Parenteral Packaging Market Size

Parenteral Packaging Market size was over USD 31.58 billion in 2023 and is anticipated to cross USD 66.54 billion by 2036, witnessing more than 5.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of parenteral packaging is estimated at USD 33.07 billion.

The growth of the market can be attributed to the rise in demand for parenteral drugs worldwide, followed by the increasing advancements in packaging materials, which provide the manufacturers of parenteral products a wide range of options to choose from for packaging their product. The demand for parenteral drugs is growing significantly, backed by the increasing developments of complex active pharmaceutical ingredients, new therapeutic approaches, and for the availability of numerous treatment options. Moreover, with the growing incidences of chronic diseases around the globe, there is a rise in demand for self-injection devices for treating various chronic diseases. Owing to the development of such products, there is a growing need amongst pharmaceutical manufacturers to choose from a wide range of packaging products which align to their needs. This, in turn, is anticipated to drive the parenteral packaging market growth in the coming years. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), out of 10 adults in the U.S., 6 of them have a chronic disease. Moreover, out of 10 adults, 4 have two or more of the chronic diseases.