Why will European Medical Cartridges Market Boom in Near Future?

Due to the expansion of the pharmaceutical industry and the burgeoning requirement for injectable pharmaceutical products, the global medical cartridges market is expected to exhibit huge expansion during 2021–2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market revenue will surge from $920.8 million in 2020 to $1,691.1 million by 2030. Furthermore, the market is expected to progress at a CAGR of 6.4% during the forecast period. 

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According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Moreover, as per the World Health Organization (WHO), cancer is one of the major causes of deaths across the world and was responsible for around 10 million deaths in 2020. 

This will be because of the various beneficial traits of glass that prevent it from reacting with the items or materials stored within it, which eliminates the chances of adverse reactions. Geographically, Europe held the largest share in the medical cartridges market in 2020. This was primarily because of the presence of a large geriatric population, high incidence of diabetes, and the existence of well-developed healthcare infrastructure in the region. 

As per the European Chronic Diseases Alliance (ECDA), at least one chronic disease affects nearly one-third of the total population in the age bracket—15 years and above—in the region. Because of these reasons, the region will also dominate the market in the coming years. Whereas, Asia-Pacific (APAC) is predicted to be the fastest growing region in the medical cartridges market in the upcoming years, on account of the increasing healthcare expenditure and the mushrooming population of geriatric people in the region. 

Hence, it can be safely said that the market will register huge expansion in the coming years, mainly because of the rising incidence of chronic diseases, surging population of older people, and growth of the pharmaceutical industry across the world.