Parenteral packaging, which protects drugs and other fluids that are administered to patients via injection or similar means, is experiencing significant growth, according to a market report published by Future Market Insights (Valley Cottage, NY), and that is good news for plastics suppliers and processors.
The plastic and polymer segment of the market is projected to grow 10.5% in 2016 compared with 8.7% for glass. The global parenteral packaging market is expected to reach a value of $8.6 billion in 2016 and will grow at a compound annual growth rate of 10.2% through 2026, according to the consultancy.
The “shifting trend of primary packaging material from glass to plastic and polymer is an exclusive factor, which is anticipated to drive the parenteral packaging market in the near future,” writes FMI, which adds that regulatory agencies are pushing this transition.
Also contributing to growth in parenteral packaging demand, according to FMI, is the rising incidence of chronic diseases, government-sponsored preventive programs and an aging population.
In the report, the parenteral packaging market is segmented into bags, ampoules, vials, prefilled syringes and ready-to-mix systems. Prefilled syringes are expected to grow at the highest CAGR.
North America has the largest market share, followed by Western Europe. The North American parenteral packaging market is expected to expand at a CAGR of 11.2% over the forecast period, and will continue to dominate the market in terms of value. Meanwhile, Asia Pacific (not including Japan) is expected to expand at 10.2% CAGR thanks to economic manufacturing conditions and favorable trade agreements, according to FMI. Among all the regions, the Eastern Europe market is expected to expand at a moderate CAGR of 8.2% over the forecast period.
The report, Parenteral Packaging Market: Increasing Adoption of Injection-based Therapies likely to Inflate Pre-filled Syringes and Cartridges Demand: Global Industry Analysis and Opportunity Assessment, 2016 - 2026, is available for purchase on the FMI website.