Parenteral Packaging Market Size

Parenteral Packaging Market Size

Parenteral Packaging Market size was over USD 30 billion in 2022. Given the increased requirement for medical treatments among the growing geriatric population, the industry is poised to depict more than 6% CAGR through 2023-2032.

The number of elderly people continues to grow worldwide. In European countries, the average life expectancy was over 75 years in 2010 and is expected to rise to over 80 years through the next decade, which can be credited to the advancement in medical practices. The need for the diagnosis and management of geriatric medical problems will therefore rise, augmenting the demand for cartridges, ampoules, and other parenteral products.
 

Vaccinations are a major health intervention that has a significant positive effect on the health of the population. Immunization has a significant correlation with parenteral demand. Accreditation plans such as the Global Vaccine Action Plan (GVAP) and the National Vaccine Plan (NVP) by the United States, which are introduced by the government on a regular basis to eradicate health issues such as hepatitis, polio, and others, are anticipated to fuel the parenteral packaging market further.
 

Supply and demand variations due to fluctuating costs of raw materials such as polymers and glass are, however, impacting the sales of parenteral package solutions globally. In addition, downward pressure on prices amid strong competition from multinational manufacturers is creating a hindrance to industry expansion. Despite these challenges, the mounting usage of injectable pharmaceuticals may lead to a recovery in cartridge production, fueling parenteral packaging industry growth over the estimated timeline.