Pharma Parenteral Packaging Market in the North America is Anticipated to Register a Significant Share in Revenue to 2031 - Exclusive Report by InsightAce Analytic
JERSEY CITY, N.J., April 24, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global 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) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
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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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Pharma Parenteral Packaging Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 13.28 Bn
Revenue Forecast In 2031
USD 18.85 Bn
Growth Rate CAGR
CAGR of 4.47% from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage The forecast of revenue, the position of the company, the competitive market structure,
growth prospects, and trends
Segments Covered
By Drug Type, By Product Type, By Material, By Packaging Type
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
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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Why should buy this report:
-- To receive a comprehensive analysis of the prospects for global Pharma
Parenteral Packaging market
-- To receive industry overview and future trends of global Pharma
Parenteral Packaging market
-- To analyze the Pharma Parenteral Packaging market drivers and challenges
-- To get information on the Pharma Parenteral Packaging market size value
(US$ Mn) forecast till 2031
-- Major Investments, Mergers & Acquisition in global Pharma Parenteral
Packaging industry
Other Related Reports Published by InsightAce Analytic:
Pre-Sterilized/Ready to Use Pharmaceutical Packaging Market
Sustainable Pharmaceutical Packaging Market
Pharmaceutical Packaging Market
Active, Smart and Intelligent Packaging Market
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