Impact Assessment of COVID-19 Outbreak on Sterile Vials Market
Sterile Vials Market: Introduction
According to the report, the global sterile vials market was valued over US$ 4.6 Bn in 2020 and is projected to expand at a CAGR of ~8% from 2021 to 2031. Growth of biologics and combination drug/device products across the globe, increase in global geriatric population, and rise in awareness among consumers about infections are anticipated to propel the global sterile vials market from 2021 to 2031.
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North America is projected to be a highly attractive market for sterile vials during the forecast period. The region is anticipated to account for the largest share of the global market by 2031. Easy availability of raw materials for medical packaging in the region is expected to drive the market in North America. Increase in capital investment by leading manufacturers in the pharmaceutical packaging industry augments the sterile vials market in the region. For instance, in September 2017, Schott AG expanded manufacturing in the U.S. with investment in new generation of pharmaceutical sterile vials. International technology group Schott increased investment in the latest generation of pharmaceutical vials, mapping a future of stronger packaging options for pharmaceutical companies.
Europe is likely to be the second most attractive market for sterile vials during the forecast period. The market in the region is anticipated to expand at a high CAGR from 2021 to 2031. Increase in development of biologics, antibody-drug conjugates, and monoclonal antibodies have driven the demand for sterile vials in the region. This fuels the growth of the sterile vials market in Europe during the forecast period.
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High Adoption of Glass Vials Compared to Alternative Containers to Drive Market
Drug and pharmaceutical manufacturers need to maintain the required quality of sensitive medicines, while storing and supplying. Drugs and medicines come in contact with drug storage containers made of aluminum and other vessels that impart some amount of flavor into the drugs, which degrades the quality of the drugs. However, glass vials are non-reactive with the drug stored in them. Moreover, these glass vials are dust-resistant and easy to clean. Furthermore, features such as longer shelf life and contamination-free storage increase the popularity of glass vials.
Rise in inclination of various end users, such as biopharmaceutical companies, CMOs, and clinical labs toward glass vials drives the global sterile vials market. Moreover, glass vials are easily recyclable and glass is considered eco-friendly material, which propels its popularity. This shift in focus of end users from conventional containers and vials to glass vials augments the global sterile vials market.
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Capital Investment by Leading Manufacturers in Sterile Vials Propels Global Market
Rapid expansion of the global healthcare industry fuels the expansion of the global sterile vials market. Increase in demand for pharmaceutical products across the world is estimated to create significant opportunities for pharmaceutical packaging manufacturers during the forecast period. Leading manufacturers invest in sterile vials to consolidate their market position.
- In June 2020, Corning, Inc. received US$ 204Mn in funding to expand domestic manufacturing capacity of Corning Valor Glass vials to support the vaccination and treatment of billions of patients under White House’s Operation Warp Speed Initiative
- Consistent capital investment by prominent sterile vials manufacturers to expand global footprint creates significant opportunities in the global market. Furthermore, various initiatives by governments to improve healthcare facilities in underdeveloped regions augment the market.
Sterile Empty Vial to Dominate Market
In terms of product, the global sterile vials market has been classified into sterile empty vial, sterile liquid filled vial, and individual sterilized components (ISCs). The sterile empty vial segment held major market share in 2020 and the trend is projected to continue during the forecast period. The segment is anticipated to register the highest market attractiveness during the forecast period.
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2ml to 5ml Vials to be Highly Attractive
Based on volume, the global sterile vials market has been categorized into <2ml, 2ml to 5ml, 5ml to 10ml, 10ml to 20ml, and >20ml. The 2ml to 5ml segment accounted for a major share of 28.84% of the global sterile vials market in 2020. The 2ml to 5ml segment is anticipated to create incremental opportunity of US$ 2,276.6 Mn during the forecast period. The segment is expected to capture 30.12% market share by 2031. The segment is likely to expand at the highest CAGR of 8.8% from 2021 to 2031. Rapid expansion of the pharmaceutical industry is projected to create significant opportunities for manufacturers of 5 ml to 10 ml sterile vials.
Glass to be Preferred Materials
In terms of material, the global sterile vials market has been bifurcated into glass and plastic. The glass segment held 79.79% share of the global sterile vials market in 2020. The segment is expected to gain 114 basis points to reach 80.93% by 2031. The segment is likely to reach US$ 9,745.2 Mn by 2031, expanding at a CAGR of 8.5% during the forecast period. Glass vials are specifically designed to withstand extreme conditions encountered during the lyophilization process, with a flat bottom to optimize heat transfer. A 30% reduction in vial weight, uniform wall thickness for better mechanical resistance, and standard 20mm ISO neck compatible with all closures and reconstitution systems on the market augment the segment.
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Competition Landscape in Sterile Vials Market
The report provides profiles of leading players operating in the global sterile vials market. These include Adelphi Healthcare Packaging, APG Europe, Bormioli Pharma S.p.a., Corning Incorporated, Dalton Pharma Services, DWK Life Sciences GmbH, Gerresheimer AG, Nipro Corporation, O.Berk Company, Pacific Vial, Piramal Glass (Piramal Enterprises Ltd.), Schott AG, SDG Pharma, Shandong Pharmaceutical Glass Co. Ltd., SiO2 Materials Science, Stevanato Group, Thermo Fisher Scientific, Inc., and West Pharmaceutical Services, Inc.
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