The global sales of serum vials are estimated to be worth USD 1.6 billion in 2021 and are anticipated to reach a value of USD 2.5 billion by 2031. Sales are projected to rise at a CAGR of 4.6% over the forecast period between 2021 and 2031. The revenue generated by serum vials in 2020 was USD 1.5 billion.
The serum vials market has been influenced by the increasing demand for biologics and injectable drugs, requiring safe and sterile packaging solutions. Growth in pharmaceuticals and biotechnology, added to personalized medicine, has driven up the demand for premium vials that offer protection to the product through maintained integrity and stability. Advancement in the manufacturing of vials-innovations in glass and plastic materials for improved safety and performance-further supports market growth in this industry.
Increase in demand for advanced vial technologies also arises from an accelerated emphasis on compliance with regulations and standards of quality control. Increasing healthcare infrastructure across the globe, along with a rise in healthcare expenditure, is also boosting the demand for serum vials.
Global Serum Vials Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 1.5 billion |
| Estimated Size, 2021 | USD 1.6 billion |
| Projected Size, 2031 | USD 2.5 billion |
| Value-based CAGR (2021 to 2031) | 4.6% |
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They are versatile and also recyclable and used to store medicines with the right quantity due to the available capacity of the vial such as less than 10ml and others. The major factor for soaring the demand is for maintaining the quality of medicine for a prescribed period.
Due to the leak-proof property by using a screw or cork will further secure the medicine inside the vial for the transportation of the medicines. As previous vials of plastic or aluminum glass do not impart the flavors into the medicines stored in the vial and thus provide escalation in the imposition of the vials.
Numerous players in the pharmaceutical industries and testing laboratories have prospered on the back of state-of-the-art facilities. The demand is so much that they are expanding their product portfolio that conforms to ISO 15378 GMP Standards.
The rise in the demand for pharmaceutical products in this pandemic will surely gargantuan the demand for the vials for the storage of vaccines and samples of the strains. Strides in pharmaceutical packaging have boosted the trend of adopting eco-friendly materials.
The demand from the healthcare and hospital due to the increase in the consumption of vaccines, biopharmaceuticals, and insulin will provide ample amount of growth. Hence the market witness the backdrop of the chromatography market in various industries including biotechnology, life science, chemical, F&B, and pesticides.
Researchers need ready to use vials and serum vials for their laboratory work. Some of the regulations compromise United States Pharmacopeia, European Pharmacopeia standards, and British Standard BS1679. A growing arrogation for vials for pharmaceutical, healthcare, and hospital and laboratory work will propel the market towards healthy growth.
Principal Consultant
Regionally, North America has been a remarkably lucrative market. a part of their revenue generation is supported by the presence of numerous globally prominent pharmaceutical packaging manufacturers. The growing focus on the safety of medications that patients take is also bolstering the regional prospects, especially in the USA
Furthermore, in near future a sizable economic growth is expected in developing countries such as India, China, ASEAN, etc. with growing applications of serum vials in drugs storage and sample collection will drive the overall growth of the market in the Asia Pacific region.
As the developing region Asia Pacific shows healthier outcome in the field of pharmaceutical and medical sector. In the near future the overall Asia Pacific region would conquer the market by its own in terms of market value which would then make a steady growth over the period of time.
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Some of the leading manufacturers and suppliers of Serum Vials include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Serum Vials Market
