Latest News- Pharmaceutical Cartridges Market: Glass is expected to lead the Material segment during 2024-2028

The Pharmaceutical Cartridges Market is being driven by Increase in research and development spending in pharmaceutical industry

The Pharmaceutical Cartridges Market is expected to grow at a CAGR of 6.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 553.1 million. The pharmaceutical industry is set to experience an average annual growth of 3% in patent expirations between 2021 and the forecast period. In 2021, the value of patent expirations amounted to between USD16 to USD20 billion. As medicines go off-patent, the production of affordable generic versions of branded drugs will surge. Due to high productivity levels, pharmaceutical companies find it challenging to invest in research and development for innovative and customized glass packaging. Consequently, the demand for pharmaceutical cartridges is on the rise. Vendors in the global pharmaceutical cartridges market possess the necessary infrastructure and expertise to provide glass packaging solutions, making them an attractive alternative for pharmaceutical companies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Material
  • Glass
  • Plastic
• Capacity
  • Below 5 ml
  • 5-50 ml
  • 51-250 ml
  • Above 250 ml
• Geography
  • North America
  • Europe
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in research and development spending in pharmaceutical industry
• Growing sales of pharmaceuticals globally
• Increasing demand for convenience in pharmaceutical packaging

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations for pharmaceutical packaging
• Rising cost of raw materials for pharmaceutical cartridges
• Increasing use of alternatives for pharmaceutical cartridges

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Market Scope in Pharmaceutical Cartridges Market Research Report

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Research Analysis Overview

The Pharmaceutical Cartridges Market encompasses various drug delivery devices, including pen injectors for insulin, vaccines, and parenteral medications. New products in this market consist of glass and plastic cartridges, with plastic material gaining popularity due to its lightweight and cost-effective nature. Proper packaging is crucial to prevent thermal shock, leaching, and damage during transportation and storage. Customer preference and medical professionals' safety concerns drive the demand for pre-filled syringes, reducing accidents from needle sticks and dosing errors. Chronic diseases requiring regular medication administration increase the market's growth. However, potential risks such as damage to cartridges and needles must be addressed to ensure safe and effective delivery of medications.

Market Research Overview

The pharmaceutical cartridges market is a significant segment within the broader global healthcare supplies industry. This market encompasses manufacturers producing 3ml cartridges for various applications, including those used in the administration of biologics for conditions such as arthritis, cancer, and cardiovascular illnesses. Technavio projects the healthcare supplies market growth, which includes revenues from suppliers of medical consumables like syringes, drapes, gloves, and gowns, will be fueled by demographic trends. By 2050, approximately one-quarter of the US population and Europe's population by 2030 are projected to be aged 60 and above. This demographic shift will increase the demand for medical supplies, including advanced cartridges made from advanced materials to ensure anti-contamination and safety during treatment. Assembly equipment is also essential to ensure the efficient production of these cartridges, contributing to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/