Market Trends of Pharmaceutical Cartridges Industry
Glass Material is Expected to have Significant Market Share during the Forecast Period
The glass material segment is expected to witness significant growth in the pharmaceutical cartridges market over the forecast period. This is largely due to increased demand for their superior quality and stronger chemical resistance than plastics. These cartridges have the lowest coefficient of expansion and a high level of thermal shock and stress tolerance. It is resistant to damage from many substances and has less leaching due to characteristics such as a high melting point. Glass cartridges are compatible with a wide range of pens and auto-injectors that are often utilized for administering drugs, including local dental anesthesia and insulin for people with diabetes.
Also, there are several advantages of glass material over plastic that includes the non-absorbent and non-leaching nature of glass cartridges which is crucial for preserving the purity and effectiveness of biological & sensitive drugs and providing product protection over a period. It is easy for healthcare professionals to check the dosage, inspect the content and check for any impurities through glass material. Also, glass is chemically inert, and it does not react with most pharmaceutical substances. This makes it secure and dependable material for preserving and storing a wide range of drugs without compromising efficacy and safety.
Furthermore, the COVID-19 pandemic has increased the demand for parenteral drugs, which has increased the pressure on biopharmaceutical companies to reduce their time to market. Thus, in June 2021, SGD Pharma announced that 20ml EasyLyo molded glass Type 1 vials were available to consumers in a ready-to-use manner. SGD Pharma was the first manufacturer of molded glass to deliver RTU vials for injectable drugs on an industrial scale. Also, due to the company's collaboration with the Stevanato Group, it has also been the first to market 20ml EasyLyo molded glass Type I vials in EZ-fill Nest & Tub.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the pharmaceutical cartridges market over the forecast period. The key factors contributing to the market are highly developed healthcare infrastructure, and well-established authorities ensuring stringent regulatory monitoring of the pharmaceutical industry.
The increasing demand for drugs & precise drug delivery systems is a major factor contributing to the market growth in the region. The high demand for drugs has been influenced by the prevalence of chronic diseases, the rising aging population, and the adoption of new technologies and advancements in the pharmaceutical industry. For instance, according to the American Cancer Society report, cancer is the second most prevalent cause of mortality in the United States. Also, 1.95 million new cases of cancer, which is equal to 5,370 cases every day are likely to be diagnosed in the country in 2023. Hence, cancer is increasing the demand for pharmaceutical drugs which is further likely to drive the growth of the pharmaceutical cartridges market.
Furthermore, the rising R&D expenditure in the pharmaceutical industry in Canada and the United States by the top key players are also driving market growth in the region. For instance, in March 2023, in the United States, Bayer AG planned to invest USD 1.0 billion in the research & development of drugs. Also, there were around 25 pharmaceutical companies that invested heavily in R&D in 2022. The top investors include Roche, Merck & Co., Pfizer, Novartis, and AstraZeneca. Among these players, Roche invested USD 14.7 million in 2022, a significant increase of 27.1% from 2021. Pfizer, a global leader in pharmaceuticals, spent USD 11.4 billion on R&D in 2022. Thus, the increasing R&D expenses are driving the growth of pharmaceutical drugs which would also strengthen the demand for cartridges in the region.
Therefore, due to the factors mentioned above, the pharmaceutical cartridges market is expected to grow in the region over the forecast period.
