Market Trends of Vaccine Packaging Industry
This section covers the major market trends shaping the Vaccine Packaging Market according to our research experts:
Emphasis on Immunization Campaigns by Governments
- Countries such as India, China, and the United States, as well as European countries, were fast to produce and acquire COVID-19 vaccines owing to government efforts. Moreover, countries across the world undertook widespread vaccine distribution programs to limit the COVID-19 virus spread.
- These initiatives were successful in a number of countries which resulted in acquiring and administering a large number of vaccines by respective country governments. For instance, as of July 2022, nearly 2 billion COVID-19 vaccinations were administered by the Indian government.
- Apart from COVID-19, governments worldwide are also targeting other diseases, such as monkeypox and polio. Several countries witnessed the spread of the monkeypox virus in 2022. Numerous estimates place the number of confirmed cases of monkeypox at over 47,600 worldwide as of August 2022, with over 17,000 cases reported in the United States.
- Governments are rolling out the vaccine supply chains for diseases like monkeypox as well. For instance, in August 2022, according to the United States government announcement, the country will contribute about USD 11 million to help Bavarian Nordic package its BAVA.CO Jynneos monkeypox vaccine at a United States-based manufacturing facility.
- Moreover, funding for these immunization campaigns has been increasing. For instance, the United States government has been working to eradicate polio for many years as a partner in the Global Polio Eradication Initiative and as a supporter of efforts made by developing nations. Polio funding by the United States increased from USD 134 million in FY 2009 to USD 253 million in FY 2022.
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Asia-Pacific is Expected to Grow with the Highest CAGR
- The glass packaging manufacturers and suppliers are focusing on shifting their base to China, India, and Brazil as a result of increasing opportunities offered by the pharmaceutical industry in these countries, including vaccine packaging.
- Against the backdrop of the growth trend in the region's vaccine packaging sector and the COVID-19 pandemic, market players are wanted to commit to securing the supply of pharma glass.
- For instance, SCHOTT has been investing nearly EUR 70 million in the expansion of its Indian tubing site in Jambusar, Gujarat. The increase of more than 30% in the facility's overall Indian production capacity follows the commitment to support the government's vision of India becoming a global pharmaceutical hub. Similarly, in an Indo-German joint venture between specialty glass makers Schott AG and Kaisha, the company anticipated selling nearly 380 million vials for COVID-19 vaccines in 2021-2022.
- China has pledged to make its COVID-19 vaccines a global public good since the COVID-19 outbreak. Chinese officials have repeatedly stated that China is carrying out this commitment by exporting and donating its COVID-19 vaccines to as many nations as possible.
- Moreover, vaccine manufacturers are expanding their facilities across various Southeast and East Asian countries to better manage the supply flow. For instance, in February 2022, Moderna, a COVID-19 vaccine producer, announced its expansion in Hong Kong, Singapore, Taiwan, and Malaysia to serve Asian markets better. These developments are helping the vaccine packaging market grow in the region.
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