The Global Parenteral Packaging Market was valued at US$ 7,845.7 million in 2016 and is projected to expand at a CAGR of 11.1% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in number of surgical procedures and chronic disease cases such as diabetes and cancer, is expected to support growth of parenteral packaging market over the forecast period.
As the parenteral administration route is most effective and common form of drug delivery into body for active drug substances, the preference for parenteral drugs is increased in last few years. Also technological advancements in drug delivery systems, such as development of sophisticated system which allows drug targeting and controlled release of parenteral drugs is supporting the growth of parenteral drugs packaging market.
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The parenteral medicines plays major role in treatment of many disease such as cardiovascular disease, ulcerative colitis, rheumatoid arthritis and many more and increase in prevalence of this disease is expected to support the growth of parenteral drug packaging market. As per Centers for Disease Control and Prevention (CDC), in 2014, around 29.1 million people were suffering from diabetes in the U.S., furthermore, among this cases 1 out of 4 people were found unaware about that they were suffering from diabetes. Expected increase in lifestyle disease cases and number of surgical procedures will support the increase in use of parenteral drugs which in turn expected to lead the growth of parenteral packaging market in the near future.
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Parenteral drugs are used to enhance the healing of surgical procedure, also to reduce pain or risk of infection during surgical procedure. In this medication may include steroids or anti-inflammatory medications and antibiotics and are administered through intramuscular injection or IV.
The increase in surgical procedures for the treatment of many disease such as cancer, coronary artery disease expected to fuel the demand of parenteral drugs which in turn support the growth of parenteral packaging market in the near future. According to World Health Organization (WHO), around 312.9 million surgical procedures performed around the globe in 2012 and this number is increased by 38.2% from 226.4 million in 2004. Spurt in number of surgical procedures is expected to support the growth of parenteral packaging market in the near future.
Key takeaways of the market:
- The global parenteral packaging market is expected to expand at a CAGR of 11.1% during the forecast period (2017–2025). Due to rising number of surgical procedures and increase in cardiovascular disease cases from around the globe is expected to favor the market of parenteral packaging over the forecast period.
- The North America region in the global parenteral packaging market is expected to show high growth rate during the forecast period in terms of value
- In terms of technique segment, the prefilled syringes and cartridges packaging technique type is expected to expand at a significant CAGR of 13.1%, followed by ampoules packaging technique during the forecast period
- In terms of material segment, the polyolefin material parenteral packaging type is expected to expand at a significant CAGR of 12.4%, followed by plastic and polymer material parenteral packaging during the forecast period
- In terms of packaging type segment, the small volume parenteral packaging type is expected to expand at a significant CAGR of 12.2%, followed by large volume parenteral packaging during the forecast period
- The global parenteral packaging market is characterized by market expansion in Asia Pacific, North America, and Europe could generate higher market revenue due to the high incidence rate of lifestyle disease such as diabetes and increase in number of surgical procedures
- Some of the major companies in the area of parenteral packaging are Gerresheimer AG, Schott AG, Becton, Unilife Corporation, Inc, Dickinson and Company, Ypsomed Holding AG, West Pharmaceutical Services, Inc., SiO2 Medical Products, Terumo Corporation, Ompi, Stevanato Group and Nipro Corporation, Berry Plastics Corporation, Becton Dickinson and Company, MeadWestvaco Corporation, Owens-Illinois, RPC Group, Schott Pharmaceuticals Services Inc., and Graphic Packaging Group.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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