ID: MRFR/PNT/0349-HCR | February 2021 | Region: Global | 128 pages
The global medical packaging market is expected to grow at a CAGR of 10.3% during the forecast period 2020-2027. Medical packaging helps to keep the products free from any contamination. For this reason, it requires high sterility. It provides enhanced facilities for efficient packaging for the medical and healthcare industry.
Packaging materials like paper, plastics, and paper boards have various benefits because they are easily recyclable, low weight, and durable as well. It acts as a barrier that prevents the contamination of microbes in the product. Various medical packaging products are available in the market. Some of them are containers, wraps, containers, etc.
Rising cases of chronic diseases such as cancer, diabetes, etc. are some major factors. Also, technological advancements such as the usage of IoT devices among the medical and healthcare industries will promote market growth. Rising concerns to provide improved services to the customers and government initiatives will enhance the global medical packaging market.
Manufacturing companies are opting for more sustainable solutions to provide better packaging and reduce wastes. However, some factors can hinder the medical packaging market growth. For example, strict rules and regulations can affect market growth.
The outbreak of COVID-19 disease has disrupted the economic growth of various nations. The rising spread of coronavirus has increased the demand for efficient packaging and sterile product. Concerns regarding proper sanitary precautions among the consumers led to an increase in the use of sterile and hygienic medical products. Thus, COVID-19 disease has fuelled the growth of the medical packaging market. Awareness among consumers for hygienic and sustainable products will promote the industry in the future years.
There are various key players in the market which are aiming to improve the growth of the medical packaging market. They use various strategies such as SWOT analysis, new product launches, mergers, acquisitions, new ventures, collaborations, etc. to improve their business and business portfolio. One of the major companies Amcor Limited recently acquired plastic product manufacturer Bemis.
Some of the major key players in the global medical packaging market are-
June 2021- Amcor, a global packaging firm has launched a next-generation heat seal coating technology, ACT2100 for the medical packing market. Specially designed for use with medical-grade DuPont Tyvek2 as well as paper packaging, this coating will offer improved performance features for medical applications.
Efficient medical packaging helps to secure the products from any contamination. The medical packaging market will register significant growth during the forecast period. Medical packaging products such as paper, paper boards, and plastics have various benefits. They are easy to handle, low weight, and recyclable as well. Also, the rapid industrial and technological developments are expected to fuel the market growth in the future years. The increasing case of chronic diseases such as high blood pressure, diabetes, cancer will positively affect the medical packaging market growth.
Several restraints can affect the medical packaging market. Strict regulation is one of the major restraints. For efficient and sterile packaging of medical products, it requires some time. Strict regulation is although necessary to protect the product from any contamination. It is very important to package the products according to the regulation. Otherwise, any minor defect can lead to contamination and can largely affect the life of the patient. These factors can restraint the medical packaging market growth to a certain extent.
Adhering to the regulations requires time, skills, money, and resources as well. Due to these factors, various manufacturing companies are trying to develop new alternatives. The increasing concerns regarding the usage of plastic and its negative effects upon the environment can create new opportunities. This may give rise to the manufacturing of alternative products which are sustainable and cost-effective as well.
Due to the rising number of chronic diseases and older generations, the global medical packaging market is expected to have exponential growth in the upcoming years. The Compound Annual Growth (CAGR) of the market is estimated to register at 6.3% during the forecast period. It is expected that the medical packaging market will expand further in the forthcoming years.
Value Chain Analysis
The medical packaging trends are expected to rise and gain significant value in the future for the medical and health industry. The manufacturing companies are also focusing to develop more cost-effective and sustainable products. Due to rising concerns regarding hygiene and protection from communicable diseases, it is very crucial to sterilize the products properly. Also, the improvement in technology and treatment will boost the market size and its value in the forthcoming years.
The global medical device packaging market is divided into applications, types, end-user, and materials.
Based upon the application segment, the medical packaging market is further categorised into pharmaceuticals, plastic industries, medicals, diagnostics, research, and chemicals, etc.
The global medical packaging market size based on types is bifurcated into pouches, containers, vials, clamshell packs, blister packets, trays, and various others.
The end-user segment is also divided into clinics, forensic departments, hospitals, medical and research centres, and others.
The global medical packaging market based upon the materials is further classified into Tyvek, molded fiber, adhesives, foam, plastics, sterilization, films, and others.
Geographically, the global medical packaging market share is divided into the Americas, Asia-Pacific, Europe, the Middle East, and Africa.
The global medical packaging market, the Americas is expected to dominate the market in the future years. The rising technological advancements and increase in the numbers of several industries such as the health, medical, and pharmaceuticals are supporting the market growth. Other than that, the rising medical problems and diseases such as cancer, diabetes, asthma, COPD is expected to fuel the market in this region
The European region is further divided into two sections- Eastern Europe and Western Europe. Developed countries such as the UK, France, Germany, etc. have contributed to generate more revenue in the market share. It is further estimated that the European region will hold a significant stake in the medical packaging market size.
Asia-pacific is one of the fastest-growing regions for the medical packaging market size. It is because of the increasing number of patients suffering from various chronic diseases. Also, the rising demand for hygienic and better products is expected to propel the market in the future years. Developing countries such as India, China, etc. are focusing to provide better and cost-effective products to the consumers. They also have an efficient health industry that provides enhanced treatments to cure various diseases.
The medical packaging market in the Middle East and African region will have a steady growth in the forecast period. This region holds the smallest medical packaging market share. It is mainly because of lack of technological advancements, poor healthcare systems are some major factors. Also, the high expenditure, unavailability of materials, and poor distribution of supplies have led this region behind.
The report overview of the market is as follows-
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material , Type , Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amcor Limited (Australia), Chesapeake Limited (U.S.), DuPont (U.S.), Klöckner Pentaplast Group (Germany), MeadWestvaco Corporation (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), Bemis Company Inc. (U.S.), West Pharmaceutical Services, Inc. (U.S.)., 3M company|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
It is estimated that the global packaging industry will register a CAGR of 10.3% during the forecast period 2020-2027
The global medical packaging market is divided into the four segments- Application, Type, End-User, and Application
It is expected that the North-American region will hold the largest market share in the global packaging industry.
The Asia-Pacific region will have rapid growth in the upcoming years in the forecast period.
Some of the key layers of the global medical packaging industry are- MeadWestvaco Corporation (U.S.), Amcor Limited (Australia), Mitsubishi Chemical Holdings Corporation (Japan), Klöckner Pentaplast Group (Germany), Bemis Company Inc. (U.S.), DuPont (U.S.), West Pharmaceutical Services, Inc. (U.S.), Chesapeake Limited (U.S.) and many more.