The global vials market is projected to be worth USD 3,047.0 million by 2030, growing at a CAGR of 8.6%, according to P&S Intelligence. This growth can be credited to the growing production volume of vial builders, growing healthcare investment, and the rising pharmaceutical sector. Furthermore, the rising demand for vials for the packing of COVID-19 vaccines is boosting industry growth.
In recent years, the borosilicate category had a larger share in the vials industry, on the basis of glass type. Moreover, the category is projected to remain in its dominant position in the future as well.
This is mainly because of the high fondness of vial manufacturing businesses for borosilicate glass because of its chemical inertness, thermal stability, and permeability. Such reasons have, therefore, caused the high requirement for borosilicate vials, mainly to help the continuing COVID vaccination programs throughout the world.
Pharmacological and biotech businesses are projected to establish the fastest-rising category in the vials industry in the coming few years, on the basis of the end user. This can be credited to the increasing demand for superior medications, such as biologics, armed with the rising elderly populace and age-associated ailments. Such reasons are boosting the demand for packing containers, like vials, among pharmacological and biotech businesses throughout the globe.
In recent years, Europe was the largest revenue generator of the vials market. This growth can be credited to the existence of crucial market companies, including Stevanato Group, Schott AG, Gerresheimer AG, and SGD S.A., development in end-use industries, rising elderly populace, augmented knowledge on newly advanced medications, and high disposable income in the continent.
Glass is the more favored material for vials for the vaccine fill–finish procedure, credited to its inertness, durability, robustness, which stops reaction with the medication, and robust resistance to delamination.
Compared to metals and plastics, glass is more appropriate for the main packing of high-end medicinal items. Furthermore, glass vials have a lengthier shelf lifespan and they are biodegradable and environment-friendly as well. Thus, the requirement for such vials is growing globally.
Customer growing knowledge regarding health-associated problems has augmented over the recent years. The growing epidemic of life-intimidating illnesses, like COVID-19, and the constant danger of contagions have resulted in awareness throughout the globe, which is further boosting the utilization of glass vials for medicinal packaging. The increasing expenditure on healthcare in emerging nations, like China and India, is also contributing to the development of the industry.
Hence, the growing production volume of vial builders, growing healthcare investment, and the rising pharmaceutical sector are the major factors contributing to the growth of the vials market.