Sterile Vials Market to Witness Widespread Expansion by 2024
Sterile Vials: Introduction
- The pharmaceutical industry has experienced various technological advancements in the past few years. Recent advancement in routes of drug administration is shaping the market, and consequently, demand for sterile vials, pharmaceutical primary packaging, and parenteral products surpasses production.
- Sterile vials manufacturers focus on introducing suitable changes in dimension consistency and stability of novel and existing vials products due to increase in issues of inconsistent filling of drugs. Products according to packaging type such as small and large volume require different space considerations and also have container size limitations.
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Key Drivers and Restraints of Global Sterile Vials Market
- Rise in demand for new drugs has fueled the growth of the global sterile vials market and the overall pharmaceutical packaging market. Manufacture of pharmaceutical and medical drugs and devices is increasing swiftly in emerging markets such as Brazil, India, and China. This drives demand for packaging & labeling products and services in the industry. The global sterile vials market is anticipated to witness rapid rise in demand for plastic packaging during the forecast period. Rise in demand for plastic vials compared to glass vials is due to benefits such as cost-effectiveness, lightweight, and easy availability of raw materials.
- Innovations in pharmaceutical and lifecycle packaging continues, as the industry becomes increasingly competitive and organizations aim for new product advances providing more convenience to customers. Recyclable plastic also is becoming the preferred material for sterile vials manufacturing. Multilayers also provide additional break resistance compared to glass. Plastic vials also offer improved design flexibility and dimensional precision as compared to glass. Various players in the market are collaborating to meet demand for such polymers.
- Strict government regulations and standards exist in the pharmaceutical industry, as it deals with drugs that affect human health. These stringent policies affect various issues including patient drug compliance, quality certifications, drug diversion, infection control programs, and counterfeiting. Health care regulatory bodies such as the Food and Drug Administration (FDA), the National Quality Forum (NQF), and the Healthcare Compliance Packaging Council (HCPC) have been working with primary, secondary, and tertiary packaging service providers, pharmacies, international government organizations, and consumer entities to improve pharmaceutical packaging to prevent contamination of drugs, devices, and vials, and to make them patient compliant.
- The European Union mandates that prescription drugs should be dispensed to patients in a unit dose packaging. Additionally, the FDA has approved unit dose packaging as the sole packaging layout, which can impose barcodes on packaging labels. These stringent regulations and standards increase the need for specialized packaging and labeling products and service providers. This is expected to propel the global sterile vials market.
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Asia Pacific to Lead Global Sterile Vials Market
- In terms of region, the global sterile vials market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are likely to account for major share of the global sterile vials market during the forecast period, owing to developed health care infrastructure, large patient population, and increase in technological developments.
- The anticipated transformation in the U.S. pharmaceutical industry across all segments is likely to reshape the entire pharmaceutical and associated industries in North America. Shrinking profit margins of large and small pharmaceutical producers is forcing them to explore new avenues in Asia Pacific. In order to reflect their likely existence and grow, companies are opting for structural shifts and adopting alternate operating models, which are more focused on new business priorities. This transition in the pharmaceutical industry in the U.S. is likely to present opportunities for vials manufacturers and distributors in North America.
- Vial and parenteral product companies focus on capturing the market in developed and developing countries in Asia. Considerable opportunities exist for pharma packaging product manufacturers in developing regions such as Asia Pacific. The region has undergone significant changes after the economic meltdown of 2008, making it the most lucrative health care destination in the world. Asia Pacific offers new opportunities for pharmaceutical companies; however, it is marked by high degree of particularities and complexities. The pharmaceutical industry is highly fragmented owing to presence of numerous small-scale pharmaceutical companies in the region especially in Japan, India, and China. Additionally, ecommerce companies such as Alibaba in China are exploring interests in the pharmaceutical sector. Hence, companies in the pharma primary packaging industry need to adopt long-term strategy and partnership with local companies to capitalize on this growing market.
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Key Players Operating in Global Sterile Vials Market
The global sterile vials market is fragmented, with presence of large number of small-scale and large-scale companies. However, the global market is dominated by few players, accounting for around 40% of market share. Thermo Fisher Scientific, Gerresheimer, Sigma-Aldrich, La-Pha-Pack GmbH, Restek Corporation, Corning Glass, and United Company for Glass Containers are the major companies that dominate the global sterile vials market.
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