MARKET OVERVIEW- GLOBAL MEDICAL PACKAGING MARKET
Medical packaging has the primary function of protecting packaged medical, and pharmaceutical products. Different types of medical components have led to the development of different types of medical packaging inclusive standard packaging to customizable packaging. Medical products have unique properties which require proper sterilization to ergonomically design to meet high medical standards and protect product quality. Increased demand for medical devices and tools by healthcare, and hospitals is driving the medical packaging market amid the coronavirus pandemic. Companies in the medical packaging market can accelerate product development and unlock revenue opportunities to gain competitive advantage. Market participants are expanding their services to gain competitive advantage. Global market players has focused on sustainable packaging solutions that are cost-effective for consumers.
Increasing number of hospitals and diagnostic centres and the growing healthcare industry is one of the major factor driving the global medical packaging market. For an instance, according to National Bureau of Statistics of China, the total number of hospitals in China was around 33,009, which has increased to 35,395 in 2020. The rapid growth of the healthcare industry has significantly increased the demand for convenient and efficient packaging solutions for pharmaceutical and medical devices across the globe. Also, the demand for medical tools has increased drastically leading to consumption of medical packaging solutions. Moreover, medical packaging is widely used in the primary line of medical devices, pharmaceutical products and other products. With the drastic growth of the healthcare industry worldwide, the demand for medical packaging solutions is expected to surge in the forecasted period. Furthermore, the healthcare industry is one of the few industries that has withstood the pandemic and experienced drastic growth as a result of the pandemic. Products that have seen huge demand in the market are drugs, vaccines and medical devices. Countries around the world have significantly increased their investments in healthcare to minimize the impact of the pandemic and maintain economic stability.
Increasing demand for patient-oriented drugs and medicines is expected to positively influence the growth of the market. Some drugs are manufactured using animal, microorganism, plant or human cells and are commonly prone to contamination and are also sensitive to heat, which is estimated to increase the demand for specific packaging solutions leading to opportunity in the medical packaging market.
Medical packaging require majorly raw materials such as resins, rubber, and others. Fluctuations in prices of such raw materials act as a major restraint for the medical packaging market. The versatility in raw materials pricing has led to gap in supply and demand in the market. Hence, the consumption of medical packaging products will decline owing to lack of supply. The aforementioned factors are among major factors restraining the market growth during the study period.
MARKET GROWTH CHALLENGES
Strict legal requirements, globalization and other economic factors are among major factors challenging the market growth. The packaging of medical devices and related components is strictly regulated and should meet specific requirements. Also, frequent changes in rules including labels change, packaging standards can be challenging for manufacturers to create and implement new regulatory frameworks for information and anti-counterfeiting. Due to numerous regulatory and economic difficulties, the pharmaceutical industry is constantly under pressure to reduce costs leading to lower supply of medical packaging materials in the forecasted period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global medical packaging market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. The increased demand for packaging materials with high shelf- life and cost-effectiveness is driving the market and is expected to witness growth at a specific CAGR from 2023-2029.
MEDICAL PACKAGING MARKET SEGMENTAL OVERVIEW
The Global Medical Packaging Market consists of different market segments like By Raw Material, By Packaging Type, By Packing Type, Application, and geography.
MEDICAL PACKAGING MARKET BY MATERIAL TYPE
The Medical Packaging market on the basis of raw material include:
- Paper & Paperboard
- Non-Woven Fabric
On the basis of material, the polymers segment holds the largest share of the medical packaging market. Polymers provides high shock absorption, higher structural and thermal stability, and can act as an insulator, making it an ideal packaging solution for the storage and transport of critical medical drugs. Different types of plastic include low-density polyethylene, linear low-density polyethylene, polypropylene, and polyethylene terephthalate. The aesthetics offered by polymer materials, such as the ability to appear in a range from opaque to clear has increased the market applicability. The high consumption of polymer made packaging types across the globe contributes to the segment growth in the forecasted period.
MEDICAL PACKAGING MARKET BY PACKAGING TYPE
By packaging type, medical packaging market is consisting of
On the basis of packaging type, the pouches segment holds the largest share of the medical packaging market. The pouches are available in various sizes with small dimensions and high product-to-package ratio which allows easy storage and handling of medical devices. Also, pouches when made from suitable materials such as polyethylene have the ability to offer protection to equipment against light, moisture and gases. The aforementioned pros of pouches is expected to drive the market growth in the forecasted period.
MEDICAL PACKAGING MARKET BY PACKING TYPE
The Medical Packaging market on the basis of packing type include:
- Primary packaging
- Secondary packaging
- Tertiary packaging
On the basis of packing, the primary packaging segment holds the largest share of the medical packaging market. Product benefits that include contamination prevention, quality assurance, and safety during transportation, and enhanced performance are the major factors expected to boost demand for the products in the coming period. In addition, primary packaging, such as tubes vials, blister packs require primary packaging to protect it from contamination leading to increased application of primary packaging across the globe.
MEDICAL PACKAGING MARKET BY APPLICATION
The Medical Packaging market on the basis of application include:
- Medical Tools & Equipment
- Medical Devices
- In-Vitro Diagnostic Products
Based on application, the Medical Tools & Equipment segment holds the largest share of the medical packaging market. The growing demand for medical tools & equipment with betterment of healthcare facilities along with the growing population is expected to positively influence the growth of the market segment. Moreover, favourable government initiatives supporting the development of the healthcare industry has positively influenced the medical tools & equipment segment mostly in developing countries are estimated to boost the growth of the segment during the period under review.
MEDICAL PACKAGING MARKET BY GEOGRAPHY
The Medical Packaging market is studied for the following region:
- North America
- Rest of the World (RoW)
For the medical packaging market, North America is the leading global medical packaging the increasing health awareness along with the growing healthcare industry expenditure is the major driving factor for the growth of the medical packaging market in the region. For an instance, according to Canadian Institute for Health Information, the total health expenditure in Canada was around USD 103.9 Billion in 2018 which has increased to USD 232.1 Billion in 2021. Also, continuous product innovation and focus on extensive research and development activities, namely child-resistant packaging and pre-filled syringes. Moreover, rising levels of disposable income are expected to fuel the growth of the pharmaceutical industry leading to the demand for medical packaging. United States has dominated the North America market in and will maintain its leading position in the coming years due to growing government initiatives coupled with increasing contract manufacturing activities, and increasing aging population.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL MEDICAL PACKAGING MARKET
Axiom MRC provides a 360-degree analysis of the micro and macro-economic factors of the medical packaging market. The report studied an exclusive analysis of the impact of COVID-19. In addition, the report also studied a complete analysis of changes in the global medical packaging market, spending, and economic and international policies on the supply and demand side. COVID-19 has had a positive impact on the medical packaging market.
The medical packaging market is booming amid the coronavirus pandemic due to increasing demand for medical tools and equipment. The increasing spread of the coronavirus is responsible for the increasing demand and supply of vaccines and medical supplies, pharmaceutical drugs, syringes, masks, and others leading surge in market growth during the pandemic.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the medical packaging is majorly focused on expanding the global growth of medical packaging market with new packaging type innovation, business expansion, and the increasing presence of a range of manufacturers operating in medical packaging market has led to the growing demand for the market.
The key players studied in the market are
- 3M (United States)
- E.I. Du Pont De Nemours and Company (United States)
- Westrock Company (United States)
- Amcor Limited (Australia)
- Berry Global Inc. (United States)
- Avery Dennison Corporation (United States)
- CCL Industries Inc. (Canada)
- CONSTANTIA (Austria)
- Bemis Company, Inc. (United States)
- Sonoco Products Company. (United States)
- West Pharmaceutical Services, Inc. (United States)
- Technipaq Inc. (United States)
- Toppan Printing Co., Ltd. (Japan)
- Thomas Packaging LLC (United States)
- Tekni-Plex (United States)
- Wipak Group (Finland)
- Oliver (Germany)
- Rollprin (United States)
- Klöckner Pentaplas, BM (England)
- Placon (United States)
- Gx Elite (Europe)
April 2021: Amcor has launched a new product in medical packaging segment named AmSky. The product is environmentally harmless and can be disposed sustainably.
September 2019: Amcor has inaugurated a new ecommerce laboratories to help and optimise customer packaging demand across the globe. The key strategy is expected to expand the company presence globally with better distribution capabilities
January 2020: The Gx Elite has launched new glass packaging vials made up of borosilicate glass. The product is capable of string the drug with enabling tube draw, and via forming process. The lunch is expected to increase the market capture of the company across the globe.