Valued at US$ 1.3 billion in 2022, the global vaccine packaging market is poised for substantial growth, with projections indicating a robust climb to US$ 3.5 billion by 2030, manifesting a noteworthy compound annual growth rate (CAGR) of 13.2% during the period from 2022 to 2030. This anticipated surge is propelled by escalating demand for vaccine production and distribution, coupled with advancements in packaging technologies. As the industry continues to evolve, the forecasted CAGR underscores the critical role of efficient and secure vaccine packaging, emphasizing the market’s pivotal contribution to global healthcare initiatives and pandemic preparedness.
The surge in the global vaccine packaging market is driven by a heightened demand from critical end-use sectors, including diagnostic centers, hospitals, research programs, and various healthcare units. On a global scale, North America and Europe emerge as the key regions witnessing substantial demand for vaccines within the end-use segment. Projections indicate that by 2030, North America and Europe are poised to maintain dominance, collectively accounting for around 50% of the market’s value share in the thriving global vaccine packaging market. This underscores the pivotal role these regions play in shaping the trajectory of vaccine packaging industry growth.
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Vaccine Packaging Market: Competitive Analysis
The latest study by FMI presents a detailed view on the market players operating in the Vaccine Packaging market. With an in-depth analysis on positioning of prominent players as well the players emerging in the industry, the FMI offers a detailed SWOT analysis for the market players over the forecast period.
Key players profiled by FMI in Vaccine Packaging market includes:
- Gerresheimer AG
- West Pharmaceutical Services, Inc.
- Becton, Dickinson & Company
- SCHOTT AG
- SGD S.A.
- Catalent, Inc
- Stevanato Group
- Nipro Corporation
- Piramal Glass Private Limited
- UDG Healthcare plc
For instance,
- In January 2022, Gerresheimer is improving its capacity for glass vials at its Wertheim site as well as at two other locations in China and the United States. The company is investing in Wertheim production to increase vial capacity by 150 Mn vials per year, with plans to create 70 new jobs in the process.
- In October 2021, Becton Dickinson expands syringe production in the US. It claimed that it had decided to add production lines for safe operation injection devices at its Nebraska facility in order to increase stock of syringes as the US enters the flu vaccination period while giving patients COVID-19 jabs.
- In March 2021, SCHOTT reached a significant milestone, 1 billion COVID 19 vaccine doses in vials. The vials have been sent to organizations all around the world, with a special priority on Europe, the United States, and China. 90% of certified vaccinations utilize SCHOTT vials.
Market Drivers:
- Global Vaccination Initiatives:
- Increased focus on global vaccination programs and the need for mass vaccination campaigns can drive the demand for vaccine packaging.
- Technological Advancements:
- Advancements in packaging technologies, such as the development of smart packaging and temperature-sensitive materials, can enhance the safety and efficacy of vaccine packaging.
- Regulatory Compliance:
- Stringent regulations and standards regarding vaccine packaging to ensure product safety and efficacy can drive innovation in packaging materials and designs.
- Cold Chain Logistics:
- The need for maintaining the integrity of vaccines, especially those requiring strict temperature controls, can drive demand for packaging solutions that support the cold chain logistics.
- Increasing Disease Outbreaks:
- Rising occurrences of infectious diseases and pandemics can lead to an increased demand for vaccines, subsequently driving the demand for efficient and secure vaccine packaging.
- Global Population Growth:
- The growing global population contributes to an increased need for vaccines, leading to a higher demand for packaging solutions.
Market Restraints:
- Cost Constraints:
- The cost of advanced packaging technologies and materials may pose challenges, particularly for vaccines intended for use in low-income regions.
- Supply Chain Disruptions:
- Disruptions in the supply chain, such as those caused by geopolitical factors or global events, can impact the availability of packaging materials and affect the vaccine packaging market.
- Environmental Concerns:
- Increasing awareness of environmental sustainability may lead to a demand for eco-friendly packaging solutions, which could pose challenges for traditional packaging materials.
- Complex Storage Requirements:
- Some vaccines may require specific storage conditions, and developing packaging solutions that can consistently meet these requirements can be a challenge.
- Counterfeit Concerns:
- The risk of counterfeit vaccines may necessitate the implementation of secure and traceable packaging, adding complexity and cost to the packaging process.
- Stringent Regulatory Compliance:
- While regulations are a driver, stringent compliance requirements can also pose challenges for manufacturers in terms of cost and operational adjustments.
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Vaccine Packaging Market: Segmentation
Detailed analysis covered in the FMI’s Vaccine Packaging market report has been classified into key segments and sub-segments.
Packaging Type
- Vials
- Prefilled Syringes
- Ampoules
- Bags and Pouches
Material
- Plastic
- Glass
- Polystyrene
- Others (Metallic Films)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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