Parenteral Packaging Market to Surpass US$ 20.1 Billion Threshold by 2025
Posted by Pranali on October 10th, 2017
The Global Parenteral Packaging Market was valued at US$ 7,845.7 million in 2016 and is projected to expand at a CAGR of 11.1% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increase in number of surgical procedures and chronic disease cases such as diabetes and cancer, is expected to support growth of parenteral packaging market over the forecast period.
As the parenteral administration route is most effective and common form of drug delivery into body for active drug substances, the preference for parenteral drugs is increased in last few years. Also technological advancements in drug delivery systems, such as development of sophisticated system which allows drug targeting and controlled release of parenteral drugs is supporting the growth of parenteral drugs packaging market.
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The parenteral medicines plays major role in treatment of many disease such as cardiovascular disease, ulcerative colitis, rheumatoid arthritis and many more and increase in prevalence of this disease is expected to support the growth of parenteral drug packaging market. As per Centers for Disease Control and Prevention (CDC), in 2014, around 29.1 million people were suffering from diabetes in the U.S., furthermore, among this cases 1 out of 4 people were found unaware about that they were suffering from diabetes. Expected increase in lifestyle disease cases and number of surgical procedures will support the increase in use of parenteral drugs which in turn expected to lead the growth of parenteral packaging market in the near future.
Parenteral drugs are used to enhance the healing of surgical procedure, also to reduce pain or risk of infection during surgical procedure. In this medication may include steroids or anti-inflammatory medications and antibiotics and are administered through intramuscular injection or IV.
The increase in surgical procedures for the treatment of many disease such as cancer, coronary artery disease expected to fuel the demand of parenteral drugs which in turn support the growth of parenteral packaging market in the near future. According to World Health Organization (WHO), around 312.9 million surgical procedures performed around the globe in 2012 and this number is increased by 38.2% from 226.4 million in 2004. Spurt in number of surgical procedures is expected to support the growth of parenteral packaging market in the near future.
Key takeaways of the market:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity
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Joined: August 28th, 2017
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