Growing Market for Parenteral Packaging Services
The value of the global biopharmaceuticals market is predicted to expand at a CAGR of nearly 9% from $237 billion in 2018 to approximately $389 billion in 2024 with the bulk of biologic drugs being offered as parenteral formulations. Over the past several years, nearly 40% of new molecular entities approved by the U.S. Food and Drug Administration (FDA) have been injectable products. Consequently, the value of the global market for parenteral drugs is also increasing at a CAGR of over 11% and will expand from $8.69 billion in 2017 to $18.2 billion by the end of 2024.
The global parenteral packaging market, comprising prefilled syringes, cartridges, vials, bags, ampoules and other ready-to-use systems, is also expanding at a similar rate. Two different market research firms estimate that the market is expanding at a CAGR of slightly more than 11% and will reach values of $18.2 billion by the end of 2024 and $19 billion by the end of 2026. The value of the global market for prefilled syringes accounted for more than 35% of the global parenteral packaging market value in 2018 and is expected to expand from $4.9 billion in 2018 to more than $9.7 billion by 2025, at a CAGR of 10.7%.
Read how PCI Pharma Services has invested heavily in expanding capabilities to meet the growing need for parenteral packaging services to support a range of products from niche, personalized medicines to large-volume treatments.