A recent market intelligence report that is published by Data Insights Partner on the global Parenteral Packaging Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Parenteral Packaging Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Parenteral Packaging Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Parenteral Packaging Market is offered. In accordance with the report, the global Parenteral Packaging Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
The parenteral products market is heading towards new era of packaging with adoption of advanced manufacturing processes. The parenteral packaging industry is transitioning towards integration of automated systems with prominent modifications in terms for presenting the drug to patient.
Parenteral packaging manufacturers are focusing on adoption of high quality and contamination-free assembling process for containers. In the past, there have been reports of reactions between the container and the content in it, in turn causing a detrimental effect on the patient. Also, major recall of products influenced players in the packaging industry to increase focus on selection of containers to best suit the content.
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The idea of shifting from glass to plastics is trending among parenteral product manufacturers and eliminating incidents of delamination, which was the main issue in glass type containers. Parenteral packaging manufacturers are moving towards specific type of polymers such as cyclic olefin copolymers (COC) and cyclic olefin polymers (COP), which are turning out to be strong competitors to glass.
Pharmaceutical industry has experienced various technological advancements over the last few years. Recent advancement in routes of drug administration is shaping the market and as a result, demand for parenteral products far surpasses production. The global pharmaceutical industry is projected to expand at a CAGR of 9.6% over the forecast period. Innovations such as multi-chambered bags, premix drugs systems, prefilled syringes and other segments related to mobile health, medical technology and dynamic trends in health insurance are aiding growth of the industry to deliver better healthcare services, which are further catalyzing growth of global parenteral packaging market.
Parenteral drugs are prescribed to patients, where oral drug administration is difficult and can only be carried out intravenously. Parenteral drugs need to be administered for treatment of chronic disease such as chronic intestinal diseases, hepatic failure, renal failure, diabetes and cancer. Increasing global incidence of chronic diseases is in turn driving demand for parenteral drugs, which further translates to a favorable environment for parenteral packaging. According to World Health Organization (WHO) chronic non-communicable disease (NCD) prevalence is projected to grow by 57% between 2015 and 2020. In terms of geographical inclination of demand, emerging markets are expected to contribute significantly to growth, largely due to diseases related to lifestyle changes as well as population increase.
Ø For instance, according to WHO, chronic diseases such as Type 2 Diabetes Mellitus, chronic obstructive pulmonary disorder (COPD) are the prime focus of pharmaceutical companies, as the global prevalence of diabetes among adults over 18 years of age has increased from 4.7% in 1980 to 8.5% in 2014
Parenteral product plays vital role in drastically reducing and in certain cases preventing occurrences of complicated disease such as hepatitis, influenza, measles, small pox and polio. In order to raise the standard of healthcare, governments across the globe are taking preventive measures such as initiatives for increasing injection-based therapies and encouraging adoption of preventive measures to ward off various diseases. Most acute diseases with high prevalence can be prevented with appropriate prophylaxis. Government funded programs such as Vaccines for Children (VFC) in the U.S. have been initiated in order to prevent occurrence of various common diseases. The National Health and Medical Research Council funded project by the name of ACE-Prevention (Assessing Cost Effectiveness of Prevention) is an inclusive evaluation of preventive measures conducted worldwide.
The global population is plagued with increasing cases of chronic disorders, which in turn has led to surge in demand for better healthcare treatment and facilities. Increasing incidence of chronic diseases is attributed to sedentary lifestyle and significant increase in geriatrics population. However, over the last few years, there has been an increase in healthcare awareness. As such, complementary and alternative medicines is gaining wide prominence among users. Alternative treatment such as homeopathy and ayurveda captured greater share of overall healthcare treatment market.
Ø As per the WHO estimates, ayurveda market was valued at US$ 118 Mn in 2015 and is forecast to grow at an average of 10% to 15% between 2015 and 2026
Ø Increasing alternative therapies could pose a challenge to overall parenteral packaging market, especially in developing countries of Asia Pacific such as India and China
The parenteral packaging industry is expected to experience a change in its operations, as manufacturers are focused towards increasing sustainability through increasing integration of automation systems. The dynamic shift from manual to automatic packing lines is in turn expected increase process efficiency and reduce dependence on the workforce, making it a cost-effective proposition in the long run. Rising demand for prefilled syringes is expected to be one more add on to the recent trends which would positively affect the parenteral packaging market. The above trend is expected to be backed by increasing availability and new developments of new biotechnology products with specific requirements for packaging such as prefilled syringes, IV pre-mixed systems and single-use vials.
Major challenges such as transportation, storage, off label use, drug abuse and counterfeiting are areas that manufacturing companies can focus on in order to gain competitive edge over other key players. However, there are issues which are difficult to resolve such as piracy of drugs, time frame for new drug development and issues in transportation of parenteral products. Players in the parenteral packaging industry need to focus on the parenteral packaging which can enhance the drug safety and drug storage capabilities.
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This market intelligence report on the global Parenteral Packaging Market encompasses market segments based on product, material , packaging type and country.
By Product the global Parenteral Packaging Market has been divided into:
- Profiled syringes & cartridges
- Ready to use systems
By Material the global Parenteral Packaging Market has been divided into:
- Plastic & Polymer
By Packaging Type the global Parenteral Packaging Market has been divided into:
By country/region, the global Parenteral Packaging Market has been divided into:
- North America (the U.S., Canada),
- Latin America (Brazil, Mexico, Argentina and other countries),
- Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
- Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
- Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
- Gerresheimer AG
- Schott AG
- Unilife Corporation Inc
- Becton Dickinson and Company
- Ypsomed Holding AG
- West Pharmaceutical Services, Inc.
- SiO2 Medical Products
- Terumo Corporation
- Ompi Stevanato Group
- Berry Plastics Corporation
- MeadWestvaco Corporation
- RPC Group
- Graphic Packaging Group
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Parenteral Packaging Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Ø This study offers comprehensive yet detailed analysis of the Parenteral Packaging Market, size of the market (US$ Mn ), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Parenteral Packaging Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Parenteral Packaging caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Parenteral Packaging Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
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v Identification of key factors driving investment opportunities in the Parenteral Packaging Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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