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Pharmaceutical Glass Packaging Market Trends

The global pharmaceutical glass packaging market reached USD 5.77 billion in 2020. The market is further expected to reach USD 7.51 billion by 2026 and is projected to grow at a CAGR of 4.4% during 2021-2026 (forecast period).

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Pharmaceutical Glass Packaging Market Trends

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  1. Pharmaceutical Glass Packaging Market

  2. A study recently conducted by the strategic consulting and market research firm,BlueWeave Consulting, revealed that the global pharmaceutical glass packaging market reached USD 5.77billion in 2020. The market is further expected to reach USD 7.51 billion by 2026and is projected to grow at a CAGR of 4.4% during 2021-2026 (forecast period). The growth of the global pharmaceutical glass packaging market has been positively impacted by the growing demand for glass packaging products. Glass packaging helps prevent any intervention of gases present in the atmosphere besides averting the possibility of any contamination caused due to these gaseous substances. Additionally, it alsohelps enhance product life. Pharmaceutical drugs are in high owing to factors such as exponential growth inthe global population, and an increase in public healthcare expenditure, to name a few.  Higher reliability & recyclability rates than plastics have contributed to its adoption Most of the developing &developed countries are facing extreme climate change threats. To address this growing issue, countries are resorting to glass packaging for pharmaceutical products. 

  3. As a result of this growing issue, the demand for plastic packaging has dropped, while the demand for glass packaging has increased. The global pharmaceutical industry is directly affected by the surging health expenditure. For instance, according to the U.S. Centers for Medicare & Medicaid Services, the U.S., which is known to be the largest consumer of pharmaceutical products, has seen a substantial increase in its health expenditures. It grew from 17.3% in 2012 to 17.7 % in 2019. However, the growth is now witnessing a downward trend due to the impact of COVID-19. Also, the pharmaceutical glass packaging market is expected to witness major demand coming from developing countries, primarily India. The country is exhibiting major policy changes in order to reduce plastic wastes. Get the Sample Copy of the Report:https://www.blueweaveconsulting.com/global-pharmaceutical-glass-packaging-market/report-sample

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