Medical Packaging Market, Growing Trends and Rising by 2030
The global medical packaging market is expected to grow at a CAGR of 7.55% during the forecasted period 2021-2030.
On the other hand, the medical packaging market is also struggling with some hurdles in a way of its growth. The majority of the packaging is made from plastic material which is nondegradable and keeps stacking in the environment causing pollution. Biodegradation is one of the major factors that may hamper the growth of this market. Moreover, packaging errors are a major factor that increases patient safety issues. For instance, about 1.5 million adverse events are reported annually in the United States due to inadequate or confusing labeling on the packages of over-the-counter drugs. Such factors also hinder the growth of the medical packaging market to an extent.
The medical packaging market is a critical component of the healthcare industry, providing protection and preservation for various medical products and devices. The demand for medical packaging is driven by several factors, including the increasing number of healthcare facilities, growing demand for sustainable packaging materials, and a rise in chronic diseases.
One of the key drivers of the medical packaging market is the increasing number of healthcare facilities globally, particularly in emerging economies. The growing demand for medical devices and supplies, including pharmaceuticals and diagnostics, has fueled the demand for protective and secure packaging solutions. Additionally, the trend towards home healthcare services has led to the need for medical packaging that is easy to transport and use.
Another factor driving the medical packaging market is the increasing demand for sustainable packaging materials. Healthcare facilities and manufacturers are increasingly looking for ways to reduce their environmental footprint and meet sustainability goals. This has led to a growing trend towards the use of recyclable, biodegradable, and compostable materials in medical packaging.
The rise in chronic diseases, particularly in the aging population, is also driving the demand for medical packaging. Chronic conditions require ongoing treatment and care, which means a higher demand for medical products and devices. Medical packaging plays a critical role in ensuring that these products remain safe, sterile, and effective during transport and storage.
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Global Medical packaging market – Competitive Analysis
The global market consists of players such as:
3M Company (U.S.)
Amcor Limited (Australia)
Avery Dennison Corporation (U.S.)
Bemis Company (U.S.)
CCL Industries Inc. (Canada)
Constantia Flexibles Group GmbH (Austria)
I. du Pont de Nemours and Company (U.S.)
Sonoco Products Company (U.S.)
WestRock Company (U.S.)
others
These are some of the prominent players at the forefront of competition in the global medical packaging market.
The market for medical packaging is a well-established market with a number of companies operating in this market. There is a large number of companies involved in the development of the packaging material, and services for the various types of medical devices, pharmaceutical products, drugs, and implants among others.
The medical packaging market is huge and diversified among different products, and types of packaging. Various companies are involved in the manufacturing of specific types of medical packaging such as blister packaging, individual-wrap packages, multi-compartmental trays, water-soluble packaging, pouches, and cartons. These companies have adopted the strategies in order to strive in this very big and competitive market and expand their global presence and increase their market share.
Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by market players to achieve growth in the medical packaging market.
Global Medical packaging market – Regional Analysis
Healthcare is one of the top priorities for everyone, all around the world. It is also tied to crucial requirements for safe and effective medical packaging. In-depth research study shows that recent healthcare developments are dramatically increasing the life expectancy, and new treatments are increasing the quality of life. However, this progress has created overwhelming economic challenges for companies looking to enter this dynamic market space.
The Americas dominate the global medical packaging equipment market owing to the presence of a huge consumer base, large patient population, high disposable income of people, increased healthcare spending, and increasing government support for research & development.
Europe holds the second-largest share of the global medical packaging market. An increase in the patient population leads the market of medical packaging in this region. Cardiovascular disease is one of the major disease categories that has affected the European population in the last few years. According to the European Heart Network (2017), cardiovascular disease (CVD) is responsible for 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) per year. Moreover, in 2015, 11.3 million new cases were diagnosed with CVD in Europe and 6.1 million new cases of CVD in the EU. An increasing number of patients with these diseases drives the demand for quality equipment and drugs. Thus, medical packaging plays an important role in avoiding exposure of the drugs to external environments such as microorganisms in order to maintain the quality of equipment and drugs.
The Asia Pacific is the fastest-growing medical packaging market across the globe. Asia is becoming one of the major hubs for the manufacturing of drugs, and other medications and the increase in drug production in this region has significantly affected the growth of the medical packaging market in this region. Moreover, rapidly developing the economy, increasing healthcare expenditure, and the government’s initiatives for research & development are projected to drive the market in China and India over the forecasted period.
The Middle East and Africa hold the least share of the global market due to the limited availability of medical facilities, limited access to healthcare resources, and less development in the pharmaceutical sector.
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