
US Micro Vials Growth Scenario
The North American region is one of the largest regions for the pharmaceutical packaging industry owing to its large pharmaceutical manufacturing base and the ability to introduce technological advancements to pharmaceutical packaging. According to the association for packaging and processing technologies (PMMI), there are more than 700 North American manufacturers of equipment, components, and materials for processing and packaging.
The U.S. primarily dominates the pharmaceutical industry, both in consumption and development. According to the STAT, prescription drug spending in the nation is considered to add up to ~US$ 600 Bn by 2023, up from ~US$ 500 Bn in 2020, which is further expected to drive the demand for micro vials in the country.
India Demand Outlook for Micro Vials
India is one of the largest manufacturers and exporters of pharmaceutical products in the world. The country is witnessing rising purchasing power of middle-class population in healthcare services, especially for medicines. According to the IBEF, the packaging industry in the country constitutes about 4% of the global packaging industry.
Additionally multiple factors, such as increased R&D spending, innovations, the development in the generics market, and the rising trend of contract packaging are expected to fuel the demand for micro vials in the country.
India also has an advantage over many countries with respect to basic production of pharmaceutical products, mainly owing to factors such as knowledgeable workforce, WHO-GMP-approved production methodologies, and high man-power. These factors are majorly responsible for flourishing the demand for micro vials in India during the forecast period.
Who are the Key Micro Vials Manufacturers?
Some of the leading manufacturers of micro vials include
- Restek Corporation
- Agilent Technologies, Inc
- DWK Life Sciences
- Thermo Fisher Scientific
- MACHEREY-NAGEL GmbH & Co.
- PerkinElmer Inc.
- Stevanato Group
- Bio Spec Products Inc.
- M Dialysis AB among others.
The market turns out to be moderately concentrated, with the major players adopting strategies, such as mergers and acquisition, expansion, and product innovation, to increase their production capabilities and magnify their global presence. The micro vials industry is highly competitive, due to presence of large number of players operating in international and domestic markets.
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 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.
By Material Type:
- Polypropylene (PP)
- Poly Vinyl Chloride (PVC)
- High Density Polyethylene (HDPE)
- 0 – 1 ml
- 1 – 3 ml
- 3 – 5 ml
- Above 5 ml
By End Use:
- Personal Care
- Research Laboratory & Clinical Research
- Drug Manufacturing
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa