Article | November 18, 2020

Advanced, Flexible Packaging Solutions To Meet Parenteral Product Demand

Product Labeling And Kitting Services

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.

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