Parenteral Packaging Market - Global Industry Analysis and Opportunity Assessment, 2016 - 2026
Valley Cottage, NY -- (SBWIRE) -- 12/18/2017 -- Packaging in parenteral is a process that allows the drug 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 drugs from contamination and aseptic administration to the patient.
The pharmaceuticals industry has experienced significant technological advancements over the last few years. As a result, recent advancement in routes of drug administration is shaping the market demand for parenteral products far surpasses production.
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Market Value and Forecast
Pharmaceuticals packaging has witnessed major modifications over the past decade, making parenteral packaging a future business perspective for entrepreneurs. Major players, manufacturing raw materials are themselves shifting towards parenteral packaging process.
The global parenteral packaging market has been estimated to be valued at US$ 8,665 Mn by 2016 end and is expected to expand at a 10.2% CAGR over the forecast period (2016–2026).
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Growth of the global parenteral packaging market is specifically driven by the expansion of global pharmaceuticals industry, which is projected to expand at a CAGR of 9.6% over the forecast period (2016–2026). Shifting trend of primary packaging material from glass to plastic and polymer is an exclusive factor, which is anticipated to drive the parenteral packaging market in the near future. Furthermore, the growing prevalence of chronic diseases such as diabetes, cancer, chronic intestinal diseases and hepatic failure, are further expected to drive the growth of the parenteral packaging market. Besides, rising adoption of injection based therapy and government initiatives for preventive measures to ward off diseases such as hepatitis and polio are further fuelling the market demand for parenteral packaging. Furthermore, rise in ageing population around the globe is anticipated to favour the inclination of parenteral packaging market growth.
Market Segmentation by Product Type
The prefilled syringes are becoming the face of parenteral products and rising demand of the same is reinforcing the market growth of total parenteral packaging market. Moreover, on the basis of product type, the market is categorised into bags, ampoules, vials, prefilled syringes & cartridges and ready-to-mix systems. Among all the above stated segments, the prefilled syringes & cartridges segment is expected to witness the highest growth over the forecast period.
Market Segmentation, by Material
Growing regulatory concerns towards the use of glass material in parenteral packaging are enforcing drug manufacturers to shift from glass to plastic packing, which in turn fuels the plastic & polymer segment growth. Furthermore, under material category, the market is divided into two segments, namely glass and plastic & polymer. The plastic & polymer segment is further divided into two categories, i.e. PVC and polyolefin. The plastic & polymer segment is expected to expand at a prominent CAGR over the forecast period.
Market Segmentation, by Packaging Type
Packaging type refers to the need of patients as well as the need of the drug. Small volume and large volume parenteral products are differentiated by the capacity of the drug to be administered, which can show their potency. On the basis of packaging type, the market is segmented into two main categories, namely small volume parenteral and large volume parenteral. The small volume parenteral segment is estimated to account for the highest market share in 2016 end, and will continue to dominate the segment over the forecast period.