VALLEY COTTAGE, New York, July 20, 2016 /PRNewswire/ --
The global parenteral packaging market was valued at 7.9 Bn in 2015 and is expected to grow at a year-over-year rate of 9.5% to reach 8.6 Bn in 2016. North America 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.
Increasing popularity of plastics & polymers over glass for production of primary packaging material and global expansion of pharmaceuticals industry will continue to fuel the growth of the market in 2016. 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. Favourable government policies, combined with rising adoption of injection-based treatment will also continue to influence the market positively. Growing geriatric population will also play a role in the overall growth of the parenteral packaging market.
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On the basis of product, the prefilled syringes & 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.
On the basis of material, the global parenteral packaging market is largely segmented into plastic & polymer and glass segments. Use of glass for parenteral packaging is witnessing a decline, as plastic & polymer are more durable and resistant to shocks and impacts. The plastic & polymer segment will witness a growth rate of 10.5% in 2016, whereas the glass segment is expected to grow by 8.7%.
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On the basis of packaging type, the global parenteral packaging market is mostly non-tangible in nature, owing to the needs of the patients as well as storage conditions for drugs. However, the packaging type are primarily segmented into large volume parenteral and small volume parenteral, with the former accounting for higher revenue share of the market.
While North America and Western Europe will continue to ramp up demand, growth will also be substantial in emerging economies of APEJ. Increasing healthcare spending and presence of a large geriatric population segment will positively influence market growth in APEJ, with total revenues set to reach 2.0 Bn in 2016.
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Key participants in the global parenteral packaging market include Gerresheimer AG, Schott AG, Becton, Unilife Corporation, Inc, Dickinson and Company, Ypsomed Holding AG, West Pharmaceutical Services, Inc., SiO2 Medical Products, Terumo Corporation, Ompi, Stevanato Group and Nipro Corporation.
Long-term Outlook: The global parenteral packaging market is anticipated to increase at a CAGR of 11.2% during the forecast period 2016-2026.
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SOURCE Future Market Insights