Market Trends of North America Pharmaceutical Glass Packaging Industry
The United States is Anticipated to have a Significant Share During the Forecast Period
- The United States is a critical player in the global pharmaceutical market, boasting a robust cadre of manufacturers specializing in glass containers for pharmaceuticals. With the economy's steady growth trajectory, heightened consumer healthcare spending propels the demand for advanced glass packaging solutions.
- Moreover, the US pharmaceutical sector has witnessed significant expansion in recent decades, primarily fueled by a heightened focus on research and development. Pharmaceutical firms channel over 21% of their revenues into R&D efforts, a figure the Pharmaceutical Research and Manufacturers of America (PhRMA) underscored. This commitment, however, comes with risks, as a failure to secure regulatory approval for a drug can result in substantial financial setbacks.
- According to a report published by UNICEF in May 2023, UNICEF distributes more than 2 billion vaccines every year to help keep children safe from diseases like measles, pneumonia, and poliomyelitis. This includes estimating and pooling vaccine needs from countries it supports to obtain adequate commercial terms from vaccine manufacturers that those countries could achieve independently. Such continued initiatives would bolster the demand for glass vials and ampules across the market in the upcoming period.
- The pharmaceutical industry is witnessing a surge in demand for oncology drugs, high-potency medications (like antibody conjugates and fast-acting steroids), and injectables. For instance, Bormioli Pharma, a leading global player in pharmaceutical glass packaging, saw a remarkable 40% Y-o-Y growth in its top-line revenue, primarily driven by solid sales in North America. This growth was further fueled by the company's significant investments and expansions in glass packaging, particularly for injectable drugs. In a notable move, marking its 200th anniversary in 2023, Bormioli Pharma unveiled its aim to incorporate 50% sustainable raw materials in its pharmaceutical packaging by 2025.
- According to the US Census Bureau, glass and glass product manufacturing has been witnessing growth over the last few years. In 2024, it is expected to be valued at USD 705.83 million, an increase from USD 565.06 million in 2014. Such an increase in glass production would further leverage the pharmaceutical glass packaging in the country during the forecast period.
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The Glass Bottle Segment is Anticipated to Hold a Significant Share in the Market
- Glass packaging is widely utilized across the United States, with seven of the ten most popular drugs for sale in the country being packaged in glass bottles or syringes, as reported by PharmaceuticalTechnology. Other drugs packaged in glass include Avastin (20 to 50 cc), Opdivo (20 to 50 cc), Herceptin (50 cc), Keytruda (50 cc), and Humira (50 cc). Syringes are also commonly used for the majority of drugs.
- Corning Incorporated was recently awarded a government contract of USD 204 million to commence the construction of an industrial furnace at a temperature of 2,000 °F in New Jersey. The furnace will transform molten glass into a medical-grade tube, which will then be packaged and packaged into vials, each containing a vaccine. During the COVID-19 pandemic, the industry settled on a 10-milliliter vial containing between eight and fifteen vaccine doses as the industry standard.
- In addition, consumers, legislators, customers, and the media have been continuously focusing on the environmental characteristics of packaging, and glass is the primary choice, which is also expected to fuel the growth of glass packaging in the United States. According to a study conducted by IBM and the National Retail Federation, nearly 70% of consumers in the United States and Canada consider it important that a brand is sustainable or eco-friendly.
- Moreover, in the pharmaceutical packaging market, glass bottles are anticipated to occupy a significant share by volume, driven by the increasing number of applications in solid and liquid oral medications, as the containers provide convenience, safety, and security.
- The increasing demand for sterile medical packaging products from pharmaceutical industries would further drive the growth of the studied market during the forecast period. According to StatCan, in 2024, the pharmaceutical and medicine manufacturing industry revenue is expected to reach USD 9.94 billion.
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