Future Market Insights (FMI) notes the pharmaceutical industry has experienced “significant technological advancements over the last few years. As a result, recent advancement in routes of drug administration is shaping the market demand for parenteral products far surpasses production.”
The London-based market intelligence and consulting services company is forecasting strong increases in parenteral packaging market over the next decade. In fact, in its new global parenteral packaging analysis, FMI valued the market at US$7.9 Bn in 2015, with a prediction of that rising to US$8.6 Bn in 2016. North America, it said, will continue to be the most lucrative market, representing 27.4% revenue share of the market in 2016. Western Europe, the second-largest market for parenteral packaging, will grow by 10.8% in 2016.
Highlights from the FMI forecast include the following:
• Increasing popularity of plastics and polymers over glass for producing primary packaging material and global expansion of pharmaceuticals industry will continue to fuel the growth of the market in 2016. The plastic and polymer segment will growth by 10.5% in 2016, whereas the glass segment is expected to grow by 8.7%.
• An increase in the prevalence of epidemic diseases such as cancer, diabetes, hepatic failure and chronic intestinal diseases will also play a role in ramping up demand for parenteral packaging.
• Favorable government policies, combined with rising adoption of injection-based treatment will also continue to influence the market positively, as will the growing geriatric population.
• On the basis of product, the prefilled syringes and cartridges segment will continue to hold the leading revenue share. This segment is expected to grow by 10.1% in 2016 to reach 1.2 Bn in revenues.
• The global parenteral packaging market is largely segmented into plastic and polymer and glass segments. Use of glass for parenteral packaging is witnessing a decline, as plastic and polymer are more durable and resistant to shocks and impacts.
• On the basis of packaging type, the global parenteral packaging market is primarily segmented into large- and small-volume parenteral, with the former accounting for higher revenue share.
• While North America and Western Europe will continue to ramp up demand, growth will also be substantial in emerging economies of APEJ [Asia-Pacific excluding Japan]. Increasing healthcare spending and presence of a large geriatric population segment will positively influence market growth in this region.
• Key participants in the global parenteral packaging market include Gerresheimer AG, Schott AG,Becton, Unilife Corp., Inc., Dickinson and Company, Ypsomed Holding AG, West Pharmaceutical Services, Inc., SiO2 Medical Products, Terumo Corp., Ompi, Stevanato Group and Nipro Corp.