The outbreak of the COVID-19 infection has augmented the need for medical products in recent years. As the virus is spreading at an exponential rate, people need to vaccinate at a rapid pace in order to protect themselves from the infection. To meet the high demand for vaccines, pharmaceutical companies are heavily investing in the expansion of their production capacities. Moreover, the mushrooming focus of pharmaceutical and biotechnology companies and research organizations on discovering novel drugs to cure the COVID-19 disease will also amplify the need for vials in the foreseeable future.
In addition, the surging healthcare expenditure, primarily on account of soaring awareness regarding health-related issues, is expected to drive the vials market at a CAGR of 8.6% during the forecast period (2021–2030). The market revenue stood at $1,263.0 million in 2020 and it is projected to reach $3,047.0 million by 2030. The escalating expenditure on healthcare in emerging economies, such as China and India, will significantly contribute to the market growth in the coming years. Currently, the market is observing a key trend of growing preference for glass material for vials for the vaccine fill-finish products.
Nowadays, vial manufacturers, such as Phoenix Glass LLC, Acme Vial and Glass Company LLC, SGD Pharma, Corning Incorporated, Pacific Vial Manufacturing Inc., O.Berk, Stevanato Group, Gerresheimer AG, SCHOTT AG, Hanna Instruments, and PIRAMIDA d.o.o, are preferring borosilicate glass over fused silica to produce vials, due to the impermeability, thermal stability, and chemical inertness properties of the former glass type. With the launch of COVID vaccination programs, these companies are manufacturing borosilicate vials in large quantities.
The end user segment of the vials market is classified into medical, biomedical research organizations, pharmaceutical and biotech companies, and others. Under this segment, the pharmaceutical and biotech companies category is expected to account for the largest market share and exhibit the fastest growth during the forecast period. This can be credited to the soaring demand for high-quality drugs, such as biologics, the rising aging population, the increasing prevalence of age-related ailments, and the booming healthcare spending across the world.
According to P&S Intelligence, the European region adopted the highest quantity of vials in the recent past, due to the surging geriatric population and increasing awareness about newly developed drugs in the region. According to the European Union (EU), in 2020, more than 20.6% of the total population of the 27 member nations of the EU was aged 65 years and above. Moreover, the presence of leading vial manufacturers, such as Stevanato Group, Schott AG, SGD S.A., and Gerresheimer AG, and the high per capita income of people has also led to the high-volume consumption of vials in Europe.
