The Indian pharmaceutical packaging market is estimated to grow at a CAGR of 9.9% during the forecast period. The market growth is attributed to the increasing demand for glass packaging owing to the increasing development of vaccine against the recent COVID-19 outbreak. As of 17th November 2020, the COVID-19 cases in India has surpassed 88 lakh cases.
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India has been receiving several contracts for the manufacturing of ampoules, vials and syringes, which plays a vital role in mass administration of vaccine to the people. Several major players involved in the manufacturing of ampoules, vials and syringes in the country have been contacted by local as well as global players for supplying billions of these packaging solutions.
Serum Institute of India has alone contacted these manufacturers for supplying a million vials every month. Moreover, Bharat Biotech that is working on the development of Covid-19 vaccine has also contacted the Indian arm of German pharma packaging giant Gerresheimer.
This spread of virus has rapidly increased the need for ampoules, vials and syringes in the country, which in turn, is creating an ample opportunity for the market growth during the forecast period.
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India Pharmaceutical Packaging Market- Segmentation
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