The global pharmaceutical glass tubing market is a rapidly growing industry. Pharmaceutical glass tubing is used in the production of vials, cartridges, syringes and other products used for storage and delivery of medicines, vaccines and injectable drugs. Glass tubing offers benefits like chemical resistance, durability and affordability which makes it an ideal material for pharmaceutical packaging. The pharmaceutical glass tubing facilitates storage of drugs in appropriate conditions and accurate dosing.
Global pharmaceutical glass tubing market is expected to reach US$ 11.2 Bn by 2030, from US$ 8.3 Bn in 2023, exhibiting a CAGR of 7.1% during the forecast period.
Key TakeawaysKey players: Key players operating in the global pharmaceutical glass tubing market are Schott AG, Nipro Pharma Corporation, Corning Incorporated, Nippon Electric Glass Co., Ltd., Cang Zhou Four-Star Glass Co., Linuo Group and others.Key opportunities: Increasing research on advanced drugs, rise in chronic diseases and growing geriatric population provide major growth opportunities for players in the pharmaceutical glass tubing market.Global expansion: Leading manufacturers are focusing on expansion in emerging economies of Asia Pacific and Latin America through partnerships and new production facilities to tap into the high market potential.
Market driversA major driver for the Global Pharmaceutical Glass Tubing Market is the growing demand for injections and parenteral drugs globally. Rising prevalence of diseases like cancer, diabetes and cardiovascular disorders is increasing the consumption of pharmaceutical packaging made from glass tubing. Furthermore, ongoing improvements in healthcare infrastructure and services especially in developing regions is another key factor boosting the market during the forecast period.
PEST Analysis
Political: Pharmaceutical glass packaging market is regulated by various government agencies and regulations to ensure safety and quality of products. Changes in healthcare policies impact the demand dynamics of this industry.
Economic: Rise in healthcare expenditure and improvement in economic conditions of emerging nations has positively impacted the demand for pharmaceutical products, thus driving the glass packaging market. Fluctuations in raw material prices affects the manufacturing costs.
Social: Increase in lifestyle diseases and aging population has resulted in growing consumption of medicines, thereby increasing the need for pharmaceutical glass packaging. Social trends such as preventive healthcare also influence market dynamics.
Technological: Use of state-of-the-art machinery for manufacturing glass packaging tubing with quality, precision and reduced defects. Adoption of software for design, engineering and inspection of glass containers to ensure regulatory compliances.
Geographical Regions with High Market Concentration North America accounts for the largest share in terms of value, owing to stringent regulations for pharmaceutical packaging and presence of major pharmaceutical companies in the region. Growing generics market in the US and Canada further boosts the demand.
Fastest Growing RegionAsia Pacific is poised to grow at the fastest pace during the forecast period due to rise in healthcare spending, increase in number of pharmaceutical companies and growing pharmaceutical industry in developing countries like India, China and Japan. Growing geriatric population in these countries presents lucrative opportunities for pharmaceutical glass tubing market players.
Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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