Global Parenteral Products Packaging Market Highlights Over 2019 - 2028
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.
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Global Parenteral Products Packaging Market Regional Synopsis
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).
Growth Drivers and Challenges Impacting the Growth of the Global Parenteral Products Packaging Market
- Growing Advancements in Pharmaceutical Packaging Materials
- Rising Need Amongst Pharmaceutical Companies for Advanced Pharmaceutical Packaging Materials
- Complex Regulatory Approvals for Commercialization of Packaging Products
Global Parenteral Products Packaging Market Segmentation Synopsis
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.
Top Featured 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.
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