New technologies will make the process more efficient and reduce human intervention.
SEATTLE, WASHINGTON, UNITED STATES, January 7, 2022 /EINPresswire.com/ – Over the next eight years there will be significant changes in the parenteral packaging industry. New technologies will make the process more efficient and reduce human intervention. In addition, more pre-filled containers will be available and stricter quality standards will facilitate the production and distribution of medicines.
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The Global parenteral packaging market was estimated at US $ 10,759.0 million in 2019 and is expected to post a CAGR of 11.1% during the forecast period (2019-2027).
Global Parenteral Packaging Market: Drivers
The growth of the global parenteral packaging market is driven by the increase in the number of surgical procedures. For example, according to the 2017-2018 report from the Australian Institute of Health and Welfare’s Hospital, updated in August 2019, emergency surgery admissions increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and 5.1% in private hospitals. in Australia.
Moreover, the high prevalence of chronic diseases is also expected to propel the growth of the global parenteral packaging market during the forecast period. For example, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were recorded due to cancer globally in 2018.
Impact of Covid-19
Globally, as of 6:21 p.m. CET on November 26, 2021, 259,502,031 confirmed cases of COVID-19, including 5,183,003 deaths, have been reported to the WHO. As of November 24, 2021, a total of 7,702,859,718 doses of vaccine had been administered. The pandemic has led to an increase in the cost of packaging. As the lead times for parenteral packaging and some primary packaging materials increase, it will be necessary to have excess inventory, resulting in increased costs.
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North America is expected to experience significant growth in the global parenteral packaging market, owing to the high prevalence of diabetes in the region. For example, according to the Centers for Disease Control and Prevention (CDC), 2017, in the United States, approximately 40,000 people are diagnosed with type 1 diabetes each year, and by 2050, 5 million people are expected to receive one. diagnosis of the disease. in the countryside.
Moreover, the increasing number of surgical procedures is also expected to contribute to the growth of the global parenteral packaging market in North America. For example, in the United States, approximately 7.3 million surgeries to the cardiovascular system have been performed, and 5.2 million surgeries to the musculoskeletal system and 1.2 surgeries to the nervous system have been performed, according to Stanford Health Care. , 2019.
Global Parenteral Packaging Market: Competitive Landscape
The major players operating in the global parenteral packaging market are Berry Plastics Corporation, Becton Dickinson and Company, Graphic Packaging Group, Gerresheimer AG, MeadWestvaco Corporation, Owens-Illinois, Ompi Stevanato Group, RPC Group, SiO2 Medical Products, Schott AG, Terumo Corporation, Unilife Corporation Inc., West Pharmaceutical Services, Inc. and Ypsomed Holding AG.
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