Albany, NY -- (SBWIRE) -- 11/01/2018 -- A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled "Global Parenteral Packaging Market: Outlook and Growth Stance Forecasted Through 2028" which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.

The global market for parenteral packaging was valued at US$ 9,864.8 Mn in 2017 and is projected to expand at a CAGR of 4.8%, during the forecast period (2018 - 2028).

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Parenteral packaging is a method that allows the medicine or other fluid to keep its potency and therapeutic effectiveness intact throughout the shelf life or till the time the drug is administered. Effective packaging in parenteral is required to protect the drugs from contamination and aseptic administration to the patient. Prefilled syringes and cartridges are certain novel innovations in the field of parenteral packaging, which favors minimization of drug administration, apart from conventional parenteral packaging solutions such as vials and ampoules. One of the key factors such as the introduction of various new raw material for parenteral packaging along with advancements in conventionally used materials are making the market more consolidated. There has been effective collaboration between the suppliers and manufacturers for raw material sourcing and final packaging. Introduction of polymers such as cyclic olefin copolymers (COC) and cyclic olefin polymers (COP) are acquiring the attention of many of the parenteral product manufacturers due to various advantages over plastic and glass. The introduction is beneficial for sophisticated and newly developed drugs and delivery technologies.

In terms of material, the plastic is expected to be the most attractive material segment for manufacturing parenteral packaging across the globe. Plastic is the most preferred material of choice for parenteral packaging due to their comparatively low cost an easy production method, advantages in terms of light weight, durability, no reactivity and design flexibility.

Some of the key drivers for the growth of the global parenteral packaging market includes the increasing per capita healthcare expenditure of several leading economies across the globe. Parenteral drugs is the second-largest contributor to the global pharmaceutical market of US$ 962 Billion, with approximately 30% share in 2014, preceded only by oral dosage form. Moreover, the long-term estimates that pharma spending is expected to match the expenditure on healthcare sector at an average of 4.2% during the forecast period. Additionally, private health insurance (PHI) are playing significant role in carving up the healthcare systems. The overall impact of rise in per capita expenditure and introduction of health insurance are expected to favor the growth of parenteral packaging market. Immunizations through vaccines is a major health intervention that has a significant positive impact on the health the populace. Demand for parenteral is strongly correlated with immunization. Vaccination plans such as Global Vaccine Action Plan (GVAP) 2011–2020, National Vaccine Plan (NVP) by U.S., which are introduced by the government on regular intervals to eradicate health issues such as hepatitis, polio etc., are expected to further fuel the parenteral packaging market. According to World Health Organization (WHO) chronic non-communicable disease (NCD) prevalence is projected to grow by 57% between 2015 and 2020. In terms of geographical inclination of demand, emerging markets are expected to contribute significantly to growth, largely due to diseases related to lifestyle changes as well as population increase.

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Market Taxonomy

The global market for parenteral packaging is segmented as per product type, material type, and its packaging type.

As per product type, the global parenteral packaging market is segmented as follows:

Vials

Pre-filled Syringes & Cartridges

Bags

Ampoules

Ready to Use Systems

As per material type, the global parenteral packaging market is segmented as follows:

Glass

Plastic

Polyvinyl Chloride (PVC)

Polyolefin

As per packaging type, the global parenteral packaging market is segmented as follows:

Small Volume Parenteral (SVP)

Large Volume Parenteral (LVP)

Competitive Landscape:

Key players operating in the global market for parenteral packaging include UFP Technologies, Inc., Schott AG, UDG Healthcare plc, Gerresheimer AG, Becton, Dickinson and Company, Catalent, Inc., Stevanato Group S.p.A., Baxter International Inc., Nipro Corporation, West Pharmaceutical Services, Inc., among others among others.

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