Press release
Pharma Parenteral Packaging Market to Hit $18.85 Billion by 2031.
Pharma Parenteral Packaging Market
According to the latest research by InsightAce Analytic, the Global Pharma Parenteral Packaging Market is valued at US$ 13.28 Bn in 2023, and it is expected to reach US$ 18.85 Bn by 2031, with a CAGR of 4.47% during the forecast period of 2024-2031.
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Pharma parenteral packaging is created to hold and transport sterile pharmaceutical goods administered through injections. These packaging techniques keep medical products safe, contamination-free, and undamaged in storage, and transit and maintain their potency.
The growing pharmaceutical sector, increasing prevalence of chronic diseases, technological advancements, demand for parenteral packaging and sterile packaging solutions, and increased pharmaceutical expenditure worldwide are driving the pharmaceutical packaging market.
However, with stringent government regulations and standards, the high cost of raw materials used in pharma parenteral packaging, such as glass and plastic, can fluctuate significantly and hamper the market's growth.
List of Prominent Players in the Pharma Parenteral Packaging Market:
• Adelphi Healthcare Packaging
• Akorn, Inc.
• Alcami Corporation, Inc.
• Amcor
• Ardena Holding NV
• Baxter International Inc.
• Becton, Dickinson and Company
• Berkshire Sterile Manufacturing
• Berry Global Inc.
• Catalent Inc.
• Gerresheimer AG
• Nipro Corporation
• PCI Pharma Services
• Schott AG
• Schur Flexibles Group
• SGD Pharma
• SiO2 Materials Science.
• Stevanato Group S.p.A
• Terumo Corporation
• UDG Healthcare Plc.
• West Pharmaceutical Services, Inc.
• Ypsomed Holding AG
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Market Dynamics:
Drivers-
The growing demand for pharma parenteral packaging market is primarily fueled by the increasing popularity and penetration of generic medications coupled with blockbusters and other small-molecule drugs going off-patent globally. Packaging is crucial for safely storing and transporting medicines. Thus, pharma parenteral packaging utilization will be propelled by the increasing need for generic pharmaceuticals.
Challenges:
Stringent government regulations and standards can potentially slow innovation and increase manufacturers' costs. Pharma parenteral packaging manufacturers must comply with regulations set by agencies like the US Food and Drug Administration (FDA) or the European Medicines Agency (EMA) regarding material compatibility, sterility, and labelling.
Regional Trends:
The North American pharma parenteral packaging market is anticipated to register a significant market share in revenue. It is projected to grow at a high CAGR in the near future because of the presence of major market players, the growing pharmaceutical industry, and more demand for injectable medicine packaging. Besides, Europe had a substantial market share because of expanded vaccine programs and the number of people suffering from chronic and infectious diseases.
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Recent Developments:
• In January 2024, SCHOTT Pharma expanded its global manufacturing network and invested a double-digit million euros in a new production site for pharma drug containment solutions and delivery systems in Jagodina in central Serbia.
• In Nov 2023, Amcor announced the introduction of the newest generation of its Medical Laminates products. Amcor's newest discovery makes it possible to create recyclable all-film packaging in the polyethylene stream. A mono-material polyethylene (PE) laminate is the latest packaging solution; it can be utilized for catheters, injection and tubing systems, curtains, and protective coverings.
• In October 2023, Gerresheimer launched COP (Cyclic Olefin Polymer) to fill and store sensitive biopharmaceutical mRNA active ingredients.
• In Nov 2022, BD developed the Effivax glass prefillable syringe to enhance biopharmaceutical manufacturing processes by running smoothly on fill/finish packaging lines. The fill/finish and container reliability of Effivax's design improvements are intended to assist the company's biopharmaceutical clients in meeting the exacting requirements of vaccine manufacture. The syringe lowers the possibility of a line halt, raises manufacturing capacity, and lowers the total cost of ownership.
Segmentation of Pharma Parenteral Packaging Market-
By Drug Type-
• Small Molecules
• Biologics
• Vaccines
• Biosimilars
• Others
By Product Type-
• Bottles
• Ampoules
• Vials
• Prefilled syringes
• Cartridges
• Others
By Material-
• Glass
• Polymer
• PVC
• Others
By Packaging Type
• Small Volume Parenteral
• Large Volume Parenteral
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
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info@insightaceanalytic.com
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