The global vaccine packaging market is poised for substantial growth over the next decade, with sales projected to reach USD 2,569.2 million by 2034. According to recent market analysis, the industry will grow from an estimated USD 1,523.2 million in 2024, reflecting a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2024 to 2034.
In 2023, the vaccine packaging market generated revenues of USD 1,454.5 million, with year-on-year (Y-o-Y) growth anticipated to rise by 4.7% in 2024. This positive growth trajectory is driven by increasing global vaccination campaigns and advancements in packaging technology, ensuring the safe and efficient delivery of vaccines.
Among the key segments, prefilled syringes are expected to capture approximately 1/6th of the market share in 2024. This category is set to expand at a 4.3% growth rate over the next decade, creating significant opportunities for the industry. Prefilled syringes offer several advantages, including enhanced convenience, improved dosage accuracy, and reduced contamination risks.
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Key Growth Factors
- Increasing Healthcare Expenditure: Globally, rising healthcare expenditure has bolstered vaccine demand, thereby driving growth in the vaccine packaging market. Governments and healthcare organizations are investing heavily in vaccination programs, contributing to the market expansion.
- Advancements in Vaccine Research: Continuous research and development in vaccines by medical institutions and pharmaceutical companies are fueling the demand for advanced vaccine packaging solutions. Innovations in vaccine technologies, including recombinant vaccines and vector-based vaccines, are further propelling market growth.
- Regulatory Emphasis on Vaccine Safety: Stringent regulations regarding vaccine packaging to ensure product safety and efficacy are playing a crucial role in market dynamics. Compliance with international standards for vaccine transportation and storage is a significant factor influencing packaging design and materials.
Key Takeaways: Vaccine Packaging Market
- The global vaccine packaging industry recorded a CAGR of 4.7% during the period from 2019 to 2023.
- The United States is expected to dominate in North America, with a projected 87.5% value share through 2034.
- In South Asia, India is predicted to capture almost 47% of the market value share by 2034.
- Japan is anticipated to grow at a 2.4% CAGR, securing one-fourth of the East Asia market by the end of 2024.
- The U.S. continues to lead in North America with 87% market share in 2024, expanding at a 2.8% CAGR during the forecast period.
- India is forecasted to maintain a 47% value share in South Asia by the end of the forecast period.
Competitive Landscape
Leading companies in the vaccine packaging industry are making investments in cutting-edge infrastructure, supplies, and technology. Important suppliers of vaccine packaging have also been buying up smaller competitors to expand their market share and further pierce local markets in various areas.
To gain a competitive edge, the industry leaders want to broaden their product offerings, boost their global footprint, and quicken the pace of development. Additionally, to strengthen their positions and increase their market share, the majority of sectors use marketing strategies including mergers and acquisitions.
Key Players of Vaccine Packaging Industry
- Gerresheimer AG
- West Pharmaceutical Services, Inc.
- Becton, Dickinson & Company
- SCHOTT AG
- SGD S.A.
- Stevanato Group
- Nipro Corporation
- Piramal Glass Private Limited
- UDG Healthcare plc
- Catalent Inc.
- Pacific Vial Manufacturing Inc.
- DWK Life Sciences
- Acme Vial and Glass
Recent Industry Developments in Vaccine Packaging Market
- In October 2023, Gerresheimer announced that its product line of glass injection vials named Gx Elite designed to maximize patient safety and production efficiency.
- In May 2023, West Pharmaceutical Services announced that its West Ready Pack™ containment solution with Corning® Valor® RTU Vials utilizing Stevanato Group’s EZ-fill® technology recently won the Best Technologies Award at INTERPHEX.
- In March 2023, SCHOTT invested USD 81.38 million over the last three years to expand its pharma glass production in India to meet the increasing demand in Asia.
Key Segments of Vaccine Packaging Industry
By Packaging Type:
In terms of packaging type, the industry is divided into vials, prefilled syringes, ampoules and bags & pouches.
By Material:
In terms of material, the industry is segregated into plastic, glass, polystyrene and others (metallic films, etc.).
By End-use:
The industry is classified by end use industries as diagnostic centres, clinical research organization and other healthcare units.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
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