JERSEY CITY, N.J., April 24, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pharma Parenteral Packaging Market ? By Drug Type (Small Molecules, Biologics, Vaccines, Biosimilars, & Others), By Product Type (Bottles, Ampoules, Vials, Prefilled syringes, Cartridges, & Others), By Material (Glass, Polymer, PVC, Others), By Packaging Type (Small Volume Parenteral, Large Volume Parenteral) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Pharma Parenteral Packaging Market is valued at US$ 13.28 Bn in 2023, and it is expected to reach US$ 18.85 Bn by 2031, with a CAGR of 4.47% during the forecast period of 2024-2031.
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Pharma parenteral packaging is created to hold and transport sterile pharmaceutical goods administered through injections. These packaging techniques keep medical products safe, contamination-free, and undamaged in storage, and transit and maintain their potency.
The growing pharmaceutical sector, increasing prevalence of chronic diseases, technological advancements, demand for parenteral packaging and sterile packaging solutions, and increased pharmaceutical expenditure worldwide are driving the pharmaceutical packaging market.
However, with stringent government regulations and standards, the high cost of raw materials used in pharma parenteral packaging, such as glass and plastic, can fluctuate significantly and hamper the market's growth.
List of Prominent Players in the Pharma Parenteral Packaging Market:
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Pharma Parenteral Packaging Market Report Scope:
Report Attribute | Specifications |
Market Size Value In 2023 | USD 13.28 Bn |
Revenue Forecast In 2031 | USD 18.85 Bn |
Growth Rate CAGR | CAGR of 4.47% from 2024 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2024 to 2031 |
Historic Year | 2019 to 2023 |
Forecast Year | 2024-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Drug Type, By Product Type, By Material, By Packaging Type |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Market Dynamics:
Drivers:
The growing demand for pharma parenteral packaging market is primarily fueled by the increasing popularity and penetration of generic medications coupled with blockbusters and other small-molecule drugs going off-patent globally. Packaging is crucial for safely storing and transporting medicines. Thus, pharma parenteral packaging utilization will be propelled by the increasing need for generic pharmaceuticals.
Challenges:
Stringent government regulations and standards can potentially slow innovation and increase manufacturers' costs. Pharma parenteral packaging manufacturers must comply with regulations set by agencies like the US Food and Drug Administration (FDA) or the European Medicines Agency (EMA) regarding material compatibility, sterility, and labelling.
Regional Trends:
The North American pharma parenteral packaging market is anticipated to register a significant market share in revenue. It is projected to grow at a high CAGR in the near future because of the presence of major market players, the growing pharmaceutical industry, and more demand for injectable medicine packaging. Besides, Europe had a substantial market share because of expanded vaccine programs and the number of people suffering from chronic and infectious diseases.
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Recent Developments:
Segmentation of Pharma Parenteral Packaging Market-
By Drug Type-
By Product Type-
By Material-
By Packaging Type
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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Why should buy this report:
Other Related Reports Published by InsightAce Analytic:
Pre-Sterilized/Ready to Use Pharmaceutical Packaging Market
Sustainable Pharmaceutical Packaging Market
Pharmaceutical Packaging Market
Active, Smart and Intelligent Packaging Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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SOURCE InsightAce Analytic Pvt. Ltd
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