Parenteral packaging is the type that is used to ensure those drugs and other fluids given to patients through injections and other similar methods are fully protected. This type of packaging is now rapidly growing based on the market report that was released by Future Market Insights located in Valley Cottage, New York. The result of the report is good news especially to those that are suppliers of the plastic materials and the manufacturers.
The plastic and polymer sector of the packaging market is expected to increase at a rate of 10.5 per cent within the year in comparison the glass sector which is predicted only to have an increase of 8.7 per cent. The world market that focuses on parenteral packaging is projected to have a value of around $8.6 billion within the year and will continue to grow compounded in a yearly growth rate set at 10.2 per cent until the year 2026. This data came from the consultancy.
FMI said that the current trend is now shifting and glass which used to be the primary packaging material is already being replaced with plastic and polymer which is another factor to the projected increase. For this very reason, the parenteral packaging market is expected to be driven at a higher level in the coming years. The consultant firm also added that the transition is being supported by the regulatory agencies.
FMI also revealed one of the contributing factors to the continued increase in the demand of parenteral packaging is the increasing incidence of people acquiring chronic diseases, preventive programs that are sponsored by the government as well as a higher rate of the aging population.
The report also contains information such as parenteral packaging market is divided into segments including ampoules, prefilled syringers, bags, vials and ready-to-mix systems. Prefilled syringes will continue to grow and will reach the highest CAGR.
In terms of market share, North America has the biggest portion then Western Europe comes in second. With the growth of the parenteral packaging market, other packaging options such as those found in PaperMart.com will surely keep up with the trends.