Pharmaceutical Vials Witnessing High Demand Due to COVID-19 Pandemic
Over the years, advances in drug / therapy development processes have led the pharmaceutical industry to gradually shift from a one-drug treats all model to a more personalized approach of treatment. The growing complexity of modern pharmacological interventions, such as monoclonal antibodies, and cell and gene therapies, has further prompted the drug developers to develop or identify specialized fill / finish and packaging alternatives that are capable of catering to the specific needs of such novel products. Pharmaceutical packaging, owing to the fact that it is in immediate contact with the drug / therapy formulation, plays a vital role in preserving the identity, quality and integrity of the packaged medicinal product. Pharmaceutical vials have been observed to be the preferred choice of drug developers, owing to the fact that they provide high container-closure integrity.
Due to the unprecedent outbreak of COVID-19 pandemic, the demand for parenteral formulations has increased significantly, therefore providing lucrative opportunities for pharmaceutical companies engaged in the development of safe and superior quality vials. In the future, the high demand for parenteral formulations and increase in vaccination campaigns are likely to drive the growth of the pharmaceutical vials market.
Pharmaceutical Vials Market
During our research, we came across more than 245 pharmaceutical vials, that are presently available. Majority of the pharmaceutical vials are fabricated using glass and are available in a variety of volumes; screw caps are amongst the preferred type of vial caps used for such containers
Recent Activity in Partnerships and Collaborations
The growing interest in this field is reflected in the recent increase in partnership activity; in fact, the maximum number of collaborations were inked in 2020. Further, acquisitions (26%) and product / technology integration agreements (20%) emerged as the most common types of partnership models adopted by stakeholders engaged in this domain.
Emerging Trends in Pharmaceutical Packaging
The evolution of the packaging components is believed to be a key enabler in solving many challenges faced by the drug manufacturing industry. The primary focus is to decrease the production timelines, limit material losses, enhance flexibility to produce smaller batches and reduce production costs to advance drug molecules, through early stages of development.
Current Annual Demand for Pharmaceutical Vials
The demand for pharmaceutical vials is anticipated to grow at a CAGR of 6%, during 2021-2030. Currently, glass vials hold the maximum share of the overall demand; however, in the near future, the demand for plastic vials is likely to grow at a relatively faster pace.
For further information on this domain, check out the report –
Global Pharmaceutical Vials Market
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