As per the latest analysis, the global Parenteral Packaging Market value is expected to total USD 12,791.2 million by 2024. Over the forecast period, parenteral packaging demand is poised to grow with a CAGR of 4.6%, taking the total market valuation to USD 20,115.6 million by 2034.
Prefilled syringes remain the most sought-after products in the market, and the trend will likely continue during the assessment period. The target segment is projected to account for a prominent value share of 39.6% by 2034.
Parenteral Packaging refers to the industry segment involved in the production and distribution of packaging materials designed for parenteral drugs. Parenteral drugs are those that are administered by injection, infusion, or other routes that bypass the digestive system, such as intravenous (IV), intramuscular (IM), and subcutaneous (SC) delivery.
Access Full Insights—Read More About This Report Now!
Several factors are anticipated to drive growth of the parenteral packaging industry over the forecast period. These include:
- Rising incidence of chronic and infectious diseases
- Increasing demand for parenteral diabetic drug packaging solutions
- Growing popularity of parenteral drugs and biologics
- Expanding healthcare spending
- Innovation in parenteral packaging
- Rise in vaccination programs globally
Growing demand for parenteral drugs is expected to play a key role in boosting sales of parenteral packaging. These drugs are usually prescribed to patients for the treatment of chronic diseases such as diabetes, TB, cancer, hepatic failure, heart problems, and many more. Treatment for such diseases is more specifically preferred to be given intravenously rather than an oral administration for quick effect on the organs.
With the changing lifestyle, there has been a rapid increase in the global incidence of chronic diseases. This, in turn, is expected to present lucrative opportunities for the parenteral packaging market.
There is also a spike in cases and mortality rates of non-communicable diseases. According to the World Health Organization (WHO), non-communicable diseases are prone to kill around 41 million people every year, which is 74% of all global deaths. This is expected to drive the demand for parental drug packaging solutions.
Parenteral packaging manufacturers are focused on introducing suitable changes in the dimension consistency and stability of novel and existing parenteral products. This is due to the increasing issues of inconsistent filling of drugs.
Dimension consistency plays a vital role in aseptic filling, terminal sterilization, and transportation. The dimensional consistency and stability are strongly correlated. The parenteral manufacturing industry is focused on improving techniques to fill sterile and stable drugs in a container that can accommodate the required volume of drugs for a particular indication.
The evolution of the desired dimension with the stability of the drug may favor companies to provide cost-effective transportation. This will bode well for the parenteral packaging industry during the forecast period.
Key Takeaways from the Global Parenteral Packaging Market
- The global market for parenteral packaging is expected to total a valuation of USD 20,115.6 million in 2034.
- By product type, the prefilled syringes segment is projected to grow at 5.3% CAGR through 2034.
- Based on material, the plastic segment will likely hold a market share of 56.1% in 2034.
- Sales in the United States are expected to soar at 3.0% CAGR through 2034.
- India is poised to register a CAGR of 6.6% during the forecast period.
Leading Companies in Parental Packaging Industry
Leading parenteral packaging manufacturers listed in the report include:
- Schott AG
- UDG Healthcare Plc.
- Gerresheimer AG.
- Becton, Dickinson and Company
- Catalent Inc.
- Stevanato Group S.p.A
- Baxter International Inc.
- Nipro Corporation
Leading players are focusing on developing novel solutions with innovative designs to meet evolving demand for the pharmaceutical sector. They are also employing strategies like mergers, acquisitions, facility expansions, collaborations, distribution agreements, and partnerships to gain a competitive edge in the market.
Recent Developments:
- In October 2023, Gerresheimer unveiled COP vials for highly sensitive biologics like mRNA active ingredients.
- In Oct 2022, Terumo Pharmaceutical Solutions (TPS) introduced a ready-to-fill polymer syringe for challenging biotech drugs with larger volumes.
Global Parenteral Packaging Market by Category
By Product:
- Vials
- Prefilled Syringes
- Bags
- Ampoules
- Ready to Use System
By Material:
- Glass
- Plastic
- PVC
- Polyolefin
By Packaging Format:
- Small Volume
- Large Volume
By Region:
- North America
- Latin America
- Asia Pacific Excluding Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
