Medical Packaging Market to Reach Valuation 169.18 Billion by 2028 According To The Most Recent Study By The Insight Partners
NEW YORK, Sept. 21, 2021 /PRNewswire/ -- According to new research study on "Medical Packaging Market to 2027 – Forecast to 2028 – COVID-19 Impact and Analysis– by Material, Type, and Application," the market was valued at US$ 109,238.35 million in 2021 and is projected to reach US$ 169,183.91 million by 2028; it is expected to grow at a CAGR of 6.4% during 2021–2028. The growth of the market is attributed to the rise in demand for medical products, the surge in technological advancements, and favorable government initiatives. However, the fluctuations in the prices of raw materials restrain the market growth.
In 2021, North America dominated the global medical packaging market. Growing demand for medical devices; rising investments, funds, and grants; and the growing number of hospitals propel the demand for pharmaceutical products and technological advancements, which is expected to bolster the growth of the market in the region during the forecast period. Additionally, the implementation of safety guidelines and policies and extensive investments by market players in product development and distribution in the US and Canada are fueling the market growth.
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The global medical packaging market in Asia Pacific is anticipated to grow at the fastest rate in the coming years. The market growth in the region is attributed to the presence of pharmaceutical hubs in countries such as India and China, rise in healthcare spending, and lowest production cost than North America and Europe. In addition, a rise in the developments by the market players would fuel the market growth in Asia Pacific during the forecast period.
Based on type, the medical packaging market is segmented into containers, pouches, trays, blister packets, vials, and others. In 2021, the containers segment accounted for the largest share of the market. The market growth for this segment is primarily driven by the rising demand for counterfeit prevention mechanisms and increasing emphasis on convenience and environmental issues.
Rise in Demand for Counterfeit Prevention Mechanisms Fuels 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.
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 € 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.
The increasing demand for anti-counterfeiting techniques to protect the interests of patients has further strengthened the medical packaging's growth.
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Medical Packaging Market: Segmental Overview
In terms of type, the containers segment held the largest share of the market in 2021. However, the blister packets segment is estimated to register a significant CAGR of 8.1% during the forecast period owing to increasing product developments, and product launches.
In the US, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care due to an increasing number of COVID-19 confirmed patients, which is slowing down the process of innovation. Moreover, the US has the maximum number of COVID-19 patients across the world. However, compared to the initial phase of the COVID-19 outbreak in 2020, various businesses in the regions were closed due to multiple reasons, such as the lockdown and reduced production of products and goods. Moreover, well-established treatment procedures and stability in the healthcare system have helped the associated businesses gain pace. The vaccines, ventilators, oxygen generators, and other medical devices and medications have gained importance and demand amid the pandemic. These products are exported to various developing regions. Boxes, molded fiber, containers, and blisters are used for the packing of these products. The supply of the packing material is stable and resumed as compared to the initial phase of the outbreak. Thus, the COVID-19 pandemic is expected to have a low impact on the medical packaging market.
Medical Packaging Market: Competition Landscape and Key Developments
Company Profiles
- 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
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.
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In June 2021, Amcor 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 across the world to give clients more options in choosing the best site for device manufacturing and packaging.
In October 2020, SGD Pharma added a market-first 50 ml volume option in a tray produced at an industrial scale by a molded glass producer to its ready-to-use (RTU) molded glass vial portfolio.
In October 2019, 3M introduced a new style of packaging that doesn't require tape or filler and can be adjusted to fit any object weighing less than 3 pounds. The flex amp seal shipping roll, according to 3M, can reduce the amount of time spent on packing, the number of packaging materials used, and the amount of space needed to send items.
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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
E-mail: [email protected]
Phone: +1-646-491-9876
More Research: https://www.openpr.com/news/archive/139407/The-Insight-Partners.html
SOURCE The Insight Partners
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