Introduction
The healthcare industry is characterized by continuous advancements in medical technology, treatments, and therapies. With this progress comes the responsibility of ensuring that healthcare products reach the end-users in optimal condition. This is where medical packaging steps in. It’s not just about protecting the products; it’s about maintaining their efficacy and safeguarding patients’ well-being.
Medical Packaging Market: An Overview
In a fast-paced and evolving industry, the Medical Packaging Market has witnessed significant growth. The market encompasses a wide range of packaging solutions tailored to meet the unique requirements of various healthcare products. These solutions include primary packaging (direct contact with the product), secondary packaging (grouping of primary packages), and tertiary packaging (distribution and transportation).
Anticipated to experience a CAGR of 6.7% during the forecast period from 2023 to 2033, the global medical packaging market is set to elevate its value from US$ 78.3 billion in 2023 to an impressive US$ 149.8 billion by 2033. The year 2023 is expected to witness a year-on-year growth of 3.29% in the global medical packaging industry.
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Plastics and polymers are key components of medical packaging. Various plastic resins, including PET, PE, PVC, PP, PS, and bioplastics, are used to manufacture pharmaceutical vials, closures, bottles, tubes, cartridges, and similar items. Paper and paperboard are commonly used in secondary and tertiary packaging due to their low cost, excellent printability, sustainability, and wide availability.
Glass and aluminum are often utilized for packaging pharmaceutical formulations that are in liquid or semi-solid states. Amber-colored glass is preferred for pharmaceutical packaging as it absorbs UV rays.
The market insights and findings mentioned above have been gathered by Future Market Insights through a comprehensive market study titled ‘Medical Packaging Market.’ Their team of analysts and consultants conducted thorough primary, secondary, and tertiary research to provide these insights.
“Technological and scientific advancements are expected to keep the cash registers ringing for medical packaging market in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Medical Packaging Market
- North America holds the largest market share with due to the US being home to large number of key participants.
- Europe holds a sizable market share due to extensive research being conducted on this count. There are players like CureVac and BioNTech that have been proven successful regarding their vaccines; which has prompted the other players to invest in biotech vertical in the UK, Russia, and Germany.
- The Asia-Pacific is expected to grow at a faster rate in the medical packaging market. This could be credited to India and China leading from the front; like ‘Healthy China 2020’ coupled with growing geriatric population.
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Competitive Packaging
- Amcor, in April 2021, unleashed new-fangled AmSkyTM blister system to offer environmentally-friendly healthcare packaging.
- Ashfield, in January 2021, announced developing 3 business divisions to offer a plethora of opportunities for medical packaging market.
- Amcor, in April 2022, did launch more sustainable and new High Shield laminates for its portfolio of pharmaceutical packaging.
- Amcor, in June 2021, did launch ACT2100 – a heat seal coating medical packaging solution with the objective of enhancing performance in healthcare applications along with serving the packaging needs of customers’ packaging.
- Amcor, in November 2019, constructed a state-of-the-art 11-layer cast extrusion line at Winterborne Centre of Excellence for cast films at Bristol (UK), investing US$ 10.87 Million.
- Wipak, in November 2019, tabled a novel pouch especially developed to pack robotic instruments and the other long devices. The basic advantage is that the devices are rendered sterile at the time of storage and transportation.
Key Players:
- 3M Company
- Amcor Plc
- Ardagh Group S.A.
- Becton, Dickinson and Company
- UDG Healthcare plc
- Berry Global Group, Inc
- Sealed Air Corporation
- Catalent, Inc.
- West Pharmaceutical Services Inc.
Market Benefits
- The study provides an in-depth analysis of the global medical packaging market along with the current trends and future estimations to elucidate the imminent investment pockets.
- The key market players along with their strategies are thoroughly analyzed to understand the competitive outlook of the industry.
- An extensive analysis of the market based on application assists in understanding the trends in the industry.
- The report presents a quantitative analysis of the market from 2022 to 2032 to enable stakeholders to capitalize on the prevailing market opportunities.
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Key Segments Profiled in the Medical Packaging Market
By Material:
- Plastics/Polymers
- Glass
- Metal
- Others
By Application:
- Bottles
- Trays
- Syringes/Ampoules/Vials
- Blister Packs
- Bags & Pouches
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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