Parenteral packaging market size to reach USD 50-bn by 2032
As per the report by Global Market Insights, worldwide parenteral packaging market was valued at USD 30-billion in 2022 and will surpass a revenue collection of over USD 50-billion by 2032 with an annual growth rate of 6% from 2023 to 2032.
14 Aug 2023 | By Charmiane Alexander
Based on data from the IQVIA Institute for Human Data Science, Covid-19 vaccine spending was projected to reach USD 51-billion in 2022. The acceleration of vaccine production is encouraging developers of vials and other parenteral materials to bolster their production efforts.
Global trends such as these are likely to stimulate the packaging of parenteral products for vaccine delivery over the forthcoming years. Another key factor driving parenteral packaging demand is the rising burden of cancer.
As per the WHO, in 2020, cancer accounted for nearly 1 in 6 deaths. Parenteral nutrition is often indicated for patients diagnosed with chronic diseases that are affecting their gastrointestinal tract, mainly to meet their nutritional needs.
Thus, with the increasing number of deaths due to cancer, the application of parenteral nutrition solutions is anticipated to rise, bolstering the adoption of packaging materials for these products.
The parenteral packaging market is divided in terms of packaging, material, and region.
Based on the packaging, the industry share from the ampoules segment is poised to exhibit more than 5.5% CAGR through 2032. Drugmakers have been shifting their preference toward glass ampoules for injectable medication packaging applications.
Ampoule filling and sealing machines demonstrate advantages such as ease of operation and high production capacity. These properties have resulted in the widespread adoption of ampoule parenteral packaging to store pharmaceuticals and other sterile substances.
Parenteral packaging market size from the polymer material segment is projected to exhibit considerable growth over the forecast period. Over the past two decades, plastics have emerged as a common material for parenteral packaging, due to low costs, durability, and reduced transportation weight.
Pharma product manufacturers are, however, emphasising supply chain and packaging sustainability. These initiatives may lead to the consumption of eco-friendly alternatives and impede the development of polymer parenteral packaging materials to some extent over the estimated timeline.
From a regional perspective, the Latin American parenteral packaging market value is anticipated to be worth USD 3.5-billion by 2032. Economic growth, the mounting number of elderly people requiring constant medical attention, and rapid urbanisation are among the key drivers for regional industry expansion.
According to the Brazilian Institute of Geography and Statistics, in 2020, there were over 30.1 million elderly people in the country, which is likely to increase at a rate of 3.6% per year by 2060. Aging is a known factor for increasing the risk of chronic conditions including heart disease, diabetes, cancer, and arthritis.
Factors such as these are expected to boost the adoption of parenteral therapy to deliver the necessary macronutrients such as glucose and amino acids in geriatric people with chronic disease. This, in turn, is expected to proliferate the development of packaging materials for vials, cartridges, and other parenteral products across the region.
For details, please visit, Global Market Insights.