Medical Packaging Market Size Worth $169,183.91 Million, Globally, by 2028 at 6.4% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Jan. 19, 2022 /PRNewswire/ -- According to the new market research report "Medical Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material: Polymer, Foam, Molded-Fiber, Non-woven Fabric, Plastic, Films, Paper & Paperboard, and Others), Type (Containers, Pouches, Trays, Blister Packets, Vials, and Others), Application (Medical devices, Pharmaceutical and Biotechnology, Medical Equipment & Tools, and Others) and Geography", published by The Insight Partners, the global medical packaging market is projected to reach US$ 169,183.91 million by 2028 from US$ 109,238.35 million in 2021; it is expected to grow at a CAGR of 6.4% from 2021 to 2028.

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Medical Packaging Market: Competition Landscape and Key Developments

Amcor plc, DuPont de Nemours, Inc., Mitsubishi Chemical Corporation, SGD Pharma, 3M, West Pharmaceutical Services, Inc, Avery Dennison Corporation, Sonoco Products Company, CCL Industries Inc., WestRock Company are among the key companies operating in the medical packaging market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In June 2021, Amcor has released the ACT2100 heat seal coating for medical-grade DuPont Tyvek 2 and paper packaging. This next-generation coating technology has improved performance attributes for healthcare applications and will be manufactured in numerous locations around the world to give clients more options in choosing the best site for device manufacturing and packaging.
• In October 2020, SGD Pharma has launched Clareo Vials, a new glass vial line.This new range has improved mechanical resistance to shock with a homogeneous glass distribution which, in turn, reduces breakage rate. The design of these vials is flat and uniform that allows enhanced thermal transfer during freeze-drying processes.

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North America was the largest medical packaging market in 2021, and the region will offer several growth opportunities to market vendors during the forecast period. The growing demand for medical devices, growing investments, funds, and grants, rising number of hospitals and growing hospital increases demand in pharmaceutical products, and technological advancements are significantly expected to contribute to the growth of the medical packaging market in this region over the forecast period. Additionally, implementation of safety guidelines and policies, and extensive investments by market players for product development and distribution in the US and Canada are encouraging the market growth. The market growth is attributed to some key driving factors such as the High prevalence of respiratory disorders and an increasing number of COVID-19 cases. On the other hand, increasing product launches is likely to provide growth opportunities for market growth during the forecast period. The use and awareness of medical devices such as pulse oximeter, thermal scanners, and non-invasive devices have gained essential and generated demand for health monitoring devices. For instance, oximeters are used to measure arterial blood oxygen saturation (SpO2) and pulse rate. It is widely used in hospitals, operating rooms, and homes. Furthermore, the presence of the global leaders in medical device manufacturing in the US, such as Thus it offers a potential scope for the medial packing material suppliers and the manufacturers and is expected to support the market's growth in the forecast period.

Asia Pacific Medical Packaging market is anticipated to grow at the fastest rate over the forecast period owing to the pharmaceutical hub in the countries such as India, China, and others. rise in healthcare spending, low production cost compare to North America and Europe. In addition, rise in the development by the market players offering the products in the market are expected to fuel the market growth in Asia Pacific region during the forecast period.

Rise in Demand for Counterfeit Prevention Mechanisms in  Medical Packaging Market Growth:

Counterfeit medical products have been detected in most member states and all regions. Examples involved widely-used medicines such as atorvastatin or paracetamol; limited-use medicines such as growth hormone, paclitaxel, and filgastrim; and other kind of drugs such as sildenafil and tadalafil, as well as medical devices such as contact lenses, condoms, surgical mesh, and strips used by diabetic patients to monitor their blood glucose concentrations. Counterfeiting has affected both expensive and cheap products and generic and branded ones. Counterfeit products appear in community pharmacies, hospitals, and other less-regulated settings.

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It is often assumed that high-income countries with solid regulatory systems can effectively exclude substandard and falsified medical products from their markets. However, the World Health Organization (WHO) analysis shows that this is not necessarily the case, as reports on these products have been submitted by countries in Western Europe and North America as well as other high-income settings. For example, a recent UK survey, carried out by Sapio Research and commissioned by a private company INCOPRO, concludes that almost one-third (32%) of those who have bought one or more counterfeit medicines have suffered a health issue as a result (INCOPRO, 2020). Numerous other documented cases in which patients have died or suffered harm due to an online purchase. As just one example, in 2013, people died after taking a counterfeit diet pill bought through an online drug seller. The pill, sold as a weight loss aid through many illicit online pharmacies, was actually a pesticide with lethal consequences for humans.

The threat that counterfeit medicines pose to the global pharmaceutical sector is immense. From fake formulations to issues in the manufacturing process, some industry figures believe we could be looking at revenue losses up to EUR 27 billion in Europe alone. The International Hologram Manufacturers Association (IHMA) is a good source of expertise in this field and highlights an industry report that indicates continued growth for anti-counterfeiting packaging technologies. According to the IHMA, the "Anti-counterfeiting, Authentication and Verification Technologies" report signals the added expertise holography brings to the authentication of packaging products. Technological innovation within the anti-counterfeiting, authentication, and verification technologies is a significant factor contributing to the market's growth.

The increasing demand for anti-counterfeiting techniques to protect the interests of patients has further strengthened the medical packaging's growth.

Medical Packaging Market: Segmental Overview

Based on type, is segmented into containers, pouches, trays, blister packets, vials, and others. The containers segment accounted for more than 35.39% of the market share in 2021. In terms of material, the medical packaging market is segmented into polymer, foam, molded-fiber, non-woven fabric, films, paper & paperboard, and others. The polymer segment held the largest share of the market in 2021. In terms of application, is segmented into medical devices, pharmaceutical and biotechnology, medical equipment & tools, and others. The pharmaceutical and biotechnology held the largest share of the market in 2021.

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The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Moreover, the country is among the maximum number of COVID 19 patients. However, compared to the initial phases of the COVID19 pandemic in 2020, various businesses in the regions had come to a stop due to multiple reasons, such as the lockdown and reduced production of products and goods. Moreover, the current scenario owing to the well-established treatment procedure and stability in the healthcare system has helped the associated business gain pace. The vaccine, ventilators, oxygen generators, and other medical devices and medications have gained importance and demand. These products are exported to various developing regions. The packing material used in these products used are boxes, molded fiber, containers, blisters. The supply of the packing material is stable and resumed as compare to the initial phase of COVID19. Thus it is expected to have a low impact on the medical packaging market.

Browse Adjoining Reports:

Medical Packaging Films Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polyamide (PA), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Others); Application (Bags, Tubes, Others) and Geography

Sterile Medical Packaging Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Material (Plastics, Metal, Paper and Paperboard, Glass, Others); Type (Thermoform Trays, Sterile Bottles and Containers, Vials and Ampoules, Pre-Fillable Inhalers, Sterile Closures, Pre-Filled Syringes, Blister and Clamshells, Bags and Pouches, Wraps, Others); Sterilization Method (Chemical Sterilization, Radiation Sterilization, High Temperature/Pressure Sterilization); Application (Pharmaceutical and Biological, Surgical and Medical Instruments, In Vitro Diagnostic Products, Medical Implants, Others) and Geography

Cosmetics Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type (Glass, Paper, Plastic, Metal, Others); Container Type (Jars, Tubes, Bottles, Pumps and Dispensers, Sachets, Others); Application (Skin Care, Hair Care, Make Up, Nail Care); and Geography

Temperature Controlled Packaging Market to 2027 - Global Analysis and Forecasts by Packaging Type (Active, and Passive); End-user (Pharmaceutical, Healthcare, and Others)

Cold Form Blister Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Aluminum, Polyvinyl Chloride, Polypropylene, Polyethylene, Polyethylene Terephthalate); Application (Healthcare, Consumer Products, Electronics and Semiconductors, Food, Industrial Goods) and Geography

Shrink Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), PVC); Product (Hoods, Labels and Sleeves, Wrap); Application (Food Packaging, Beverages) and Geography

Inflatable Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type (PE (LDPE and HDPE), PA, PET); Packaging Type (Bubble Wraps, Inflated Packaging Bags, Air Pillows); End-Use (Personal Care and Cosmetics, Healthcare, Automotive, Electrical and Electronics, Shipping and Logistics, Food and Beverages, Others) and Geography

Smart Packaging Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Active Packaging, Intelligent Packaging); End-user (Food and Beverage, Automotive, Healthcare, Personal Care, Others) and Geography

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer Joshi
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Press Release: https://www.theinsightpartners.com/pr/medical-packaging-market 
More Research: https://www.openpr.com/news/archive/139407/The-Insight-Partners.html

SOURCE The Insight Partners

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