The vials market is projected to grow at a CAGR of 5.99% to reach US$12,153.830 million by 2025. Vials finds its application across various fields across biotechnology, life sciences, chemicals, personal care, healthcare, food and beverage, pesticides and insecticides, among others. Among all the applications the segment that is common to almost every aspect that human lives interact with is that of biotechnology. Whether its pharmaceuticals, molecular gastronomy, agriculture (to name a few) the role of biotechnology is ubiquitous. This is palpable by the rate of investments that tale place throughout any given financial year in various nations between various stakeholders. Taking the most recent and the most talked about subject in consideration that is the CoVid19 and the resultant pandemic that is raging throughout the world, the biotechnology innovation has gained a lot of steam as the need to develop a vaccine is of prime importance. To this end, it may be noted that ARCH Venture Partners has raised $1.46 billion in funding to finance new tech development. Just to prove a bit more insight into the aforesaid ARCH portfolio companies Vir Biotechnology, Alnylam Pharmaceuticals, VBI Vaccines, Brii Biosciences, and Sana Biotechnology are all working on COVID-19 therapeutics. Further, to support clinical testing and clinical trial developmentQuanterix is developing a relevant technology. Twist Biosciences is another company that has gene-editing tools that the company believes can support therapeutic and vaccine development that has been backed by ARCH. Another entity Bellerophon, received emergency access approval from the FDA because of being the developer of inhaled nitric oxide delivery technologies that can have the potential to be used as a treatment to help alleviate respiratory distress associated with COVID-19. Further, in March 2020, Sumitomo Chemical the globally renowned chemical company based out of Japan made a strategic investment in Conagen a biotech entity based out of Greater Boston-area. Conagen’s synthetic biology research and development that is geared towards contributing to a clean and sustainable planet will be propelled by this investment. The objective of this investment is to materials the shared vision of bio-designing and making sustainable green chemicals available in the market and ultimately reducing the global chemical footprint and make the environment safer. Further, in march 2020 a $1.1 billion capital raise was concluded by Flagship Pioneering, a life sciences innovation enterprise to support the creation of Human Health and Sustainability companies which have come into being and are functioning within its Flagship Labs unit. Thus, with avid interests among various stakeholders along with the exigencies of the pandemic as well other pressing matters that causing immense stress on the global ecosystems, R&D investments not only related to biochemistry as exemplified above but also a host of other scientific fields will be set in motion during the forecast period, thereby necessitating the utilization of various types of vials which in turn is expected to fuel the vial market during the forecast period and beyond.
The favorable government policies which are facilitating impact investment other mechanisms that are aiming at a plausible alleviation of various issues is further expected to promote market growth. For example, 3.5 percent of the gross domestic product of Gross Domestic Product (GDP) has been earmarked to be spent on research and development by the year 2025 [Source: The Federal Funding Advisory Service for Research and Innovation]. With regards to India, The Department of Biotechnology (DBT) under the Ministry of Science and Technology, Government of India jointly withthe Indian Council of Medical Research (ICMR) has formulated and revised National Guidelines for Stem Cell Research. As per the recommendation of the inter-ministerial meeting, "National Guidelines for Stem Cell Therapy" is also being formulated jointly with ICMR and other stakeholders. Further, in 2018 India has committed to an investment in R&D programs by announcing the funding opportunity announcement of US$17 Million on Sustainable Biofuels, Converting Sunlight and Carbon Capture Innovation Challenge. A total of 47 collaborative projects have been recommended for funding support in the above three areas [Annual Report January 2018 – March 2019, Department of Biotechnology, Ministry of Science & Technology, Government of India]. Thus, with such aforesaid exemplification of government interventions, the facilitation of biotechnological among others will even more emphatically which will increase the demand for vials, the inseverable component of any research lab around the world. Therefore, boosting the growth of the Vials Market during the forecast period.
Concomitant to the technological front the boom in personal care products and inclusion of phytochemicals whose end products are sold as nutraceuticals are also poised to drive the growth if the vials market. This demand stems from the increasingly health-conscious urbanites who are keener on doing away with for example skincare products that contain harmful chemicals. Further, the unindividual whose disposable income has increased during the recent years aspire for products that are above premium quality products and the basket now increasingly include more products from the luxury segment. This development is a throttling market player of various segments to increase and expand their product portfolio to woo in new customers and ensure the retention of the existing customers. Therefore, increasing the demand for vials which do not only find its application in product development but also is purchased off the shelf of the store containing a particular product. This propelled the demand for vials during the forecast period.
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