Vial Sales To Boom in Asia-Pacific in Near Future
With the expansion of the pharmaceutical industry, the demand for packaging containers is rising sharply. Moreover, glass vials manufacturing organizations such as Gerresheimer AG and SCHOTT AG are witnessing a massive rise in the requirement for vials, especially for producing COVID-19 vaccines. Additionally, many biotech and pharmaceutical companies are making huge investments for expanding their production facilities in order to meet the surging demand for COVID-19 vaccines. This is subsequently driving the growth of the vials market across the world.
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According to the forecast of the market research firm, P&S Intelligence, the revenue of the market will rise from $1,263.0 million in 2020 to $3,047.0 million by 2030, while the market will advance at a CAGR of 8.6% from 2021 to 2030. Besides the aforementioned factor, the soaring healthcare expenditure of several countries, on account of the rising incidence of various chronic diseases, is also positively impacting the demand for vials. Additionally, consumer awareness about health-related issues and conditions has increased massively over the last few years.
Across the globe, the sales of vials were found to be the highest in Europe during the last few years, primarily because of the existence of several vial manufacturing companies in the region. On the other hand, in the coming years, the demand for vials is predicted to rise sharply in the Asia-Pacific (APAC) region. This is credited to the fact that many organizations operating in the industry in the region are focusing on setting up new production facilities and augmenting their manufacturing capacity in order to bridge the gap existing between supply and demand.
Thus, the sales of vials will surge sharply all over the world in the coming years, primarily because of the expansion of the pharmaceutical industry and the growing demand for pharmaceutical packaging solutions, especially for supplying COVID-19 vaccines.