Pharmaceutical glass tubing is extensively used in the pharmaceutical industry for production of ampoules, vials, and cartridges. Glass tubing provide advantages like non-reactive, transparency, and durability. Pharmaceutical glass tubing are needed to produce containers for storage and transportation of drugs.
The global Pharmaceutical Glass Tubing Market is estimated to be valued at US$ 8.3 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.
Market Opportunity:
Pharmaceutical Industry Spending- The opportunity lies in the increasing spending in pharmaceutical industry. Global spending on medicines is expected to witness steady growth, reaching upwards of US$ 1.5 trillion by 2023. As the pharmaceutical industry expands production to meet rising demand for drugs and therapies across the world, the demand for pharmaceutical glass tubing is also projected to rise significantly. Growing pharmaceutical industry spending will thus drive higher uptake of pharmaceutical glass tubing in production of drug containers and storage over the forecast period.
Porter's Analysis:
Threat of new entrants: High capital requirements and stringent regulatory requirements pose high entry barriers for new players.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power due to their bulk purchasing ability.
Bargaining power of suppliers: The market has a large number of raw material suppliers with no major dependence on a single supplier.
Threat of new substitutes: There are no cost-effective substitutes for pharmaceutical glass tubing available.
Competitive rivalry: The market is competitive due to the presence of large global players.
SWOT Analysis:
Strength: Glass tubing offers properties like transparency, resiliency and compatibility with different drugs.
Weakness: Glass is fragile in nature and prone to breakage during manufacturing, transportation and storage. High R&D costs involved.
Opportunity: Growth in injectables and biologics market drives demand. Rise in generic drug production across developing nations.
Threats: Stringent regulations associated with pharmaceutical glass manufacturing. Trade wars and politics can disrupt supply chains.
Global Pharmaceutical Glass Tubing Market Segmentation:
- By Product Type
- Vials
- Ampoules
- Cartridges
- Syringes
- Bottles
- Others (Tubes, Rods, Stoppers etc.)
- By End User
- Pharmaceutical
- Biotechnology
- Diagnostics
- Chemical
- Others (Research, Forensics etc.)
- By Distribution Channel
- Direct Sales
- Distributors
- Online
- Others
- By Manufacturing Process
- Tubing
- Molding
- Extrusion
- Others
Key Takeaways:
The global Pharmaceutical Glass Tubing Market Size is expected to witness high growth due to the rising prevalence of chronic diseases and increasing healthcare spending globally. The global Pharmaceutical Glass Tubing Market is estimated to be valued at US$ 8.3 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to significant investments by key players and a well-established pharmaceutical industry in the US and Canada. Asia Pacific will be the fastest growing market in the coming years, driven by a large patient population, low manufacturing costs and growing healthcare infrastructure across developing countries like India and China.
Key players operating in the global pharmaceutical glass tubing market are Schott AG, Nipro PharmaPackaging International, Corning Incorporated, Nippon Electric Glass, Richmond Glass, Kishimoto Co. Ltd. among others. Schott AG is a leading player with a broad regional presence and strong product portfolio.
Get More Insights on This Topic : https://www.marketwebjournal.com/global-pharmaceutical-glass-tubing-market-is-expected-to-be-flourished-by-growing-need-for-pre-filled-syringes/
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