Parenteral Packaging Market size is anticipated to reach more than USD 50 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Increasing preference for prefilled syringes will accelerate the parenteral packaging demand. In response to intense pressure to develop effective treatments and vaccines against COVID-19 and other chronic diseases, manufacturers have been emphasizing the innovation of syringe fill/finish operations.
While offering higher dose accuracy, prefilled syringes can lower the risk of cross-contamination and injury. Due to the escalating use of injectable devices for the administration of drugs, the use of effective packaging for parenteral products including syringes will further grow, worldwide.
Rising diabetes prevalence to spur cartridge packaging material development
Based on packaging, parenteral packaging market value from the cartridges segment will be worth USD 3 billion by 2032, on account of its emergence as an ideal container for storing dental anesthesia or insulin pumps. Over the years, the incidence rate of chronic diseases has surged. According to statistics from the American Diabetes Association, over 1.4 million people are diagnosed with diabetes every year in the United States. This growing burden of diseases such as diabetes will stimulate the production of cartridge parenteral packaging materials for insulin delivery, among other applications.
Low cost & temperature-resistant attributes augment use of polymers in parenteral packaging
The industry share from the polymer material segment is slated to depict a 6% CAGR through 2023-2032, given its malleability, ductility, and other key product attributes. Plastics or polymers have emerged as preferred packaging materials as they offer advantages including low costs, high-temperature resistance, and easy availability as compared to alternatives. These properties allow parenteral products to be preserved for longer periods and maintain their overall efficacy, augmenting the use of polymer-based parenteral packaging solutions.
Browse key industry insights spread across 275 pages with 275 market data tables and 22 figures & charts from the report “Parenteral Packaging Market Size By Packaging (Vials, Cartridges, Ampoules, Prefilled Syringes, Infusion Solutions Bottles, Infusion Solutions Bags, Containers, Others), By Material (Glass, Polymers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increased cancer burden in North America boosts consumption of packaging for chemo medication
North America parenteral packaging market size is projected to reach USD 13 billion by 2032. Chronic diseases such as cancer continue to be one of the leading causes of death in the U.S. As per data from the American Cancer Society, in 2022, 1.9 million new cases and 609,360 deaths were expected to be reported due to cancer across the U.S.
The intravenous administration of chemotherapy medicines has become an effective option for cancer treatment. These medications must go through proper packaging to preserve the potency of their pharmaceutical components. Injectable therapies for a range of non-communicable diseases have also undergone innovations over recent years. The rising disease burden and the preference for chemotherapy infusion among cancer patients will accelerate the use of vials and other vessels, driving the need for suitable parenteral packaging products across the region.
Production volume growth to remain a key business strategy among industry players
Becton, Dickinson and Company (BD), Schott AG, Nipro Corporation, Ypsomed Holding AG, West Pharmaceutical Services, Inc., Baxter International Inc., Terumo Corporation, Stevanato Group S.p.A., Corning Inc., Catalent, Inc., and Sio2 Materials Science are some of the major companies profiled in the parenteral packaging market report. These companies are focusing on strategies such as business expansions and extensive product delivery to address consumer demand and increase their foothold in the global industry.