The global parenteral packaging market, by Packaging Type (Bags and Bottles, Ampoules, Vials, Prefilled Syringes & Cartridges, and Ready-to-mix-Systems), by Material Type (Glass, Plastic and Polymer, Poly Vinyl Chloride (PVC), and Polyolefin) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was estimated to be valued at US$ 10,759.0 million in 2019 and is projected to exhibit a CAGR of 11.1% over the forecast period (2019–2027), as highlighted in a 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 the global parenteral packaging market growth over the forecast period. As the parenteral administration route is the most effective and common form of drug delivery in the body for active drug substances, the preference for parenteral drugs has increased over the past few years. Also technological advancements in drug delivery systems, such as development of sophisticated systems which allows drug targeting and controlled release of parenteral drugs is supporting the global parenteral packaging market growth.
Parenteral medicines play an important role in treatment of many diseases such as cardiovascular disease, ulcerative colitis, rheumatoid arthritis and others. Increasing prevalence of these diseases is expected to support the global parenteral packaging market growth. As per International Diabetes Association, 2019, around 463 million adults (aged between 20-79 years) suffered from diabetes; and the number is expected to reach 700 million by 2045 across the globe. Increasing lifestyle diseases and surgical procedures is projected to favor demand for parenteral drugs, which, in turn, is expected to propel growth of the market in the near future.
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Parenteral drugs are used to enhance healing after 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.
An increasing number of surgical procedures for treatment of diseases such as cancer and coronary artery disease is expected to fuel growth of parenteral packaging market over the forecast period. According to Stanford Health Care, 2019, In the U.S., around 7.3 million cardiovascular system surgeries were performed, and 5.2 million musculoskeletal system surgeries and 1.2 nervous system surgeries were performed.
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.