PUBLISHER: Inkwood Research | PRODUCT CODE: 1178365
PUBLISHER: Inkwood Research | PRODUCT CODE: 1178365
The global medical grade paper market is forecasted to record a CAGR of 3.98% over the estimated years of 2023 to 2032. The market growth is primarily credited to the increasing demand for medical devices as well as the growing need for reliable and convenient packaging.
Medical grade paper is characterized as a packaging material used for medical devices. Its surging usage is ascribed to its composition of cellulose fibers intended to facilitate sterilization agent dispersion. Furthermore, medical grade paper is commonly used for gloves, bandages, catheters, needles, gauges, infusers, and other medical equipment, as well as packaging and systems.
Medical devices are an essential aspect of the healthcare system as they are vital in many medical operations. The medical devices industry also entails apparatuses, equipment, or machines utilized for the purpose of illness prevention, diagnosis, or treatment, in addition to detecting, restoring, measuring, correcting, or altering the function or structure of the body for health reasons. As medical devices have diverse applications, their demand is likely to expand significantly throughout the projection period, thus propelling the need for medical grade paper globally.
The global medical grade paper market growth assessment includes the analysis of North America, Asia-Pacific, Europe, and Rest of World. The market in the Asia-Pacific is set to rise with the fastest CAGR during the forecasting years. The region's growth is strengthened by key drivers, such as the growing population and improving economies, technological advancements as well as higher government spending on healthcare infrastructure upgrades, and the prevalence of resources like high manpower, WHO-GMP-approved production techniques, and competent workforce.
The global medical paper grade market is highly fragmented in nature and is dominated by both large players as well as smaller companies. The top firms operating in the global market include Amcor Plc, Billerud AB, Nelipak Corporation, Arctic Paper SA, etc.