June 30, 2021 06:30 ET | Source: Quince Market Insights Quince Market Insights
Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The Global Vials Market reached USD 3,200.2 Million in 2021 and it is projected to grow at a CAGR of 6.8% during the forecast period. Vials have been primarily used for pharmaceutical packaging for many years and are set to maintain a strong position in the industry. The surging demand for generic parenteral drugs has resulted in high demand for vial bottles in pharmaceutical industry. Currently, vaccines are sold in single dose or multidose vials around the world. Vials prevent dosing errors and the risk of microbial contamination due to premeasured dose. Hence, multidose vials offer advantages in efficiency, disposal, and patient safety. Cork Glass Vial
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Glass vials are used in pharmaceutical industries as they offer the best container closure integrity (CCI). Plastic vials are also proving to be better option as they are unbreakable, which is expected to drive the market growth. However, the plastic vials do not provide an effective oxygen or moisture barrier, whereas glass vials do. Hence, glass vials are a preferred choice for COVID-19 vaccine doses.
Large-scale vaccine distribution has resulted in high demand for vials, which are to be manufactured, filled, and shipped. Hence, vial manufacturers are increasing their production to produce enough vials to deliver maximum number of doses of COVID-19 vaccine, which is expected to contribute to market growth.
Increasing demand for specific packaging requirements from pharmaceutical companies to protect drug contents and to avoid interaction of drugs and container material has resulted in the pharmaceutical companies preferring vials for packaging. This has led to high demand for ready-to-use vials, which ease medicine/vaccine distribution process complexity and reduces distribution costs for healthcare and biopharmaceuticals industries.
Many western countries, including the U.S., have implemented drug vial optimization (DVO) to prevent the waste of drugs like anticancer drugs. Leading vials manufacturers are introducing new products with improved product quality of the vials to sustain their market position.
Some Significant Market Developments Considered in the Report:
COVID-19 Impact on the Global Vials Market
The vials market has witnessed exponential growth during the outbreak of the COVID-19. Many countries have started inoculation programs after approval of COVID-19 vaccines. This has led to huge demand for vials for vaccine packaging from vaccine manufacturers, which is driving market growth.
Global Vials Market, by Material
Based on the material, the market is divided into plastic, glass, and others. Among these segments, the glass segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period. The glass vials are used for liquid and freeze dried injectables. High demand for glass vials in pharmaceutical industry is expected to contribute to segment growth.
Global Vials Market, by Neck Type
Based on the neck type, the market for vials is divided into crimp neck, double chamber, screw neck, flip cap, and others. Among these segments, the double chamber segment is expected to grow at a highest CAGR during the forecast period.
Double chamber vial enables mixing of the two separated solutions in that same vial when required during use. Double chamber vial has increased precision in dosing due to premeasured solutions. Double chamber vial has very low to negligible risk of error in medication quantity as it eliminates the use of multiple vials and needles. These factors are expected to propel the segment growth during the forecast period.
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Global Vials Market, by Cap Size
Based on the cap size, the market for vials is divided into 13-425 mm, 15-425 mm, 18-400 mm, 22-350 mm, 24-400 mm, 8-425 mm, 9mm, and Others. Among these segments, the 9 mm holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period. The growth of the segment can be attributed to increasing use of 9 mm vials in scientific labs and research institutes.
Global Vials Market, by Distribution Channel
Based on the distribution channel, the market for vials is divided into direct sales, medical stores/pharmacies, e-commerce, and others. The medical stores/pharmacies segment is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to use of vials to store medicines in liquid form, or powders, and tablets in medical stores/pharmacies.
Global Vials Market, by Capacity
Based on the capacity, the market for vials is divided into 1 ml, 2 ml, 3 ml, 4 ml, 8 ml, 10 ml, 20 ml, 30 ml, 50 ml, and others. The 8ml segment is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to high demand for 8ml vial tubes commonly used for various test such as blood samples in pathology labs.
Global Vials Market, by Drug Type
Based on the drug type, the market for vials is divided into injectable, non-injectable. The injectable segment is expected to grow at a highest CAGR during the forecast period. High demand for injectable pharmaceuticals due to increasing prevalence of disease has led to requirement of high-quality packaging in pharmaceutical industries for its therapeutic applications. This has resulted in high demand for vials for packaging injectable pharmaceuticals.
Global Vials Market, by Application
Based on the application, the market for vials is divided into nasal, oral, and others. The nasal segment is expected to grow at a highest CAGR during the forecast period. The growth can be due to Increasing use of for nasal sprays resulting in high demand for vial bottles for packaging of the nasal spray solution.
Global Vials Market, by End User
Based on the end user, the market for vials is divided into pharmaceutical companies, biopharmaceutical companies, contract development and manufacturing companies, compound pharmacy and others. The pharmaceutical companies segment holds the largest market share in 2021 and is anticipated to remain the largest segment during the forecast period. The growth can be attributed to high demand for vials for packaging medicines in pharmaceutical industry.
Global Vials Market, by Disease
Based on the, the market for vials is divided parenteral, gastro, ENT, and others. The ENT segment holds the largest market share in 2021 and is anticipated to remain the largest segment growing at a highest CAGR during the forecast period. The growth can be attributed high demand for nasal drops, eye-drop, and ear-drops etc., which are available in vial bottles. Thus, high demand for these medicines is expected to augment ENT segment growth.
Global Vials Market, by Region
Based on region, the vials market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Among these regions, North America vials market holds the largest market share. The increasing demand for vaccination has resulted in high demand for vial bottles. The region has well-established pharmaceutical and healthcare industries and U.S. alone accounts for major healthcare spending in the region. Increasing focus on healthcare in U.S. with implementation of favorable government policies and implementation of new laws along with relief packages is expected to drive the growth of the pharmaceutical sector. This in turn is expected to augment the regional market.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the pharmaceutical industry in India, China, Indonesia, and Japan has led to high demand for application of vials in packaging.
Some Major Findings of the Vials Market Report Include:
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Vials Market, by Material (Plastic, Glass, and Others), Neck Type (Crimp Neck, Double Chamber, Screw Neck, Flip Cap, and Others), Cap Size (13-425 mm, 15-425 mm, 18-400 mm, 22-350 mm, 24-400 mm, 8-425 mm, 9 mm, and Others), Distribution Channel (Direct Sales, Medical Stores/Pharmacies, E-Commerce, and Others), Capacity (1 ml, 2 ml, 3 ml, 4 ml, 8 ml, 10 ml, 20 ml, 30 ml, 50 ml, Others), Drug Type (Injectable and Non-Injectable), Application (Nasal, Oral, and Others), End User (Pharmaceutical Companies, Biopharmaceutical Companies, Contract Development and Manufacturing Companies, Compound Pharmacy, and Others), Disease Type (Parenteral, Gastro, ENT, and Others), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) — Market Size and Forecasting (2021 to 2030)” in depth analysis along with the table of contents (ToC).
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Ajay D Quince Market Insights Pune India Phone: US +1 208 405 2835 UK +44 1444 39 0986 APAC +91 706 672 4848 Email: sales@quincemarketinsights.com Web: www.quincemarketinsights.com
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