The survey conducted on the parenteral packaging market by Future Market Insights (FMI) offers insights into factors affecting the pace of the market growth. The report also highlights key factors driving the parenteral packaging demand outlook in terms of product type, material type, and packaging type
As per a survey conducted by FMI, the global parenteral packaging market totaled US$ 9,865 million, expanding at a CAGR of 4.6% between 2016 and 2020.
In response to the increase in demand for parenteral drugs due to rising prevalence of chronic diseases across the globe, the market is anticipated to reach a valuation of US$ 11,460 Mn in 2021, surging at a CAGR of 5.5% during the forecast period 2021-2031.
Increasing incidence of non-communicable diseases such as cancer, cardiovascular, diabetes, and others is a key factor bolstering the market growth. According to a study by World Health Organization (WHO), non-communicable diseases cause 41 million fatalities every year, equivalent to nearly 71% of the overall deaths across the globe. Among this, cardiovascular diseases account for the highest number of deaths, 17.9 million every year.
Owing to the rise in prevalence of these diseases, coupled with the unprecedented outbreak of coronavirus, the demand for parenteral drugs is at all-time high. The trend is expected to continue through the coming years. This will in turn create lucrative remunerative opportunities for the parenteral packaging manufacturers.
North America is anticipated to dominate the global parenteral packaging market. Favored by the increasing production and consumption of parenteral drugs in the countries such as the U.S. and Canada, the market in North America is likely to expand at a CAGR of 4.3% through 2021.
“Manufacturers are emphasizing on developing multi-compartment parenteral packaging for increasing the pace of distribution of medications across the globe. This trend is expected to bode well for the market, creating opportunities for growth,” says the FMI analyst.
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Key Takeaways from Parenteral Packaging Market Study
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Leading players operating in the parenteral packaging market are aiming at establishing strategic collaborations and acquisitions to expand their products. Besides this, some of the market players are emphasizing on developing novel products to enhance their product portfolio. For instance,
Some of the key players in the parenteral packaging market profiled by Fact.MR are:
More Valuable Insights on Parenteral Packaging Market
FMI, in its new report, offers an unbiased analysis of the global parenteral packaging market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the parenteral packaging market with detailed segmentation:
By Product Type:
By Material Type:
By Packaging Type:
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-1258
Key Questions Covered in the Parenteral Packaging Market Report
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