Global Pharmaceutical Glass Tubing Market is Anticipated to Witness High Growth Owing to Increasing Demand for Biologics
The global pharmaceutical glass tubing market has been growing rapidly owing to the increasing research and development activities in the biotechnology and pharmaceutical industries. Pharmaceutical glass tubing has wide applications in pharmaceutical packaging, drug delivery systems, laboratory equipment, and medical devices. It provides immense benefits such as chemical inertness, dimensional stability, transparency, resists breakage and leakage. With rising prevalence of chronic diseases and growth in the biologics manufacturing sector, the demand for pharmaceutical glass tubing is experiencing significant upsurge.
The Global pharmaceutical glass tubing market is estimated to be valued at US$ 8.3 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the global pharmaceutical glass tubing market are Schott AG, Nipro Pharma Corporation, Corning Incorporated, NEG Glass, PreCision Glass & Packaging, Shandong Pharmaceutical Glass Co., Ltd., Borosil Glass Works Ltd., Thermo Fisher Scientific, Richland Glass, Haldyn Glass Ltd., Duran Group GmbH, Epax Systems, Linuo Group Glass Products Co., Ltd., JSG Pharma, Fushan Technology, NAFEMS, Saverglass Group, Bormioli Rocco S.p.A., SGD S.A., Qorpak, Division of Berlin Packaging. These players are focusing on new product launches, expansions, mergers and acquisitions to gain a competitive edge in the market.
The key opportunities in the Pharmaceutical Glass Tubing market include increasing demand for generic drugs and biosimilars, surge in vaccine production for infectious diseases, and growing need for packaged parenteral and injectable drugs.
With focus on global expansion, major players are strengthening their distribution networks across Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Growing health awareness and demand for biologics in emerging nations provide numerous growth prospects.
Market Drivers and Restraint
The major market drivers include rising prevalence of chronic conditions like cancer, cardiovascular diseases, and diabetes; rapid growth of biopharmaceutical industry; and increasing research funding for drug development. Additionally, surging geriatric population susceptible to various diseases and growing healthcare expenditure supplements the market expansion.
However, stringent regulations for pharmaceutical glass tubing production may hamper the market growth. High costs associated with R&D and manufacturing also acts as a major restraint. Issues pertaining to biocompatibility, breakage, and quality variations of glass tubing impede the global market growth.
Segment Analysis
The pharmaceutical glass tubing market is dominated by type I borosilicate glass tubes, which account for over 60% of the total market share. Type I borosilicate glass has extensive utilization in pharmaceutical packaging and drug delivery systems owing to its high chemical durability and resistance to breakage. It allows for sterilization at high temperatures without compromising the quality of the material. Type II and type III glass tubes are also used but find relatively lesser applications compared to type I borosilicate glass.
Global Analysis
Regionally, North America dominates the global pharmaceutical glass tubing market with over 35% share. This is attributed to considerable healthcare expenditure, sophisticated healthcare infrastructure, and presence of leading pharmaceutical companies in the region. Europe holds the second largest market share on account of stringent regulations regarding packaging and developing pharmaceutical industry. Asia Pacific is recognized as the fastest growing regional market for pharmaceutical glass tubing due to increasing generic drug production coupled with growing emphasis on healthcare sector of developing economies in the region like China, India. Surging patient population, rising medical tourism, and expanding pharmaceutical manufacturing industry also support market growth in Asia Pacific.
What Are The Key Data Covered In This Global Pharmaceutical Glass Tubing Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Pharmaceutical Glass Tubing's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Pharmaceutical Glass Tubing and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Pharmaceutical Glass Tubing Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Pharmaceutical Glass Tubing vendors
FAQ’s
Q.1 What are the main factors influencing the Global Pharmaceutical Glass Tubing?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Pharmaceutical Glass Tubing companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Pharmaceutical Glass Tubing’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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