The global pharmaceutical cartridges market size is expected to reach USD 1.83 billion by 2026
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Pharmaceutical Cartridges Market Size, Share & Trends Analysis Report By Material Type (Glass, Plastic), By Region (North America, Latin America, Europe, MEA, APAC), And Segment Forecasts, 2018 - 2026
Read the full report: https://www.reportlinker.com/p05620887
The global pharmaceutical cartridges market size is expected to reach USD 1.83 billion by 2026, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 7.8% during the forecast period. Rising awareness regarding the benefits of using pharmaceutical cartridges in the packaging industry is propelling the market demand. These benefits include on-time, accurate, and safe drug delivery, break-resistance packaging, and low residual volumes of drugs. Increasing prevalence of chronic diseases, such as arthritis, diabetes, and oral conditions, and high demand for long-term storage of drugs are also anticipated to contribute toward market growth.
For instance, as per the National Diabetes Statistics Report published in 2017, American Indians were reported with the highest prevalence of diabetes for both females (15.3%) and males (14.9%). Insulin therapy plays an important role in the treatment of diabetes. Thus, growing cases of diabetes may augment the demand for insulin therapy. Previously, traditional packaging, such as blister packs and bottles, were used for insulin delivery. However, owing to several advantages, pharmaceutical cartridges are being preferred, which, in turn, is supporting market development.
In addition, various initiatives taken by prominent companies in the industry are also expected to augment the pharmaceutical cartridges market demand.For example, the chairman and CEO of Merck, stated in an article that the company is planning to convert its injectable products to the new glass packaging solution, once it receives the approval.
Furthermore, in 2015, Schott AG started a center of excellence at its U.S. production facility for developing chemically-strengthened glass cartridges.
Further key findings from the study suggest:
• In terms of revenue, the glass cartridges segment is projected to expand at the fastest CAGR over the forecast period
• Increasing prevalence of chronic diseases across the globe and advantages offered by glass cartridges over the conventional ones are projected to drive the segment growth
• North America led the market in the past accounting for the largest share due to increased cases of diabetes and other chronic diseases among all age groups
• Some of the key companies in the pharmaceutical cartridges market are Gerresheimer AG; SCHOTT AG; West Pharmaceutical Services, Inc.; Merck KGaA; Stevanto Group; Transcoject GmbH; and Baxter International, Inc.
Read the full report: https://www.reportlinker.com/p05620887
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