Parenteral Packaging Market Value Rising to US$ 20,115.6 Million by 2034

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North America, driven by the United States, is poised to maintain its global market leadership, projecting a dominant value share of approximately 25.2% by 2034

NEWARK, DELAWARE, UNITED STATES OF AMERICA, February 1, 2024 /EINPresswire.com/ — 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.

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.

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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

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.

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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.

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 3% CAGR through 2034.

Based on material, the plastic segment will likely hold a market share of 1% in 2034.

Sales in the United States are expected to soar at 0% CAGR through 2034.

India is poised to register a CAGR of 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, Principal Consultant at Future Market Insights.

Who is Winning?

Leading parenteral packaging manufacturers listed in the report include

Schott AG

UDG Healthcare Plc.

Nipro Corporation

Gerresheimer AG.

Becton

Dickinson and Company

Catalent, Inc.

Stevanato Group S.p.A

Baxter International Inc.

Terumo Corporation

West Pharmaceutical Services, Inc.

Adelphi Healthcare Packaging

Ypsomed Holding AG

SiO2 Materials Science

SGD Pharma.

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.

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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

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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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