Future of Medication Adherence Packaging: Market to Achieve US$ 2 billion by 2034 with 5.6% Annual Growth Rate | Exclusive Report by Transparency Market Research Inc.

A wide range of materials can be used to design packaging solutions that can withstand changing needs, which include high-density polyethylene (HDPE), polyethylene terephthalate (PET), and polypropylene (PP). Apart from this, paper and paperboard, aluminum, and various other materials are used by key manufacturers in the market.

WILMINGTON, Del., July 22, 2024 /PRNewswire/ -- With the moderate scope of progress, the medication adherence packaging will likely trace an optimistic future progress path to reach USD 2 billion by 2034. The industry was valued at USD 1.1 billion in 2023.

The likelihood of this change in the industry size is moderate and will encompass the development at a CAGR of 5.2%. This forecast will elevate prospects for key players within the industry, fueling market development.

With the rising drug addiction cases among individuals, the need for medication compliance surges. This elevated need further dominates the market, driving the demand for medication adherence packaging.

To mitigate the increasing prevalence of drug abuse and addiction, compliance-prompting packaging methods can be used. This can assist patients in designing appropriate dosage and drug delivery time.

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The necessity of such efforts has been rising due to the alarming side effects of improper medication. As a result, to ensure patients' health and safety, medical assistance must be provided, which can be achieved through this method.

The overall cost is reduced with the use of such methods, which is another vital benefit. As a result, this generates more demand in the healthcare sector, which elevates the market size.

With the growing geriatric population, the demand for drug delivery assistance increases. Recent trends reflect that homecare has been more emphasized, which elevates the scope of the industry.

Technological innovations in the global medication adherence packaging market spur the augmentation of packaging methods. Smart labeling, RFID codes, NFC, and other cutting-edge methods are gaining traction.

This advancement of technology not only benefits patients in terms of marking their drug delivery trajectory but also helps key players embark on a stronger position in the industry.

The growing government investments in different sectors, including the medical and healthcare packaging industry, have benefitted key players in expanding the competitive landscape. This is, thus, another key market driver for the industry.

Medication Adherence Packaging Market Report Scope:

•  The segmentation of the global medication adherence packaging market is based on different criteria. Based on the material type used, the sector can classified into various categories. Due to the versatility of plastics, the demand for the category will likely be the highest among other categories.

•  The ability of the unit-dose packaging system to eliminate errors is higher compared to other systems. As a result, the demand for such systems will gain more attention than other categories, justifying its market share.

•  With the use of radio frequency identification (RFID) technology, better real-time verification can be performed by pharmacists. This drives the demand for the category based on the technology used.

•  Based on the end-user industry, the demand for such packaging solutions will be the highest in hospitals and clinics. Due to the frequent outflow of medicines from hospitals, more packaging solutions will be required.

•  The developing healthcare sector in North America will likely generate better lucrative opportunities for the medication adherence market.

•  The growing geriatric population in the Asia-Pacific region will drive the demand for better medical assistance to older adults. This will drive the market in the said region.

•  To cater to the rising cases of drug overdose in Europe, appropriate medication must be provided. This factor drives the demand in the region.

Among various competitors competing in the competitive landscape:

•  Garlock an Enpro Industries Inc. subsidiary, is a key player known for bearing protection, gaskets, and compression packing.

•  Flexitallic is a large-scale firm producing packaging solutions for several sectors, including agricultural, chemical, fertilizer, distillery, and many more.

•  Freudenberg Sealing Technologies manufactures radial and axial seals, pneumatic equipment, and many other products.

•  Garlock an Enpro Industries Inc. Subsidiary

•  Flexitallic

•  Freudenberg Sealing Technologies

•  James Walker Group

•  TEADIT

•  Dana Limited

•  Trelleborg Group

•  Klinger Group

•  ElringKlinger AG

•  Lamons

•  In January 2023, Enpro completed the divestiture of Enpro Industries, Inc. This move created more market space.

•  Flexitallic has launched a new gasket range called RIGFLEX RJ and FP range that has an operating temperature range of -200ºC to +260ºC.

•  Plastics

•  Paper and Paperboard

•  Aluminum

•  Composite Materials

•  Unit-dose Packaging

•  Multi-dose Packaging

•  Radio Frequency Identification (RFID)

•  Near Field Communication (NFC)

•  Electronic Monitoring Devices

•  Temperature and Humidity Sensors

•  Others

•  Hospitals and Clinics

•  Retail Pharmacies

•  Long-term Care Facilities

•  Home Healthcare Settings

•  Clinical Trials

•  North America

•  Europe

•  Asia Pacific

•  Latin America

•  Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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