The global parenteral products packaging market has the potential to grow by USD 9.28 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 10%.
The increase in demand for small molecule prefilled syringes and the growing use of connected parenteral product packaging are some of the major factors driving market growth. The US, Germany, and Japan are currently the major markets for parenteral packaging.
Parenteral Products Packaging Market by Product Type
Parenteral vials and ampoules
Bottles, tubes, and pouches
Parenteral Products Packaging Market by Region
Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Market vendors are investing in R&D to develop new products and introduce various technological innovations. Amcor Plc, AptarGroup Inc., and Baxter International Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the need to comply with strict regulations will challenge the growth of the market participants. To increase their parenteral packaging market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this parenteral packaging market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this parenteral packaging market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading parenteral packaging manufacturers, including:
Baxter International Inc.
Becton Dickinson and Co.
Berry Global Group, Inc.
West Pharmaceutical Services Inc.
Parenteral Products Packaging Market: Key Drivers and Trends
The increasing demand for small molecule prefilled syringes will be a significant factor driving the growth of the parenteral packaging market. Small molecules are generally sold in prefilled syringes. These syringes help in administering fixed dosage to patients and avoid issues, such as needle-stick injuries and dosage errors. Small molecule prefilled syringes also enhance the convenience of patients by allowing them to self-administer drugs.
Moreover, small molecules in prefilled syringes are preferred over other dosage forms, such as capsules and tablets because of their ability to provide faster therapeutic action by directly transferring the drug into the bloodstream. The popularity of such small molecule prefilled syringe is growing in the healthcare industry for treating diseases in analgesics, cardiovascular, adjuvants, and neurology segments. These factors are expected to drive the growth of the parenteral packaging market during the forecast period.
The growing use of connected parenteral product packaging is one of the critical parenteral packaging market trends contributing to market growth.
The integration of connected technology with parenteral product packaging will help in improving patient convenience and health outcomes.
Connected technology will enable the use of analytics to enhance product performance and allow users to have improved management and control of medication.
Moreover, connected parenteral product packaging will help in improving medication adherence by patients by alerting them the time and dosage of medication.
Market vendors are offering various connected options for drug delivery, including Connected Prohaler and pressurized metered-dose inhalers (pMDI) platform.
Connected drug delivery systems for a wide range of therapeutic areas, such as nasal sprays, injections, pulmonary drug delivery, and eye care are also under development.
During 2019-2023, the parenteral products packaging market will grow at a CAGR of almost 10%.
Parenteral Products Packaging Market: Segmentation by Region
APAC will offer several growth opportunities to market vendors during the forecast period. The increasing demand for parenteral medicines from the aging population, rising government investments in healthcare, and increasing prevalence of communicable and non-communicable diseases are fueling parenteral packaging market growth in this region.
During the forecast period, almost 34% of the overall market growth will originate from APAC. Market growth in this region will be faster than the growth of the market in other geographies.
Parenteral Products Packaging Market: Segmentation by Product Type
Prefilled syringes ensure the delivery of the exact amount of dose and minimize the chance of overfill and drug waste. Such benefits and the rising adoption of targeted and innovative molecular entities will drive the growth of the parenteral packaging market in this segment. The increasing incidences of cancers and chronic diseases will also boost the demand for prefilled syringes during the forecast period.
However, market growth in this segment will be slower than the growth of the market in the bottles, tubes, and pouches segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the parenteral packaging market size.
Parenteral Products Packaging Market: Key Highlights of the Report
CAGR of the market during the forecast period 2019-2023
Detailed information on factors that will accelerate the growth of the parenteral packaging market during the next five years
Precise estimation of the global parenteral products packaging market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the parenteral packaging industry across the APAC, Europe, MEA, North America, and South America
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of parenteral packaging vendors
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