Selbyville, Delaware, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global parenteral packaging market size may exceed USD 50 billion by 2032. The high emphasis on addressing chronic conditions in adults to slow disease progression is driving the demand for parenteral product packaging.
Parenteral packaging industry share from the prefilled syringe packaging segment is set to exhibit more than 6.5% CAGR through 2032. Shifting preference toward disposable syringes and the advancement in drug delivery devices to ensure accurate dosing and improved safety are among the key growth drivers. Prefilled syringes are also emerging as an alternative to vials among vaccine manufacturers. With the rising incidence of rheumatoid arthritis and diabetes and the popularity of biosimilars, the adoption of parenteral packaging for sterile medications will witness a significant increase.
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Parenteral Packaging Market from the polymers material segment is projected to be worth over USD 33.5 billion by 2032, given the rise in the demand for long-acting, complex drug delivery. Glycolide or functional lactide polymers, often referred to as smart materials, play a crucial role in parenteral drug delivery products. The polymers can also aid formulators in deliberately changing the drug impact through extended-release or long-acting options. The growing popularity of biodegradable polymers will thus contribute to the consumption of parenteral packaging products in drug delivery applications.
Europe parenteral packaging market size is anticipated to reach more than USD 11 billion by 2032, considering the growing prevalence of diabetes. Based on the International Diabetes Federation, in 2021, there were over 61 million diabetic patients in Europe, which is likely to increase to 69 million by 2032. This disease burden will augment the adoption of parenteral nutrition techniques to fulfill insulin requirements. Furthermore, drug development and commercialization service providers are also supporting the expansion of parenteral product facilities across the region.
Browse key industry insights spread across 275 pages with 275 market data tables and 22 figures & charts from the report “Parenteral Packaging Market Size By Packaging (Vials, Cartridges, Ampoules, Prefilled Syringes, Infusion Solutions Bottles, Infusion Solutions Bags, Containers, Others), By Material (Glass, Polymers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/parenteral-packaging-market
Citing an instance, in August 2020, Carbogen AMCIS announced investments to increase its manufacturing capacity through the construction of state-of-the-art facilities in France and Switzerland. This new France-based facility was intended to boost the development and manufacturing of parenteral drug products. These initiatives will proliferate the need for parenteral packaging materials across the healthcare sector to meet burgeoning consumer demand.
The competitive landscape of the parenteral packaging market is inclusive of contenders such as Becton, Dickinson and Company (BD), Schott AG, Gerresheimer AG, Nipro Corporation, Ypsomed Holding AG, Baxter International Inc., Terumo Corporation, Corning Inc., and Sio2 Materials Science, among others. These companies are incorporating strategies such as mergers and acquisitions to enhance their footprint in the industry.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
