Global pharmaceutical glass packaging market worth USD 22,169 million by 2024, pharmaceutical glass packaging market size, growth, industry forecast.
The 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. However, high transport cost associated with glass packaging may restrain the market growth to some extent.
Glass packaging has been more popular in recent years, owing to consumers becoming more aware and companies rediscovering the benefits of glass. Glass is made from all natural raw materials, as compared to other packaging materials such as PVC, which can have negative impact on the human health and environment. Moreover, glass is a 100% recyclable and can be recycled without losing its purity and quality. In recent years, increased development of pharmaceutical products such as recombinant proteins, biological products, monoclonal antibodies, vaccines, among others has been driving the pharma market. These drugs usually require specific storage conditions and need suitable containers with low drug interaction properties.
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.