“Pharmaceutical Cartridges Market Over USD 1.4 billion in 2020”, says Visiongain report
23 January 2020
Visiongain’s new report the Pharmaceutical Cartridges Market Report 2020-2030: Forecasts by Material (Glass and Plastic) plus analysis of leading companies indicates that the global pharmaceutical cartridges market will grow at a CAGR over 6% by 2030.
It is anticipated that ongoing clinical trials to validate newly developed customized nutritional algorithms will help maintain the dominance of this regional market throughout the forecast period. In addition, a large number of facilities engaging in genetic analysis and having a well-established computer network in the U.S. have facilitated the introduction of tailored food programs. Such cartridges also require long-term storage without changing the drug's chemical formulation. It also provides a smoother line of operations as it reduces the risk of injury when medications are transported and distributed.
Prominent companies are expected to invest in the production of innovative pharmaceutical cartridges to improve the usage and use of pharmaceutical cartridges. The pharmaceutical cartridges market is divided into glass and plastic cartridges based on the type of product. The market was led by the glass group. Higher quality and resistance to harm have increased the demand for the product. It is also expected to increase the market for glass cartridges with its precise dimensional tolerances, thermal shock resistance, efficient incorporation into injection systems, and narrow cosmetic tolerances. In contrast, the glass cartridges are classified into Type 1, 2, and 3. Over the forecast period, North America is expected to experience the highest market share. Increasing prevalence of chronic diseases like arthritis and obesity is leading to market growth in North America. For example, in 2017, according to the Centers for Disease Control & Prevention (CDC), approximately 30.3 million people (9.4%) of all ages in the U.S. population suffered from diabetes and approximately 87.5% of adults suffered from obesity in 2015. These cases are expected to increase the demand for medication, especially insulin for diabetes treatment, thus fueling the growth of the market. Because of their benefits, such as long-term storage and precise dosage, drug cartridges are commonly used for insulin delivery. In addition, the increased focus of U.S. companies on the manufacture of glass cartridges will have a positive impact on the growth of the area due to their rising use in pharmaceutical packaging. Asia Pacific is expected to show the fastest growth due to the high penetration of major companies in this area as well as growing chronic disease prevalence. For example, according to the International Diabetes Federation in 2017, in the area of Southeast Asia, 82.0 million people were diagnosed with diabetes, including about 72,946,400 cases of diabetes in India. Gerresheimer AG; SCHOTT AG; West Pharmaceutical Services, Inc.; Merck KGaA; Stevanto Group; Transcoject GmbH; and Baxter International, Inc. are some of the major companies on the market. Most of these businesses have implemented strategies to improve their market position, such as new product development, the creation of new production centers and collaborations.
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