The factors driving the expansion of the market are the soaring production capacity of vial manufacturing companies, surging healthcare expenditure, and booming pharmaceutical industry across the globe. The burgeoning requirement for vials for packaging COVID-19 vaccines is also fueling the market growth.

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The expansion of the pharmaceutical industry is one of the prominent factors propelling the growth of the market. Glass vial manufacturers such as Gerresheimer AG and SCHOTT AG have witnessed a sharp surge in the demand for vials from pharmaceutical companies, primarily for use in COVID-19 vaccine production processes. Moreover, many biotech and pharmaceutical companies are making huge investments for expanding their production capacities so that they can meet the worldwide demand for COVID-19 vaccines.

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Depending on end user, the vials market is categorized into medical, pharmaceutical and biotech companies, and biomedical research organizations. Amongst these, the pharmaceutical and biotech companies category held the largest share in the market between 2014 and 2020, and this trend will continue in the coming years as well. This is ascribed to the burgeoning requirement for pharmaceutical packaging solutions, due to the soaring demand for high-quality drugs such as biologics, and the surging healthcare expenditure in several countries.

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Globally, Europe held the largest share in the market in 2020, primarily because of the existence of several vial manufacturing companies in the region. On the other hand, in the upcoming years, the vials market will demonstrate the highest CAGR in the Asia-Pacific (APAC) region. This is ascribed to the fact that many companies operating in the industry are focusing on building new plants and augmenting their production capacities to bridge the supply and demand gap in the region.