As per a survey conducted by FMI, the global parenteral packaging market totaled US$ 9,865 million, expanding at a CAGR of 4.6% between 2016 and 2020.
In response to the increase in demand for parenteral drugs due to rising prevalence of chronic diseases across the globe, the market is anticipated to reach a valuation of US$ 11,460 Mn in 2021, surging at a CAGR of 5.5% during the forecast period 2021-2031.
Increasing incidence of non-communicable diseases such as cancer, cardiovascular, diabetes, and others is a key factor bolstering the market growth. According to a study by World Health Organization (WHO), non-communicable diseases cause 41 million fatalities every year, equivalent to nearly 71% of the overall deaths across the globe. Among this, cardiovascular diseases account for the highest number of deaths, 17.9 million every year.
Owing to the rise in prevalence of these diseases, coupled with the unprecedented outbreak of coronavirus, the demand for parenteral drugs is at all-time high. The trend is expected to continue through the coming years. This will in turn create lucrative remunerative opportunities for the parenteral packaging manufacturers.
North America is anticipated to dominate the global parenteral packaging market. Favored by the increasing production and consumption of parenteral drugs in the countries such as the U.S. and Canada, the market in North America is likely to expand at a CAGR of 4.3% through 2021.
“Manufacturers are emphasizing on developing multi-compartment parenteral packaging for increasing the pace of distribution of medications across the globe. This trend is expected to bode well for the market, creating opportunities for growth,” says the FMI analyst.
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Key Takeaways from Parenteral Packaging Market Study
- The U.S. is expected to dominate the North America market on the back of high prevalence of non-communicable diseases such as cancer and diabetes in the country.
- Owing to the increasing export and production in Germany, France, and Italy, the sales of parenteral packaging are likely to rise at 3.9% in Europe.
- China is anticipated to account for the highest market share in the Asia Pacific market driven by high demand for parenteral packaging due to the COVID-19 outbreak.
- Japan is estimated to emerge as a lucrative market in East Asia, accounting for over 21% of the market share in the region.
- Based on material type, plastic is expected to remain the most preferred packaging material due to its low cost, easy production, and durability.
- Rising per capita healthcare expenditure of several developing economies across the globe will spur the sales of parenteral packaging.
- Surging demand for immunization due to the epidemic is boosting the growth of the market.
- Soaring demand for pre-filled syringes and cartridges will create impressive opportunities for growth in the coming years.
- Complex registration processes of packaging are likely to restrain the market growth.
Leading players operating in the parenteral packaging market are aiming at establishing strategic collaborations and acquisitions to expand their products. Besides this, some of the market players are emphasizing on developing novel products to enhance their product portfolio. For instance,
- Gerresheimer, a German manufacturer of primary packaging products for medication and drug delivery devices, announced launching sterile “Gx RTF® vials.” The glass vials are processed with modern filling and sealing technologies.
- In December 2020, Bormioli pharma acquired a German company specialized in the production of pharmaceutical packaging, Remy and Geiser. This acquisition assisted the company in strengthening the supply for tubular glass vials in multiple formats.
Some of the key players in the parenteral packaging market profiled by Fact.MR are:
- UFP Technologies, Inc.
- Schott AG
- UDG Healthcare plc
- Gerresheimer AG
- Dickinson and Company
- Catalent, Inc.
- Stevanato Group S.p.A.
- Baxter International Inc.
- Nipro Corporation
- West Pharmaceutical Services, Inc.
More Valuable Insights on Parenteral Packaging Market
FMI, in its new report, offers an unbiased analysis of the global parenteral packaging market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the parenteral packaging market with detailed segmentation:
By Product Type:
- Pre-filled Syringes & Cartridges
- Ready to Use Systems
By Material Type:
- Polyvinyl Chloride (PVC)
By Packaging Type:
- Small Volume Parenteral (SVP)
- Large Volume Parenteral (LVP)
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- Rest of APEJ
- GCC Countries
- South Africa
- Rest of MEA
Key Questions Covered in the Parenteral Packaging Market Report
- The report offers insight into parenteral packaging demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the parenteral packaging market between 2021 and 2031
- Parenteral packaging market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Parenteral packaging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others