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Increase in Demand for Prefilled Syringes to Boost the Global Parenteral Products Packaging Market Until 2020, Reports TechnavioTechnavio analysts forecast the global parenteral products packaging market to grow at a CAGR of close to 10% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global parenteral products packaging market for 2016-2020. Based on type of products, the market can be classified into the following segments: prefilled syringes, parenteral vials and ampoules, prefilled inhalers, and tubes. In terms of geography, the market is segment into the following regions: North America, Western Europe, APAC, and ROW. The major revenue contributors to the market are the US and China. The US is the base for several healthcare companies, which consequently increases the demand for parenteral products and hence the market growth. While in China, key packaging companies like Amcor, in order to expand its footprint in the region, acquired Zhongshan Tiancai Packaging in 2015. Amcor has also acquired the production facility located in Southern China specializing in manufacturing and printing multi-layer films. Such initiatives by vendors will leading to the growth of the parenteral products packaging market in China. Apart from the US and China, other emerging regions such as South America and Eastern Europe are also expected to show rapid growth during the forecast period. Technavio transportation and logistics analysts highlight the following four factors that are contributing to the growth of the global parenteral products packaging market:
Rise in geriatric population The WHO estimated that nearly two billion people worldwide will be aged 60 years and above by 2050. Various studies show that aged people are more susceptible to chronic diseases such as diabetes, asthma, cardiac diseases, and cancer. According to the 2010 US census, the number of people aged 65 years and above is likely to reach 92 million by 2060 compared to 43.1 million in 2012. Sharan Raj, a lead analyst at Technavio for research on packaging, says, "With aging, routine screening tests for hypertension, diabetes, cardiovascular diseases, and arthritis are necessary. Minimally invasive glucose, cardiac, and coagulation tests help early diagnosis and treatment of diseases in these people. This has increased the volume of clinical laboratory tests, contributing to the growth of parenteral products market." Increase in demand for prefilled syringes Safety features and ease of use make the prefilled syringe a preferred option among retail consumers. The prefilled syringes market accounted for USD 3.5 billion in 2015 and is expected to grow at a CAGR of 14% during the forecast period. This is fueling innovations such as multi-chambered syringes, which reduce the level of leachable and extractable. 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. Though the market is dominated by glass variants, the demand for the high-quality barrier in plastic variants has increased," says Sharan. Growing incidence of chronic diseases and infections Growing prevalence of chronic diseases (e.g. cancer and tuberculosis) and non-communicable diseases (e.g. diabetes and cardiovascular diseases) drives the global parenteral products market. According to the American Diabetes Association (ADA), approximately 25.8 million people in the Americas were affected with diabetes in 2013. According to the International Diabetes Federation (IDF), the global prevalence of diabetes is projected to reach 592 million by 2035 compared to 382 million in 2013. In addition, the number of patients with infectious respiratory, gastrointestinal, and sexually transmitted diseases (HIV infection and AIDS) as well as hospital-acquired infections (such as methicillin-resistant Staphylococcus aureus) has increased. Different studies identified that in 2012, cancer caused 8.2 million deaths and the number is expected to increase to over 11 million by 2030. Thus, the early diagnosis and regular monitoring of chronic diseases increase the demand for IVD products. Significant growth in emerging countries The global parenteral product manufacturers are focusing on emerging countries such as Brazil, Russia, India, and China (BRIC) to expand their operations. These governments are taking initiatives to build healthcare infrastructures and increase healthcare budgets. They are also focusing on the improvement of diagnostic procedures. Different studies show that there has been an increase in the prevalence of chronic and infectious diseases due to air pollution and water contamination. This is due to the rising awareness among consumers about the diagnosis of chronic and infectious diseases. All these factors have increased the demand for packaging of parenteral products. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20160816005523/en/ |
