Medical Packaging Market Size Worth $169.18 Billion by 2028 - Exclusive Report by The Insight Partners
The global medical packaging market is growing at a CAGR of 6.4% from 2021 to 2028.
Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Medical packaging is essential in sustaining product quality and encourage safe and effective use. Packaging is done for the safety of medical products for storage, distribution, sale, and use. The material used for packaging is sterile barrier systems that safeguard the drugs, equipment, and other medical products. Also, the medical packaging requires a high quality of sterility to ensure that the product is free from contamination. These medical packaging systems increase patient safety and enhance packaging performance.
According to our new research study on “Medical Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material: Polymer, Foam, Molded-Fiber, Non-woven Fabric, Plastic, Films, Paper & Paperboard, and Others), Type (Containers, Pouches, Trays, Blister Packets, Vials, and Others), Application (Medical devices, Pharmaceutical and Biotechnology, Medical Equipment & Tools, and Others) and Geography,” the medical packaging market share to grow from $109.23 billion in 2021 to $169.18 billion by 2028; the market is estimated to record a CAGR of 6.4% from 2021 to 2028.
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Global Medical Packaging Market Analysis: Competitive Landscape and Key Developments
Amcor plc; DuPont de Nemours, Inc.; Mitsubishi Chemical Corporation; SGD Pharma; 3M; West Pharmaceutical Services, Inc; Avery Dennison Corporation; Sonoco Products Company; CCL Industries Inc.; and WestRock Company are among the major companies operating in the market
In June 2021, Amcor released the ACT2100 heat seal coating for medical-grade DuPont Tyvek 2 and paper packaging. This next-generation coating technology has improved performance attributes for healthcare applications and will be manufactured in numerous locations across the world to give clients more options in choosing the best site for device manufacturing and packaging.
In October 2020, SGD Pharma added a market-first 50 ml volume option in a tray produced at an industrial scale by a molded glass producer to its ready-to-use (RTU) molded glass vial portfolio.
In October 2019, 3M introduced a new style of packaging that doesn't require tape or filler and can be adjusted to fit any object weighing less than 3 pounds. The flex amp seal shipping roll, according to 3M, can reduce the amount of time spent on packing, the number of packaging materials used, and the amount of space needed to send items.
Rise in Demand for Counterfeit Prevention Mechanisms Fuels Global Medical Packaging Market Growth:
Counterfeit medical products have been detected in most member states and all regions. Examples involved widely-used medicines such as atorvastatin or paracetamol; limited-use medicines such as growth hormone, paclitaxel, and filgastrim; and other kind of drugs such as sildenafil and tadalafil, as well as medical devices such as contact lenses, condoms, surgical mesh, and strips used by diabetic patients to monitor their blood glucose concentrations.
The threat that counterfeit medicines pose to the global pharmaceutical sector is immense. From fake formulations to issues in the manufacturing process, some industry figures believe we could be looking at revenue losses up to € 27 billion in Europe alone. The International Hologram Manufacturers Association (IHMA) is a good source of expertise in this field and highlights an industry report that indicates continued growth for anti-counterfeiting packaging technologies.
The increasing demand for anti-counterfeiting techniques to protect the interests of patients has further strengthened the medical packaging's growth.
Global Medical Packaging Market: Segmental Overview
In terms of type, the containers segment held the largest share of the market in 2021. However, the blister packets segment is estimated to register a significant CAGR of 8.1% during the forecast period owing to increasing product developments, and product launches.
Based on type, the medical packaging market is segmented into containers, pouches, trays, blister packets, vials, and others. In 2021, the containers segment accounted for the largest share of the market. The market growth for this segment is primarily driven by the rising demand for counterfeit prevention mechanisms and increasing emphasis on convenience and environmental issues.
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In 2021, North America dominated the global medical packaging market. Growing demand for medical devices; rising investments, funds, and grants; and the growing number of hospitals propel the demand for pharmaceutical products and technological advancements, which is expected to bolster the growth of the market in the region during the forecast period. Additionally, the implementation of safety guidelines and policies and extensive investments by market players in product development and distribution in the US and Canada are fueling the market growth.
The global medical packaging market in Asia Pacific is anticipated to grow at the fastest rate in the coming years. The market growth in the region is attributed to the presence of pharmaceutical hubs in countries such as India and China, rise in healthcare spending, and lowest production cost than North America and Europe. In addition, a rise in the developments by the market players would fuel the market growth in Asia Pacific during the forecast period.
Go through further research published by The Insight Partners:
Sterile Medical Packaging Market - Global Analysis and Forecast to 2030
Medical Packaging Films Market - Global Analysis and Forecast to 2030
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