Parenteral market to gain rapid traction, with raised number of surgical procedures during various medical treatments
The Global Parenteral Packaging Market was valued at US$ 7,845.7 million in 2016 and is projected to expand at a CAGR of 11.1% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in number of surgical procedures and chronic disease cases such as diabetes and cancer, is expected to support growth of parenteral packaging market over the forecast period.
As the parenteral administration route is most effective and common form of drug delivery into body for active drug substances, the preference for parenteral drugs is increased in last few years. Also technological advancements in drug delivery systems, such as development of sophisticated system which allows drug targeting and controlled release of parenteral drugs is supporting the growth of parenteral drugs packaging market.
The parenteral medicines plays major role in treatment of many disease such as cardiovascular disease, ulcerative colitis, rheumatoid arthritis and many more and increase in prevalence of this disease is expected to support the growth of parenteral drug packaging market. As per Centers for Disease Control and Prevention (CDC), in 2014, around 29.1 million people were suffering from diabetes in the U.S., furthermore, among this cases 1 out of 4 people were found unaware about that they were suffering from diabetes. Expected increase in lifestyle disease cases and number of surgical procedures will support the increase in use of parenteral drugs which in turn expected to lead the growth of parenteral packaging market in the near future.
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Parenteral drugs are used to enhance healing of surgical procedure and to reduce pain or risk of infection during surgical procedures. Parental drugs may include steroids or anti-inflammatory medications and antibiotics and are administered through intramuscular injection or IV.
Increasing numbers of surgical procedures for treatment of diseases such as cancer and coronary artery disease are expected to fuel growth of parenteral packaging market over the forecast period. According to World Health Organization (WHO), around 312.9 million surgical procedures were performed worldwide in 2012 and this number increased by 38.2% from 226.4 million in 2004. Such increase in number of surgical procedures is expected to drive the growth of parenteral packaging market over the forecast period.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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