Parenteral Packaging Sales will increase at 3.9% CAGR in Europe, backed by rising export in Italy

According to Future Industry Insights' (FMI's) market estimate, the parenteral packaging market will expand at a 5.5% CAGR from 2021 to 2031. The parenteral packaging market is anticipated to reach a market worth of US$11,460 Mn in 2021, driven by the growing need for efficient packaging solutions for medicinal pharmaceuticals without compromising their potency.

North America is anticipated to offer profitable growth potential, supported by rising healthcare spending and an increase in parenteral packaging output in the United States. This is expected to drive the parenteral packaging market in North America to grow at a 4.3% CAGR in 2021.

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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.

Exhibiting a growth rate of 5.5% in the coming decade, revenue from the sales of parenteral packaging products is slated to experience around 6% year-on-year growth rate in 2021. Sustainability is the buzzword here - manufacturers are steadfast in their focus on addressing environmental concerns; which probably explains the near-death of plastic as a preferred material for parenteral packaging, owing to environmental issues associated with the disposal of plastic parenteral packaging products.

Innovation to Take Centre Stage in the Manufacturing of Parenteral Packaging Products; Automation to Underpin Core Production Processes

With technology having seeped through the global industry fabric, the market for parenteral packaging products is witnessing a new era of advanced processing techniques powered by automation in the packaging industry.

Advanced automation in manufacturing processes has brought in notable modifications pertaining to the provision of drugs to patients, and this integration of automation into core manufacturing systems is trending the global parenteral packaging market.

Manufacturers are also focusing on deploying high quality, contamination free processes to assemble parenteral packaging containers. These processes seek to eliminate incidences of reactions between the material used to manufacture the containers and the actual content (drugs) of the containers, thereby preventing harmful effects on patients consuming the drugs.

Several product recalls in the past have forced manufacturers of parenteral packaging products to select the best material to manufacture containers, and this factor is acting in favour of revenue growth of the global parenteral packaging market.

Ready-to-Fill Formats and Automated Assembly Lines Trending the Global Parenteral Packaging Market

On the back of sustainability drives by global governments, manufacturers of parenteral packaging products are changing their operations by integrating automated systems in their assembly lines.

A strategic shift from manual to automatic packing lines is bringing in enhanced process efficiency and reducing dependency on manual labour, thereby creating pathways for cost-effectiveness in the long run. Further, the rapidly rising demand for prefilled syringes is benefitting the global parenteral packaging market.

Newer Raw Material Options to Create Increased Growth Opportunities for Manufacturers of Parenteral Packaging Products

Over the years, conventional raw materials used to manufacture parenteral packaging products have witnessed several advancements. Add to this the introduction of newer types of material to manufacture parenteral packaging containers, and the global market is suddenly a hotbed of opportunities for manufacturers.

The global parenteral packaging market is witnessing strategic collaboration between manufacturers and suppliers for both the sourcing of appropriate raw materials and the final packaging formats.

For instance, polymers such as cyclic olefin polymers (COP) and cyclic olefin copolymers (COC) are being sought after in large numbers, owing to their inherent advantages over conventional plastic and glass used to manufacture parenteral packaging containers.

The introduction of better raw material types supports increased sophistication in drug delivery technologies, thereby helping manufacturers up their revenue standing in the global market. Needless to say, this is positively impacting revenue growth of the global parenteral packaging market.

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Key Segments Covered in Parenteral packaging Market Study:

By Product Type:

Vials
Pre-filled Syringes & Cartridges
Bags
Ampoules
Ready to Use Systems
By Material Type:

Glass
Plastic
By Packaging Type:

Small Volume Parenteral (SVP)
Large Volume Parenteral (LVP)
Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients

This release was published on openPR.