According to Market Research Future (MRFR), the Medical Packaging Market is projected to grow at a CAGR of 6.3% from 2022 to 2030 (forecast period). The study presents the strengths, opportunities, challenges, and future business risks and offers a systematic overview of the global market environment with the effects of COVID-19.
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Medical packaging has a range of important purposes, but the primary role is to protect packaged medical or pharmaceutical items. Medical packaging is designed to promote medical standards and protect medical items, since they have unique specifications and often require sterilization before packaging. As a result of the wide variety of medical components, medical packages range from pre-formed packages to customized packages for specialty parts. Variations in size, rigidity, breathability, and sterility allow even the most fragile medical component to be shipped in an appropriate package.
Market Dynamics
Medical packaging plays a significant role in preserving the quality of the product and encouraging safe and effective use. The growing market for implantable devices, the growth of the healthcare market, the rising awareness of healthcare in different regions, especially in developing countries such as India and China, add fuel to the growth of the global market for medical packaging. In addition, growing disposable incomes in developing countries are increasing expenditure on healthcare facilities. Improving sustainable packaging technology and innovation in pharmaceuticals and life sciences are the main drivers of the industry.
Packaging is a technology for the safety of medical products intended for distribution, storage, sale, and use. These packaging materials are an integral part of medical packaging that protects drugs, equipment, and the health of millions of patients. Increased healthcare costs are expected to limit the global market's growth for medical packaging over the projected period. According to the FDA, packaging also refers to the process of designing, evaluating, and producing packages. In addition, all packaging materials must be checked to maintain the quality standard, and all packaging operations should be segregated to avoid the risk of confusion between similar items. FDA Regulation covers medical packaging in two sections that include K-Labeling and Packaging. According to them, all manufacturers shall ensure that device or drug packaging and shipping containers are designed and constructed to prevent damage to the device under the customary conditions of processing, storage, handling, and distribution.
Market Segmentation
The segment study of global medical packaging market is based on application, material, types, and end user.
The material based segments of the medical packaging market are foam, adhesives, sterilization, molded fiber, tyvek, plastics, fabrics, films, and others.
The type based segments of the medical packaging market are trays, blister packets, clamshell packs, pouches, vials, containers, and others.
The application based segments of the medical packaging market are plastic industries, chemicals, diagnostics, medical, pharmaceuticals, and research among and others.
The end user based segments of the medical packaging market are research centers, forensic departments, medical, hospitals, clinics, and others.
Regional Analysis
By region, the global medical packaging market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas dominate the global market for medical packaging due to significant advances in the medical sector, expanded pharmaceutical industries, and increased government funding for research institutions. In addition, increased chronic diseases such as asthma, cancer, COPD, diabetes in this area are driving the development of this region. According to the WHO, about 30.3 million people of all ages had diabetes in 2015, which is 9.4% of the U.S. population. These rising patient populations enhance the demand for quality devices and drugs for treatment; thus, medical packaging plays a significant role in order to provide quality treatments.
Europe is comprised of two regions, namely Western Europe and Eastern Europe. Western Europe accounts for a large market share, mainly contributed by Germany, the United Kingdom, and France. Due to government funding and a well-established healthcare industry, Europe is second in the global market for medical packaging. This is expected to continue to push the European market over the forecast period.
The Asia Pacific is the fastest-growing market for medical packaging due to the existence of a massive patient population and high healthcare expenditure. Moreover, the growing demand for quality medical devices and drugs in the healthcare sector is projected to contribute to the growth of medical packaging in the region. As per the Australian Bureau of Statistics, about 5.1% of the Australian population were diagnosed with diabetes in 2016, which is leading the demand for quality treatments; therefore, the market for medical packaging is rising rapidly in this area.
On the other hand, the Middle East and African regions have the least market share due to low healthcare expenditure, lack of disease knowledge, inadequate access to treatment, and restricted technology availability.
Key Players
The industry giants in the global medical packaging market are Amcor Limited (Australia), Chesapeake Limited (U.S.), DuPont (U.S.), Klöckner Pentaplast Group (Germany), MeadWestvaco Corporation (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), Bemis Company Inc. (U.S.), West Pharmaceutical Services, Inc. (U.S.)., 3M company, and, others.
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