Parenteral Packaging Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

The global parenteral packaging market is predicted to value over US$ 19 billion by the end of 2026 and expand at a CAGR of over 11.1% during the forecast period of 2019-2026.

Parenteral packaging is the specific packaging of drugs or other fluids to safeguard its effectiveness and therapeutic potency from getting lost. The plastic and polymer type of parenteral packaging is considered more durable than glass. The sector of pharmaceuticals has witnessed tremendous technological advancements shaping the market viability for parenteral packaging.

Packaging of pharmaceuticals ensures factors such as moisture, sunlight, and other factors which might degrade the effect of the drug, from coming into contact. This aims to inhibit the microbial growth thus consequently extending the shelf life of the drug as well. Parenteral drugs which are directly consumed in the body should be absolutely aseptic and uninfected, so safe and secure packaging plays a vital role in the parental drugs.

The new improvements in packaging solutions which ensure quality, security, guarantee, and patient needs are will have a positive impact on consumers. This is estimated to drive the market towards innovative parenteral packaging. Furthermore, with the number of regulatory policies in place, standards of the drugs are maintained and thus the growth of this market is said to be rocketing. Policies like Parenteral Drug Association (PDA), Food and Drug Administration (FDA) and Healthcare Compliance Packaging Council (HCPC) regulate the standards thus providing confidence to the public. With the increase in health hazards and chronic diseases, there is mushroom demand for certain drugs and therefore their packaging as well. The population explosion in the Asia Pacific region as well as taking into account the geriatric population, these countries and regions make up for the major market consumption and boost the growth of the same in the forecast period.
With the help of technology, manufacturing processes have also been upgraded and used in the packaging as well as delivery of the drugs, thus ensuring utmost security and guarantee. These manufacturing processes involve the use of sustainable technology and eco-friendly substances thus making it more viable as well as environment-friendly. The use of biodegradable products like corn starch and cardboard also affects the lifespan of the drugs in a positive way, by increasing lifecycle and attracting consumers.

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Global Parenteral Packaging Market: Restraints
> Limited availability of raw materials required in packaging
> Fluctuating prices and unstable accessibility of raw materials
> Complex processes and heavy installation fees
> Heavy registration fees

Global Parenteral Packaging Market Segmentation
By Product Type
> Bags
> Bottles
> Ampoules
> Vials
> Prefilled syringes
> Cartridges
All of these products produced require approval from various authorities as well as the need to maintain certain standards and abide by specific regulations. The introduction of stringent standards government and regulatory organizations such as Parenteral Drug Association (PDA), National Quality Forum (NQF), Healthcare Compliance Packaging Council (HCPC), and Food and Drug Administration (FDA) is expected to work in a positive manner and boost the market and trade.

By Material
> Glass
> Polymer
> PVC
> Polyolefin
Ampoules, a product is manufactured solely via glass while all bags are manufactured from plastic. All other packaging products are also made from either plastic or glass. The plastic and polymer, both are more durable as compared to the glass used in the parenteral packaging market. Any technological improvement in this sector will be favourable and will help record significant growth. The improvements in making the manufacturing processes of pharmaceutical packages more efficient play a big role in the growth of the global pharmaceutical packaging market. Advancements in manufacturing processes such as green packaging technologies, employment of environment-friendly substances as raw materials thus being sustainable as well. The materials used in sustainable packaging are paper, cardboard, and corn starch. This promotes pharmaceutical companies in a better light while also increasing the potency and lifespan of the drugs produced.

By Region
> Europe
> North America
> APAC
> Latin America
North America was a major market for parenteral packaging followed by Europe. Upcoming markets of Asia Pacific, Latin America, and Middle East & Africa are projected to soar during the forecast period. Among the developing countries, South Korea, China, and India are expected to witness provide lucrative trade opportunities.

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Competitive Landscape:
> Tier 1 players- established companies in the market with a major market share
> Tier 2 players
> Emerging players which are growing rapidly
> New Entrants
Major shareholders reigning the parenteral packaging market are Gerresheimer AG, Unilife Corporation, Inc, Schott AG, Dickinson and Company, West Pharmaceutical Services, Inc., RPC Group, Ypsomed Holding AG, Terumo Corporation, SiO2 Medical Products, Ompi, Stevanato Group, Nipro Corporation, Berry Plastics Corporation, MeadWestvaco Corporation, Becton Dickinson and Company, Owens-Illinois, Graphic Packaging Group, and Schott Pharmaceuticals Services Inc, Gerresheimer AG, Stevanato Group, Nipro Corporation, MeadWestvaco Corporation.

FutureWise Takeaways
> Growth prospects
> SWOT analysis
> Key trends
> Key data-points affecting market growth

Objectives of the Study:
> To provide with an exhaustive analysis on the global parenteral packaging market, by product type, on the basis of material, and region
> To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
> To evaluate and forecast micro-markets and an overall market
> To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
> To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
> Profiling of companies to evaluate their market shares, strategies, financials and core competencies

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This release was published on openPR.