Published On : 2016-11-18
Parenteral packaging is a key intermediary system that is integrated in several segmented markets of healthcare industry. Generation of revenue from pharmaceuticals and medical devices sector is dependent on an efficient parenteral packaging mechanism. As the demand for medical apparatus and drugs keeps growing, significant attention is being paid towards the packaging materials used for shipping or transporting such consignments.
Interrelated functionality of parenteral packaging with several strata of healthcare sector gives ground for improving the market size and value of global parenteral packaging market. Pharmaceutical manufacturers tie up with parenteral companies providing durable and cost-effective packaging. With the surplus production and the rising consumption of pharmaceuticals, there is an equally augmenting effect on the global market for parenteral packaging.
In 2015, this corresponsive effect generated US$ 7.9 Bn worth of market value for global parenteral packaging market. And, at y-o-y growth of 9.5%, the market is expected to reach US$ 8.6 Bn by the end of the current fiscal year.
Factors such as high prevalence of generic diseases, advancement in medical facilities and innovation in surgical approach create an unending, viable demand for medical devices and drugs. Supplying such instruments and products gives rise to a demand for effective packaging, which fuels the growth of parenteral packaging market. From the most remote to the most developed regions in the world have displayed a considerable premise for growth of parenteral packaging market. While North America and Western Europe lead in terms of global revenues, emerging economies in APEJ region are also growing at a promising rate.
Ideal Materials for Parenteral Packaging
The preferred packaging materials vary across regions according to their productivity and availability. For parenteral packaging market, there has always been an unending debate on Glass vs Plastic, with opponents and proponents on both sides.
Glass has traditionally been a sought-after material in the global parenteral packaging market. Chemical durability and transparency are some of the key factors promoting use of glass for parenteral packaging. Volatile and unstable liquid drugs are contained and packaged in glass apparatus. However, the lower resistance against shocks has led to reduced demand for glass material in the parenteral packaging market.
The glass packaging segment of the global parenteral packaging market is anticipated to increase at a CAGR of 8.7%, whereas plastic segment is expected to witness a growth rate of over 10%. Medical devices like syringes and cartridges made out of plastics are witnessing excessive consumption. The change in paradigm of parenteral packaging market is credited to the advent of plastic as an ideal alternative material. Besides strength of containment, plastic packaging outperforms every other functionality of glass packaging.
Stevenato Group is one of the largest designers and producers of glass parenteral packaging. Companies like Dickinson and Company, Gerresheimer AG, Becton and Unilife Corporation are leading manufacturers of plastic parenteral packaging. The combined strategy of these key players is to modify the packaging process in order to avoid capital loss from breakage and other restraints of global parenteral packaging market.
In the years to come, scientific progress is likely to influence the parenteral packaging market by introducing a completely new material. A material made from a combination of polymers (plastic) and sand silica (glass) could redefine the industry for better. But, it is inevitable that global parenteral packaging market will continue growing, irrespective of the varying preferences in packaging materials.