Medical Cartridges Market To Generate Revenue Worth $1,691.1 Million by 2030

  • Published: April 2021

Some of the major factors that are responsible for the growth of the global medical cartridges market include increasing adoption for injectable pharmaceutical products such as vaccines, expanding pharmaceutical industry, rising healthcare expenditure, and growing prevalence of acute and chronic diseases such as heart diseases, diabetes, and tuberculosis. Due to the aforementioned factors, the industry is projected to generate $1,691.1 million revenue by 2030, advancing at a CAGR of 6.4% during the forecast period (2021–2030).

At the beginning of 2020, due to the COVID-19 pandemic, manufacturing facilities, including cartridge manufacturing, were affected globally, owing to the lockdowns across the world. Moreover, due to the continuous spread of the coronavirus, the import and export and distribution channels of many products, including cartridges, were affected which hampered the growth of medical cartridges market. Also, regulatory organizations announced to focus more on COVID-related studies and drug approvals, hence, postponed medical device approvals for a year.

Glass Cartridges Witnessed Maximum Demand in Healthcare Sector

The medical cartridges market is categorized into glass and plastic, based on material type. Between the two, the glass category dominated the industry in the historical period (2014–2020). Furthermore, the category is expected to continue its domination in the forecast period as well. This is ascribed to the better properties of glass that prevent it to react with products stored within it to eliminate any adverse reaction.

Furthermore, on the basis of size, the medical cartridges market is categorized into less than 3 ml, 3 to 5 ml, 6 to 10 ml, and more than 10 ml. Among these, the less than 3 ml category is expected to dominate the market in the forecast period. This can be attributed to the fact that the less-than-3 ml cartridges are mainly used in insulin pens. Additionally, due to the rising prevalence of diabetes and increasing affordability of insulin devices, the demand for these cartridges is expected to increase in coming years.

Geographically, Europe was the largest contributor to the medical cartridges market in 2020. This is mainly attributed to the increasing geriatric population, expanding healthcare infrastructure, and growing prevalence of diabetes in the region. According to the European Chronic Diseases Alliance (ECDA), around one-third of the total population aged 15 years and above in Europe is suffering from at least one chronic ailment. Due to the aforementioned reasons, Europe is projected to lead the market in coming years.

However, APAC is expected to be the fastest-growing market for medical cartridges during the forecast period. This can be primarily ascribed to the rising technological advancements, growing healthcare expenditure, and increasing aging population in the region.

Most-Effective Strategic Measure Taken by Market Players Is Facility Expansion

Players in the medical cartridges industry are mostly involved in expansions to improve their market position. For instance, in August 2020, SCHOTT AG set up a new manufacturing facility in Umarsadi, Gujarat, India, to produce 3 billion units of vials, syringes, cartridges, and ampoules, per annum. Similarly, in November 2019, SCHOTT AG built a new glass tank facility in Gujarat, India, to expand its manufacturing capacity of glass material for the pharma industry. With its state-of-the-art technology, the facility develops advanced pharmaceutical packaging and tubing materials.

The major players operating in the global medical cartridges market include SCHOTT AG, Gerresheimer AG, Stevanato Group, Nipro Corporation, Baxter International Inc., Thermo Fisher Scientific Inc., and Merck KGaA.