According to the recent study it is projected that parented drug market will witness a rapid growth rate in the forecast period. Due to increasing incidences and mortality from several chronic diseases which when compounded with rising cases of COVID-19 indicated lucrative demand for parenteral drugs packaging across the global market.
What is Driving Demand for Parenteral Drugs Packaging?
Continuously growing per capita expenditure across leading as well as developing economies is one of the key drivers of demand for parenteral drugs packaging. It is anticipated that these expenditures on healthcare will not witness downfall anytime soon and thus will have a domino effect as rising demand for parenteral drugs packaging for a long time period.
The introduction of novel health interventions such as vaccination, supplements, and other therapeutic and diagnostic services is certainly bringing in a positive impact on public health and hence pushing the parenteral drugs packaging market.
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Innovation in R&D and Guidelines Shaping the Global Market
Investing in research and development for innovation in the parenteral drugs packaging market, for instance, different packaging material and their interaction with drugs and various formulations. Owing to the growing demand for such packaging solutions it is anticipated that investors are keen on the opportunities in the market and are expecting higher returns for the investments in the forecast period.
Along with these innovations, certain guidelines are helping to give a good shape to the global parenteral drugs packaging market. For instance, guidelines of the European GMP are regulating certain features and packaging environments for maintaining the safety of the drug throughout the supply chain. Stringent regulations are very essential for shaping the market in an orderly manner to maintain the overall safety of the consumer and superior quality of the drug throughout the supply chain.
North America and Europe Parenteral Drugs Packaging Market Outlook
A majority of healthcare expenditure in the United States is done through private health insurance and thus has a prominent role in this rise in consumption of several parenteral drugs as they encourage the consumer to avail of these healthcare services. Owing to this reason population does not refrain to avail of the healthcare service in the region which are comparatively higher in cost as compared to other regions such as India, UK, and many more countries.
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Asia Pacific Parenteral Drugs Packaging Market Outlook
Developing countries in the region like India is considered as one of the cheapest healthcare service provider across the globe. This is the reason why a large portion of the population can also avail and pay for services and products such as parenteral drugs out-of-pocket.
This economical healthcare service is the reason India is considered a hot spot for medical tourism. This factor combined with a large number of pharmaceutical companies producing drugs in large volume makes India one of the largest consumers of parenteral drugs packaging.
Who are the Key Manufacturers and Suppliers of Parenteral Drugs Packaging?
Some of the leading manufacturers and suppliers of parenteral drugs packaging market are
- Ypsomed Holding AG
- Gerresheimer AG
- SiO2 Medical Products
- Schott AG
- Ompi Stevanato Group
- Becton Dickinson and Company
- MeadWestvaco Corporation
- Unilife Corporation Inc
- West Pharmaceutical Services, Inc.
- Terumo Corporation
- Berry Plastics Corporation
- Owens-Illinois
- RPC Group
- Graphic Packaging Group
- Others
Prime manufacturers of the parenteral drugs packaging market are striving to develop a packaging solution that is versatile for various applications, for instance, Gerresheimer is producing packaging solutions made from recycled glass and hence provide superior quality for a better consumer experience. The manufacturers are extending their physical presence as they initiate the functioning of the manufacturing facility in rapidly developing countries, for instance, China and India. This will help them to get closer to the end user and provide appropriate solutions as per their requirements.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Key Segments
By Product Type:
- Pre-filled Syringes & Cartridges
- Vials
- Bags
- Ready to Use Systems
- Ampoules
By Material Type:
- Plastic
- Polyvinyl Chloride (PVC)
- Polyolefin
- Glass
By Packaging Type:
- Large Volume Parenteral (LVP)
- Small Volume Parenteral (SVP)
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