Global Parenteral Products Packaging Market to Garner a Revenue of USD 20867.6 Million by 2028; Rising Demand for Parenteral Drugs for Treating Different Diseases to Drive Market Growth

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Key Companies Covered in the Parenteral Products Packaging Market Research Report Are UFP Technologies, Inc., SCHOTT AG, Gerresheimer AG, UDG Healthcare plc, West Pharmaceutical Services, Inc., SiO2 Medical Products Inc., Stevanato Group, Berry Global Inc., NIPRO EUROPE GROUP COMPANIES, Corning Incorporated,, and other key market players.

New York, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The American Institute of Cancer Research stated in one of its statistics that in the year 2018, the newly diagnosed cases of cancer globally registered to 17036901 cases, of which, breast and lung represented to be the most commonly occurring cancer disease holding a share of 12.3% each respectively of total cancer cases. Besides this, in the year 2020, according to the World Health Organization (WHO), cancer-related deaths totaled around 10 Million. Of these, lung cancer and colon & rectum cancers were the most common, recording 1.80 Million deaths and 0.93 Million deaths respectively in the same year.

Research Nester has recently released a report on “Global Parenteral Products Packaging Market” which provides detailed insights on the growth drivers, opportunities, and the latest market trends that are associated with the growth of the market during the forecast period, i.e., 2021-2028. The report also includes a brief analysis of the leading market operators who are operating in the market, along with the different growth strategies adopted by them over the years to remain ahead in the competition.

Parenteral drugs are widely used as chemotherapy agents to treat cancer diseases. With the rising incidences of cancer worldwide, the demand for these drugs has increased massively over the years. However, these products are required to be handled carefully during packaging so as to maintain the integrity of the pharmaceutical ingredients in the drugs, which is anticipated to drive the growth of the global parenteral products market during the forecast period. The market garnered a revenue of USD 9002.6 Million in the year 2019 and is further expected to reach USD 20867.6 Million by the end of 2028, by growing with a CAGR of 8.8% during the forecast period. The market is also expected to grow on account of the rising incidences of diabetes, and therefore the rise in demand for the parenteral drug, insulin. In other statistics by the WHO, around 1.5 Million deaths were known to be directly caused due to diabetes in the year 2019. Further, growing concern for chronic diseases, along with the rising need for different types of vaccines globally, are some of the additional factors expected to contribute to the market growth. According to the statistics by the Centers for Disease Control and Prevention (CDC), 6 in 10 Americans are known to be living with a chronic disease, including cancer, diabetes, heart diseases, and stroke. Besides this, the rising healthcare expenditure is also expected to drive the demand for parenteral products and in turn, contribute to the market growth for parenteral products packaging. The World Bank, in one of its statistics, stated that the current health expenditure as a share of GDP globally touched 9.857% in 2018, up from 8.687% in the year 2000.

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The global parenteral products packaging market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Out of these, the market in North America is expected to hold the highest market share throughout the forecast period and also garner the largest market revenue of USD 6934 Million by the end of 2028, up from a revenue of USD 2966.1 Million in 2019. The market in the region is also expected to grow with a CAGR of 8.8% during the forecast period. The market is segmented by countries into the U.S. and Canada, out of which, the market in the U.S. registered the largest market share in the year 2019 and is expected to hold this position during the forecast period. Further, in the year 2021, the market in the country is expected to garner a revenue of USD 2745.2 Million.

The parenteral products packaging market in Europe is expected to hold the second-leading share throughout the forecast period. In the year 2019, the market in the region garnered a revenue of USD 2682.5 Million and is further expected to grow with a CAGR of 8.3% during the forecast period to reach USD 6014.4 Million by the end of 2028. The market in the region is segmented by countries into the United Kingdom, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Out of the market in these countries, the market in Germany is expected to hold the largest market share throughout the forecast period and further attain a market revenue of USD 1520.4 Million by the end of 2028, up from a revenue of USD 641.1 Million in 2019. Alternatively, the market in Russia is expected to grow with the highest CAGR of 9.4% during the forecast period.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

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The global parenteral products packaging market is segmented by product-type into ampoules, cartridges, pre-filled syringes, vials, bottles, and bags. Amongst these segments, the pre-filled syringes segment is expected to hold the largest market share throughout the forecast period. In the year 2019, the segment recorded a revenue of USD 3141 Million, and it is expected to touch USD 8496 Million by the end of 2028 by growing with the highest CAGR of 10.6% during the forecast period. In North America, the pre-filled syringes segment is expected to grow with the highest CAGR of 10.8% during the forecast period and further garner the largest market revenue of USD 2938.6 Million by the end of 2028, up from a revenue of USD 1056.2 Million in 2019. Moreover, in the United States, the segment is expected to grow with the highest CAGR of 11.3% during the forecast period. In the year 2021, the segment is anticipated to garner the largest market revenue of USD 1154.4 Million.

On the other hand, in Europe, the pre-filled syringes segment is projected to touch the largest market revenue of USD 2372.7 Million by the end of 2028, up from a revenue of USD 920.1 Million in 2019. In this region, the segment is also expected to grow with the highest CAGR of 10% during the forecast period. Further, in Germany, the segment is expected to touch a revenue of USD 308.2 Million by the end of 2021.

The global parenteral products packaging market is also segmented by drug type into insulin, monoclonal antibodies, cytokines, vaccines, peptide hormones, immunoglobulins, chemotherapy agents, and others. Out of these segments, the vaccines segment is expected to hold the second-leading share by attaining a market revenue of USD 3513.1 Million by the end of 2028, up from USD 1254.7 Million in 2019. The chemotherapy agents segment, on the other hand, is expected to grow with the highest CAGR of 11.7% during the forecast period.

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In North America, the insulin segment is expected to hold the second-leading share throughout the forecast period and further touch revenue of USD 1646.1 Million by the end of 2028, up from a revenue of USD 636.2 Million in 2019. Alternatively, the chemotherapy agents segment is expected to grow with the highest CAGR of 11.7% during the forecast period. Moreover, in the U.S., the chemotherapy agents segment is expected to grow with the highest CAGR of 12.1% during the forecast period. On the other hand, in the Asia Pacific, the insulin segment is expected to hold the second-leading share and garner revenue of USD 1259.7 Million by the end of 2028. Alternatively, the chemotherapy agents segment is expected to grow with the highest CAGR of 13.8% during the forecast period. Further, in China, the vaccines segment is expected to grow with the second-highest CAGR of 14.2% during the forecast period.

The global parenteral products packaging market is segmented by material-type, and by packaging-type.

Global Parenteral Products Packaging Market, Segmentation by Material-Type

  • Glass

    • Borosilicate Glass

    • Aluminosilicate Glass

    • Others

  • Plastic

    • Polycarbonate

    • Polyethylene

    • Others

Global Parenteral Products Packaging Market, Segmentation by Packaging-Type

  • Small Volume Parenterals

  • Large Volume Parenterals

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Some of the prominent industry leaders in the global parenteral products packaging market that are included in our report are UFP Technologies, Inc., SCHOTT AG, Gerresheimer AG, UDG Healthcare plc, West Pharmaceutical Services, Inc., SiO2 Medical Products Inc., Stevanato Group, Berry Global Inc., NIPRO EUROPE GROUP COMPANIES, Corning Incorporated, and others.

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