NEW YORK, May 3, 2021 /PRNewswire/ — Due to the surging incidence of chronic and acute diseases, the pharmaceutical industry is booming. As many of the drugs are administered via injection, the expanding pharma sector is expected to propel the global vials market from $1,263.0 million in 2020 to $3,047.0 million by 2030, at an 8.6% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
Presently, the COVID-19 pandemic is wreaking havoc on the world, with more than 151 million cases and 3 million deaths recorded thus far. This has put the healthcare and pharma sectors under immense pressure to find a cure and a way to prevent the infection. As a result, extensive research and development (R&D) has unearthed numerous drugs, many of which have already received the regulatory approval and are now being used worldwide. Since most of these drugs are injectables, the pandemic is impacting the vials market positively.
Key Findings of Global Vials Market
- Borosilicate preferred type of glass among end users
- Rising demand for COVID-19 vaccines prompting increase in vial output
- Pharma and biotech companies largest users of vials
- Demand for vials highest in Europe
- APAC to witness fastest growth in market
- Industry has fragmented nature
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In the past, pharmaceutical and biotech companies dominated the vials market under the end user segment, and they will also witness the fastest growth in the usage of vials in the near future. As these firms manufacture drugs in bulk, they require vials in large numbers. The rising demand for more-effective drugs, owing to the increasing prevalence of chronic and acute diseases, is propelling the procurement of such products by biotech and pharma companies.
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Europe is currently the most-productive vials market on account of the expansion of its pharmaceutical industry, presence of established industry players, rise in the awareness regarding the newly launched drugs, and high purchasing power of Europeans. In the years to come, the demand for vials will likely witness the fastest surge in Asia-Pacific (APAC). Key vial and pharma companies in the region are increasing their production output to meet the increasing demand for COVID vaccines.
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Major players in the global vials market include Phoenix Glass LLC, Hanna Instruments, Pacific Vial Manufacturing Inc., PIRAMIDA d.o.o., Acme Vial and Glass Company LLC, O.Berk, SGD Pharma, SCHOTT AG, Stevanato Group, Gerresheimer AG, Amposan S.A., Corning Incorporated, TricorBraun Inc., Piramal Glass Limited, Borosil Limited, Nipro Corporation, Thermo Fisher Scientific Inc., and PerkinElmer Inc.
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