Future Market Insights (FMI) in its market analysis projects the parenteral packaging market to grow at 5.5% CAGR during the forecast period 2021-2031. Driven by the rising necessity of effective packaging solutions for therapeutic drugs without compromising their potency, the parenteral packaging market is forecast to reach the market valuation of US$ 11,460 Mn in 2021.
North America is expected to provide lucrative growth opportunities backed by increasing healthcare spending and rising production rate of parenteral packaging in U.S. Spurred by this, the North America parenteral packaging worth is projected to expand at 4.3% CAGR in 2021.
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Companies are shifting towards prefilled and ready-to-use containers and this is expected to augment the usability of parenteral products in self-medication.
As such, the global market for parenteral packaging is set to witness significant growth in the next 10 years, as estimated in a study by Future Market Insights. According to a report released by the leading market research firm, the global parenteral packaging market is set to exceed US$ 11460 Mn by the end of 2021.
Exhibiting a growth rate of 5.5% in the coming decade, revenue from the sales of parenteral packaging products is slated to experience around 6% year-on-year growth rate in 2021. Sustainability is the buzzword here – manufacturers are steadfast in their focus on addressing environmental concerns; which probably explains the near-death of plastic as a preferred material for parenteral packaging, owing to environmental issues associated with the disposal of plastic parenteral packaging products.
Innovation to Take Centre Stage in the Manufacturing of Parenteral Packaging Products; Automation to Underpin Core Production Processes
With technology having seeped through the global industry fabric, the market for parenteral packaging products is witnessing a new era of advanced processing techniques powered by automation in the packaging industry.
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Advanced automation in manufacturing processes has brought in notable modifications pertaining to the provision of drugs to patients, and this integration of automation into core manufacturing systems is trending the global parenteral packaging market.
Manufacturers are also focusing on deploying high quality, contamination-free processes to assemble parenteral packaging containers. These processes seek to eliminate incidences of reactions between the material used to manufacture the containers and the actual content (drugs) of the containers, thereby preventing harmful effects on patients consuming the drugs.
Several product recalls in the past have forced manufacturers of parenteral packaging products to select the best material to manufacture containers, and this factor is acting in favour of revenue growth of the global parenteral packaging market.
Ready-to-Fill Formats and Automated Assembly Lines Trending the Global Parenteral Packaging Market
On the back of sustainability drives by global governments, manufacturers of parenteral packaging products are changing their operations by integrating automated systems in their assembly lines.
A strategic shift from manual to automatic packing lines is bringing in enhanced process efficiency and reducing dependency on manual labour, thereby creating pathways for cost-effectiveness in the long run. Further, the rapidly rising demand for prefilled syringes is benefitting the global parenteral packaging market.
Specific requirements from the healthcare industry for speciality packaging products such as IV pre-mixed systems and single-use vials is also expected to bolster revenue generation in the global market for parenteral packaging in the coming years.
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Newer Raw Material Options to Create Increased Growth Opportunities for Manufacturers of Parenteral Packaging Products
Over the years, conventional raw materials used to manufacture parenteral packaging products have witnessed several advancements. Add to this the introduction of newer types of material to manufacture parenteral packaging containers, and the global market is suddenly a hotbed of opportunities for manufacturers.
The global parenteral packaging market is witnessing strategic collaboration between manufacturers and suppliers for both the sourcing of appropriate raw materials and the final packaging formats.
For instance, polymers such as cyclic olefin polymers (COP) and cyclic olefin copolymers (COC) are being sought after in large numbers, owing to their inherent advantages over conventional plastic and glass used to manufacture parenteral packaging containers.
The introduction of better raw material types supports increased sophistication in drug delivery technologies, thereby helping manufacturers up their revenue standing in the global market. Needless to say, this is positively impacting revenue growth of the global parenteral packaging market.
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Key Questions Answered in the Report
- What is parenteral packaging market size?
Driven by increasing demand for therapeutic drugs storage provisions, the parenteral packaging market size is forecast to reach US$ 11,460 Bn in 2021
- At what rate did the parenteral packaging market expand in the last five years?
Between 2016 and 2020, the parenteral packaging sales surged at a 4.6% CAGR backed by increasing demand for self-administered drugs and medicines for chronic ailments.
- What are the key trends shaping the parenteral packaging market?
Growing emphasis towards multi-compartment parenteral packaging for faster distribution of medications across the globe is the key trend shaping the market.
- What are the key factors driving parenteral packaging market demand?
Rising prevalence of chronic ailments and high demand for vaccines to tackle epidemics and pandemics will remain the chief growth driver. The market also will gain from rising spending on advanced healthcare.
- What is the North America parenteral packaging market outlook?
Demand registered in North America will continue rising, backed by increasing sales and production of parenteral packaging in the U.S., the North American market will expand at 4.3% CAGR in 2021.
