Medical Packaging market, Growth, Competitive Landscape, Regional Outlook And Covid-19 Impact Analysis 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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Global Forecast Till 2030 @ https://www.marketresearchfuture.com/reports/medical-packaging-market-845
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