Generics propelling pharmaceutical parenteral packaging market

Research on the global pharmaceutical parenteral packaging market by InsightAce Analytic Pvt. Ltd. has predicted that the sector will value $18.85 billion by 2031. This is aligned with a CAGR of 4.47 percent between 2024 and 2031.

Main drivers for the market were reported to be rising popularity of generics together with blockbuster and other small-molecule drugs going off-patent globally. Overall, increasing demand for generic medicines will be a significant factor for growth.

Additionally, advances in technology and a rising prevalence of chronic diseases were described as two factors that are helping to boost the market.

Pharmaceutical suspension market to witness accelerated growth

In terms of parenteral packaging type, the report expected that prefilled syringes will hold a “significant” share of the global market. This is due to several influences including ease of use, which supports reduced number of dose errors. Furthermore, industry preference for prefilled syringes for small molecule treatments is also driving the sector. Due to the increasing prevalence of diabetes worldwide, greater demand for prefilled insulin syringes is predicted to be a major contributor to its expansion, the report asserted.

Regionally, North America is anticipated to hold a major portion of the pharmaceutical parenteral packaging market, according to the report. This is considering its prediction that the market will witness “a high CAGR in the near future” due to factors such as higher demand for injectable medicine packaging. Otherwise, the research observed that Europe had a “substantial” market share due for instance, expanded vaccine programmes.

Pharmaceutical parenteral packaging market challenges

However, key challenges concerning future growth of the sector were reported to include strict regulations. This is because it causes innovation to slow and heightens expenses for manufacturers. Moreover, the high cost of raw materials eg, glass and plastic, which “can fluctuate significantly” were also noted as obstacles.

Based on the report, key players within the pharmaceutical parenteral packaging market include West Pharmaceutical Services, Inc., Catalent Inc. and PCI Pharma Services.