Medical packaging market to reach $ 169.18 billion by 2028 according to latest study by Insight Partners
NEW YORK, September 21, 2021 / PRNewswire / – According to a new research study on “Medical packaging market until 2027 – Forecast until 2028 – Impact and analysis of COVID-19 – by material, type and application ”, the market was valued at US $ 109,238.35 million in 2021 and should reach 169,183.91 million US dollars by 2028; it is expected to grow at a CAGR of 6.4% during 2021-2028. The growth of the market is attributed to increasing demand for medical products, booming technological advancements and favorable government initiatives. However, fluctuations in commodity prices are slowing the growth of the market.
In 2021, North America dominated the global medical packaging market. Growing demand for medical devices; increasing investments, funds and grants; and the growing number of hospitals is propelling the demand for pharmaceuticals and technological advancements, which is expected to drive the market growth in the region during the forecast period. In addition, the implementation of safety guidelines and policies and significant investments by market players in the development and distribution of products in the United States and Canada fuel market growth.
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The global medical packaging market in Asia Pacific is expected 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, higher health expenditure and lower production cost than North America and Europe. Moreover, an increase in developments by 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, blisters, vials, and others. In 2021, the container segment accounted for the largest share of the market. The growth of the market for this segment is mainly due to the growing demand for counterfeit prevention mechanisms and the increasing importance given to convenience and environmental issues.
Rising demand for counterfeit prevention mechanisms is fueling growth in medical packaging market
Counterfeit medical products have been detected in most Member States and in all regions. The examples concerned widely used drugs such as atorvastatin or paracetamol; limited use drugs such as growth hormone, paclitaxel, and filgastrim; and other types of drugs such as sildenafil and tadalafil, as well as medical devices such as contact lenses, condoms, surgical nets, and strips used by diabetic patients to monitor their blood sugar.
The threat posed by counterfeit drugs to the global pharmaceutical industry is immense. From bogus wordings to manufacturing process issues, some industry figures believe we could be looking at revenue losses of up to $ 27 billion in Europe alone. The International Hologram Manufacturers Association (IHMA) is a good source of expertise in this area and highlights an industry report that indicates continued growth in anti-counterfeit packaging technologies.
The growing demand for anti-counterfeiting techniques to protect the interests of patients has further fueled the growth of medical packaging.
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Medical Packaging Market: Segment Overview
In terms of type, the container segment held the largest share of the market in 2021. However, the blister pack segment is expected to register a significant CAGR of 8.1% during the forecast period due to increased developments. of products and product launches.
In the United States, healthcare professionals and major organizations are diverting the flow of healthcare resources from research and development to primary care due to an increasing number of confirmed COVID-19 patients, slowing the process of ‘innovation. Additionally, the United States has the maximum number of COVID-19 patients worldwide. However, compared to the initial phase of the COVID-19 outbreak in 2020, various businesses in the regions have been closed for multiple reasons, such as lockdowns and reduced production of products and merchandise. In addition, well-established treatment procedures and the stability of the healthcare system have helped associated companies to step up their pace. Vaccines, ventilators, oxygen generators and other medical devices and drugs have grown in importance and demand amid the pandemic. These products are exported to various developing regions. Boxes, molded fibers, containers and blisters are used for the packaging of these products. The supply of packaging material is stable and has recovered from the initial phase of the epidemic. Thus, the COVID-19 pandemic is expected to have a low impact on the medical packaging market.
Medical packaging market: competitive landscape and key developments
- Amcor plc
- DuPont de Nemours, Inc.
- Mitsubishi Chemical Corporation
- SGD Pharma
- Western Pharmaceutical Services, Inc
- Avery Dennison Company
- Sonoco products company
- CCL Industries Inc.
- WestRock Company
These players are focused on expanding and diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
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In June 2021, Amcor launched ACT2100 heat sealable liner for medical grade paper and DuPont Tyvek 2 packaging. This next generation coating technology has improved performance attributes for healthcare applications and will be manufactured in many locations around the world to give customers more options in choosing the best location for manufacturing and l packaging of devices.
In October 2020, SGD Pharma has added a market-first 50ml volume option in an industrially produced tray by a molded glass producer to its portfolio of ready-to-use molded glass vials (RTU) .
In October 2019, 3M introduces a new style of packaging that does not require duct tape or filling and can be adjusted to fit any object weighing less than 3 pounds. The flex amp joint shipping roll, according to 3M, can reduce the time spent on packaging, the number of packaging materials used and the amount of space needed to ship items.
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