Parenteral products packaging: Key market research findings
- North America dominates the market geographically
- Rising demand for tamper-evident closures
- Key vendors – Amcor, Baxter, BD, Gerresheimer, Nipro, and Schott
Technavio’s market research analysts predict the global market for parenteral products packaging to grow at a CAGR of almost 10% between 2016 and 2020. The increasing demand for prefilled syringes is propelling the growth od the global market. These syringes offer several advantages like increasing useful product life, minimization of drug waste, and convenience in drug administration. Also, these multi-chambered syringes are integrated with advanced delivery systems, including pens and auto-injectors. The global parenteral products packaging market was dominated by North America in 2015 with a market share of almost 36%. The high demand for diagnostic products and services will fuel the market’s growth in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the parenteral products packaging segments based on the product.
“Currently, the demand for tamper-evident closures is on an upsurge. Tamper-evident closures help prevent leakage, and they protect the parenteral products from breakage and contamination. These closures have a Luer connection or a Luer lock connection with the plastic closure end. Besides, the high packaging requirements for pharmaceuticals including parenteral products will augment the demand for closures, which have features like tamper-evidence and easy dispensing features,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
During 2015, the prefillable syringe segment dominated the global market by generating a market revenue of around $6 billion. Prefilled syringes are gaining popularity over parenteral drug delivery routes because of their convenience, affordability, accuracy, and safety. Prefilled syringes are also used across a wide array of therapeutic sectors outside the traditional domains of anticoagulants, vaccines, and biotech drugs. Since they are made from COC or glass, they are break-resistant, lightweight, transparent, and have high-barrier properties.
The key vendors in the market include Amcor, Baxter, BD, Gerresheimer, Nipro, and Schott. To survive and succeed in the intensely competitive environment, it is important for vendors to distinguish their products and service offerings through a clear and unique value proposition. Additionally, to remain competitive in the market, vendors not only have to develop new products but also have to compete in terms of price to thwart any impact on their product lines.
A more detailed analysis is available in the Technavio report, Global Parenteral Products Packaging Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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