In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJune 30, 2021: SCHOTT AG announced that it has inaugurated its new tubing plant in Jinyun, China. The new factory will help to increase the production of pharma glass tubing of the company which is used to store and package life-saving medications.
May 19, 2020: One of the subsidiaries of UDG Healthcare plc, Sharp, has announced that it has acquired the 160,000 sq. ft pharmaceutical packaging facility from Quality Packaging Specialists International, LLC, located in Macungie, Pennsylvania (United States).
The global parenteral products packaging market is estimated to garner a revenue of USD 20867.6 Million by the end of 2028, up from USD 9002.6 Million in 2019 by growing with a CAGR of 8.8% during the forecast period, i.e., 2021-2028. The growth of the market can be attributed to the rise in demand for parenteral drugs worldwide, followed by the increasing advancements in packaging materials, which provide the manufacturers of parenteral products a wide range of options to choose from for packaging their product. The demand for parenteral drugs is growing significantly, backed by the increasing developments of complex active pharmaceutical ingredients, new therapeutic approaches, and for the availability of numerous treatment options. Moreover, with the growing incidences of chronic diseases around the globe, there is a rise in demand for self-injection devices for treating various chronic diseases. Owing to the development of such products, there is a growing need amongst pharmaceutical manufacturers to choose from a wide range of packaging products which align to their needs. This, in turn, is anticipated to drive the market growth in the coming years. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), out of 10 adults in the U.S., 6 of them have a chronic disease. Moreover, out of 10 adults, 4 have two or more of the chronic diseases.
Regionally, the global parenteral products packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to hold the largest market share during the forecast period and is further expected to attain a market revenue of USD 6934 Million by the end of 2028. The market in the region is further expected to grow with a CAGR of 8.8% during the forecast period. On the other hand, the market in the Asia Pacific is expected to grow with the highest CAGR of 10.8% during the forecast period. The market in Europe is expected to hold a significant market share and attain the second leading stance by attaining a revenue of USD 6014.4 Million by the end of 2028. Amongst the countries in the region, the market in Germany is anticipated to hold the largest market share of 25.28% and attain a revenue of USD 1520.4 Million by the end of 2028. The growth of the market in the country can be attributed to the fact that the nation is house to some of the major pharmaceutical companies and has numerous players operating in the field of pharmaceuticals. As a result, there is a growing need for packaging products amongst these players, which is expected to accelerate the market growth.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global parenteral products packaging market is segmented by material type into glass and plastic. Amongst these segments, the glass segment is anticipated to hold the largest market share throughout the forecast period, whereas the plastic segment is expected to grow with the highest CAGR of 10% during the forecast period. The glass segment is further divided into borosilicate glass, aluminosilicate glass, and others, out of which, the borosilicate glass segment is expected to hold the largest market revenue of USD 10275.6 Million by the end of 2028. Based on product type, the market is segmented into ampoules, cartridges, pre-filled syringes, vials, bottles, and bags, out of which, the pre-filled syringes segment is expected to hold the largest revenue of USD 8496 Million by the end of 2028 by growing with the highest CAGR of 10.6% during the forecast period. On the basis of packaging type, the market is segmented into small, and large volume parenterals, out of which, the small volume parenterals segment is expected to hold the largest market share during the forecast period. The market is further segmented on the basis of drug type into insulin, monoclonal bodies, cytokines, vaccines, peptide hormones, immunoglobulins, chemotherapy agents, and others. Out of these, the insulin segment is anticipated to hold a significant market share throughout the forecast period and further attain a revenue of USD 4964.2 Million by the end of 2028.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global parenteral products packaging market that are included in our report are UFP Technologies, Inc., SCHOTT AG, Gerresheimer AG, UDG Healthcare plc, West Pharmaceutical Services, Inc., SiO2 Medical Products Inc., Stevanato Group, Berry Global Inc., NIPRO EUROPE GROUP COMPANIES, Corning Incorporated, and others.
Key Reasons to Buy Our Report
FREQUENTLY ASKED QUESTIONS
The growing advancements in pharmaceutical packaging materials is one of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 8.8% over the forecast period, i.e., 2021-2028.
The complex regulatory approvals for commercialization of packaging products, is one of the major factors estimated to hamper the market growth.
The market in Europe is expected to display significant growth opportunities in the future.
The major players in the market are UFP Technologies, Inc., SCHOTT AG, Gerresheimer AG, UDG Healthcare plc, West Pharmaceutical Services, Inc., SiO2 Medical Products Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, product type, packaging type, drug type, and by region.
The pre-filled syringes segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
Global Parenteral Products Packaging Market TOC
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