The global parenteral packaging market size was USD 22.98 billion in 2023. The market is expected to surge from USD 24.15 billion in 2024 to USD 39.03 billion by 2032 at a CAGR of 6.18% during 2024-2032.
The global parenteral packaging industry specializes in developing and supplying packaging solutions for parenteral drug delivery systems, which bypass the gastrointestinal tract and are administered via injections, such as intramuscular (IM), intravenous (IV), and subcutaneous (SC) routes. Growing incidence of chronic illnesses, rapid innovations in biopharmaceuticals, and technological advancements are propelling market growth.
The COVID-19 pandemic had a moderate effect on the market owing to increased vaccination initiatives, high requirements for injectable therapeutics, and surged awareness of infectious illnesses.
Fortune Business Insights presents this information in their report titled “Parenteral Packaging Market Size Report, 2024–2032.”
Parenteral Packaging Market Segments
Plastic Takes the Lead as It is Perfect for Varied Packaging Requirements
In terms of material, the market is classified into plastic, glass, and paper & paperboard. The plastic segment takes the lead in the market as it can be effortlessly molded into different shapes and sizes, making it ideal for varied packaging requirements. It is highly preferred for syringes, pill bottles, blister packs, IV bags, and medical device packaging.
Vials & Ampoules Command the Market Due to Their Versatility
On the basis of the product type, the market is segregated into bottles, pre-fillable syringes & cartridges, vials & ampoules, closures, blister packs, bags & pouches, boxes & trays, and others. Vials and ampoules command the market as they are highly used for a wide-ranging series of drugs, such as vaccines, antibiotics, and other injectable medications. Vials and ampoules are appropriate for both liquid and lyophilized (freeze-dried) formulations due to their versatility.
Primary Packaging Dominates the Market Due to Its Convenience and Dosage Precision
By packaging type, the market is categorized into primary packaging, secondary packaging, and tertiary packaging. Primary packaging dominates the market as it protects the product from moisture, contamination, light, and other environmental reasons that can decrease its efficiency and security. Primary packaging is gaining traction due to its easy and correct dispensing of the product.
From the regional ground, the market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.
Drivers and Restraints
Growing Incidence of Chronic Diseases to Foster Market Growth
Surging preference for parenteral packaging solutions is driven by the increased need for long-term treatment with injectable medications due to the rising prevalence of chronic illnesses, including diabetes, cancer, and cardiovascular disorders. Diabetes is a key global health concern, disturbing millions of individuals across the globe. Diabetes management includes the use of injectable insulin, which needs secure and efficient parenteral packaging. The increased prevalence of diabetes is boosting the adoption of insulin pens, prefilled syringes, and vials. The geriatric population is more prone to chronic ailments, resulting in an increased need for healthcare amenities and medications. The growing incidence of chronic diseases is fostering the parenteral packaging market growth.
However, strict regulatory needs to guarantee the security, effectiveness, and quality of pharmaceutical packaging are hampering market growth.
Regional Insights
Presence of Robust Healthcare Infrastructure Fuels Market Growth in North America
North America accounts for the highest parenteral packaging market share due to the presence of robust healthcare infrastructure. Increased incidence of chronic illnesses and the existence of key pharmaceutical producers are fueling market expansion in the region.
Europe holds the second leading position in the market due to the rapid expansion of the pharmaceutical industry and growing emphasis on regulatory compliance and sustainability.
Get a Source- https://www.fortunebusinessinsights.com/parenteral-packaging-market-110545
Competitive Landscape
Introduction of Modern Packaging Solutions by Major Players to Augment Market Expansion
The market for parenteral packaging is notably fragmented, with fierce competition among players. Several players stand out by securing a dominant share through the introduction of state-of-the-art packaging solutions. These companies are consistently at the forefront of innovation and they focus on collaborations to introduce advanced, tailored packaging options that meet diverse customer needs. Moreover, top parenteral packaging solution providers are broadening their market presence.
Key Industry Development
- January 2024: Bormioli Pharma made a partnership with Loop Industries to introduce an advanced and sustainable pharmaceutical packaging solution. This option is produced with 100% recycled virgin quality Loop™ PET resin.
List of Key Players Profiled in the Market Report
- Amcor Plc (Switzerland)
- Gerresheimer AG (Germany)
- SCHOTT AG (Germany)
- Berry Global, Inc. (U.S.)
- West Pharmaceutical Services, Inc. (U.S.)
- AptarGroup, Inc. (U.S.)
- SGD Pharma (France)
- Oliver Healthcare Packaging (U.S.)
- Stevanato Group (Italy)
- Graphic Packaging International, LLC (U.S.)
- Adelphi Group (U.K.)
- Baxter International Inc. (U.S.)
- WestRock Company (U.S.)
- Tekni-Plex, Inc. (U.S.)
