Global Pharmaceutical Glass Packaging Market to Witness a CAGR of 7.5% during 2018-2024

NEW YORK, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Global pharmaceutical glass packaging market was valued at USD 13,468 million in 2017 and is expected to reach USD 22,169 million by 2024, at a CAGR of 7.5%. The growth is primarily attributed to the increasing demand for secure packaging of pharmaceutical products. Moreover, increasing regulatory pressure and stringent standards for patient safety coupled with implementation of extra measures to reduce the risk of drug interaction are also driving the market growth.

Drug interaction with the primary packaging material is a common problem in healthcare sector. Glass packaging has been the foremost choice for parenteral formulations in pharmaceutical and biotechnological sector as it prevents drug interaction. Furthermore, technological advancements in glass manufacturing are also driving the growth in the market. An essential role of primary packaging material is to provide adequate protection against drug interaction with primary materials, as well as loss of sterility. This is especially important for biological and parenteral containers, as contamination or lack of sterility can cause adverse effects.

Global Pharmaceutical Glass Packaging Market Regional Insight

Geographically, North America held the largest share of the global market in 2017. The growth in the region is attributed to the growing demand of glass in primary packaging of parenteral and topical formulations. Moreover, growing investment in the manufacturing of new generation of pharmaceutical vials by key players is also driving the growth in the region. Europe held the second largest share of the market. The growth in the region is primarily due to technological advancement in glass manufacturing and increasing number of product approvals. Asia-Pacific pharmaceutical glass packaging market is projected to grow at the fastest rate during the forecast period owing to growing number of healthcare companies adopting glass in primary packaging (injectable and biological). Moreover, advancement in biotechnology leading to introduction of new injectable therapies is also expected to propel the market growth in the region.