Future Market Insights, Inc. (FMI) forecasts a dynamic future for the parenteral packaging industry, powered by rising chronic and infectious diseases, increasing demand for biologics, and innovation in prefilled syringes. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
NEWARK, Del., Jan. 22, 2024 /PRNewswire/ — As per the latest analysis, the global Parenteral Packaging Market value is expected to total US$ 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 US$ 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.
Request Exclusive Sample Report: Parenteral Packaging Industry Strategic Insights, https://www.futuremarketinsights.com/reports/sample/rep-gb-1258
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.
Patient-centric design considerations are becoming more prominent in parenteral packaging. Packaging that facilitates ease of use, self-administration, and patient engagement is gaining importance.
Key players in the parenteral packaging industry focus on aligning themselves with the needs of the market. Accordingly, companies can develop parenteral drug dosage in a self-injection system, which would further provide ease of administering the dose without any supervision of the physician. The above-evolving concept can be an opportunity for key players in the pharma packaging market.
Parental Packaging Market Research Report Scope:
|
Attribute |
Details |
|
Estimated Market Value (2024) |
US$ 12,791.2 million |
|
Projected Market Value (2034) |
US$ 20,115.6 million |
|
Expected Growth Rate (2024 to 2034) |
4.6% CAGR |
|
Historical Data |
2019 to 2023 |
|
Forecast Period |
2024 to 2034 |
|
Quantitative Sq. Mt. |
Revenue in US$ million, Volume in tons, and CAGR from 2024 to 2034 |
|
Report Coverage |
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
|
Segments Covered |
Global Parenteral Packaging Market Segmentation
|
Key Takeaways from the Global Parenteral Packaging Market
- The global market for parenteral packaging is expected to total a valuation of US$ 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.
“The adoption of prefilled syringes and autoinjectors for parenteral drug delivery has been on the rise. These user-friendly and convenient systems enhance patient adherence, reduce dosing errors, and improve overall drug administration,” says Ismail Sutaria (Lead Consultant, Packaging and Materials).
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
- West Pharmaceutical Services, Inc.
- Adelphi Healthcare Packaging
- Ypsomed Holding AG
- Terumo Corporation
- SiO2 Materials Science.
- SGD Pharma
- PCI Pharma Services
- Ardena Holding NV
- Berkshire Sterile Manufacturing
- Akorn, Inc.
- Alcami Corporation, Inc.
- Berry Global Inc.
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.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
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.
Get More Insights
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global market for parenteral packaging, analyzing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034. The study reveals market growth projections on the global parenteral packaging industry based on product type (vials, prefilled syringes, bags, ampoules, ready-to-use systems), material type (glass, plastic), packaging format (packaging format, large volume), and region.
Request to Access the Detail Research Methodology from here!
About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 3,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights
