In 2023, the import value of laboratory, hygienic or pharmaceutical glassware to the Philippines stood at 9.0 million USD. Based on the forecasted data, the import value is expected to grow consistently over the next five years. Specifically, from 2024 to 2028, the year-on-year growth rates are approximately 4.93%, 4.6%, 4.33%, 4.23%, and 4.05% respectively, indicating a steady upward trend.
The compound annual growth rate (CAGR) for the period from 2024 to 2028 is approximately 4.42%, suggesting a stable increase in demand and imports.
Future trends to watch for include:
- Advancements in medical technology and innovation driving increased demand for high-precision glassware.
- Changes in healthcare policies and pharmaceutical manufacturing capacities influencing import volumes.
- Shifts towards more sustainable and eco-friendly glassware impacting market dynamics.