Medical Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Medical Packaging Market Research Report, Material, Type, Application, End User and Region - Forecast till 2027” the market grow at a rate of 10.3% during the forecast period 2020-2027 .
COVID-19 Impact on Medical Packaging Market
The COVID-19 outbreak has disrupted the economic growth of different nations. The growing spread of the virus has increased the need for sterile product and efficient packaging. The concerns regarding proper sanitary precautions among the consumers resulted in a rise in the use of hygienic and sterile medical products. Thus, the pandemic has propelled the growth of the medical packaging market. The awareness among consumers for sustainable and hygienic products will promote the industry in the future years. Owing to COVID-19 pandemic, biotech and life sciences industry have flourished and this led to the requirement for effective medical packaging for preventing the spread of the virus thus leading to the rise in the market penetration across the globe.
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Key Players
Eminent players profiled in the global medical packaging market report include –
- Chesapeake Limited (U.S.)
- MeadWestvaco Corporation (U.S.)
- Amcor Limited (Australia)
- Klöckner Pentaplast Group (Germany)
- DuPont (U.S.)
- Bemis Company Inc. (U.S.)
- Mitsubishi Chemical Holdings Corporation (Japan)
- 3M company (U.S.)
- and West Pharmaceutical Services Inc. (U.S.)
Key players have incorporated several strategies to remain at the forefront such as research and development activities, partnerships, collaborations, new product launch, among others. For instance, PDI Healthcare has launched a super sani-cloth wipes in a new portable package.
Industry Updates
June 2021- Amcor, a global packaging firm has launched a next-generation heat seal coating technology, ACT2100 for the medical packing market. Specially designed for use with medical-grade DuPont Tyvek2 as well as paper packaging, this coating will offer improved performance features for medical applications.
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Alluring Features that Boost Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global medical packaging market share.
Medical Packaging Market Drivers/Medical Packaging Market Trends
Increase in Chronic and Acute Ailments to Boost Market Growth
The rising number of patients with chronic and acute ailments is likely to boost market growth over the forecast period. This is driving the need for medical drugs and devices that creates a positive atmosphere for medical packaging.
Opportunities
Rise in Internet of Things in Medical and Healthcare Industries to offer Robust Opportunities
The rise in the IoT in healthcare and medical industries is likely to offer robust opportunities to the market over the forecast period. The presence of internet of things in the healthcare system can help in tracking every package of medicine, present all prescription medication information related to patients, and record the medication activity of every tablet. The increase of intelligent interactive packaging (I2Pack) is an ideal format for smart devices in this regard. This is the next generation of medical packaging that can interact with customers by integrating RFID, energy harvesting, sensing, communicating, and other functions over the traditional packaging medium.
Restraints
Fluctuating Prices to act as Market Restraint
The fluctuating prices of the resin may limit the global medical packaging market revenue over the forecast period.
Challenges
Environmental Issues to act as Market Challenge
The environmental issues related to some packaging material may act as a market challenge over the forecast period.
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Market Segmentation
- By Application
By application, the medicals segment will lead the market over the forecast period. Medical packaging is widely used in hospitals for various applications such as wound care, orthodontics, cardiovascular, dental, and others, thus boosting the growth of the segment.
- By Types
By types, the pouches segment will dominate the market over the forecast period owing to its alluring features such as lightweight, eco-friendly, and user-friendly.
- By End User
By end user, the hospitals segment will spearhead the market over the forecast period as medical packing is used to guard against contamination, keep ingredients safe, and also protect healthcare products from damage.
- By Materials
By materials, the sterilization segment will have the lions share in the market over the forecast period for the spreading of the virus and prevention of contamination.
Regional Takeaway
North America to Steer Medical Packaging Market
North America will steer the medical packaging industry over the forecast period. Rising technological advancements, increase in the number of several industries such as pharmaceuticals, medical, and health, the rising medical problems and diseases like COPD, asthma, diabetes, and cancer, favorable government policies and regulations, high spending on healthcare by consumers, better healthcare infrastructure, the presence of huge patient population, and increasing demand for quality devices and medicines in the healthcare are adding to the global medical packaging market growth in the region. Besides, the expansion of medical packaging industry, large-scale awareness about the perks offered by medical packaging in China and India, swift economic growth, rise in population, large customer base in the Asian countries, and the rise in the geriatric population that is prone to ailments are also adding market growth.
Segmentation of Market covered in the research:
Information: By Material (Film, Fabric, Tyvek), Type (Container, Vial, Tray, and Pouches), Application (Medicals, Research, Diagnostics, Plastic Industries), End User (Hospitals, Clinics, and Forensic) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
