PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250743
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250743
According to Stratistics MRC, the Global Medical Packaging Market is accounted for $1.55 billion in 2022 and is expected to reach $2.66 billion by 2028 growing at a CAGR of 9.4% during the forecast period. Medical packaging is an important step because it's essential to preserving the quality of the medicine within. Pharmaceutical packaging protects the product in line with its composition because some formulations require isolation against air, water, environmental pollutants, light, and other chemicals. Significant advancements in medicine, such as the commercialization of biologics and biosimilars as well as the use of nutraceuticals and synbiotics, have led to a considerable expansion of the pharmaceutical market, which has had a favourable effect on the medical packaging sector.
According to studies, the Indian pharmaceutical industry supplies, about 50% of the global demand for various vaccines, 40% of the U.S. market for generic drugs and 25% of the UK market for all medicines. According to data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America sold over 40% of all pharmaceutical products globally in 2020. Numerous businesses that specialize in pharmaceutical packaging serve well-known pharmaceutical firms.
Increased worldwide consumption of drugs
The increased use of medications on a global scale is a significant factor in market expansion. Due to the rising frequency and severity of chronic illnesses, busy lifestyles, and population ageing, drug use is on the rise globally. Traditional approaches to medication production have been replaced by technologically advanced ones, which has completely changed the industry and made it one that is distinguished by the employment of sophisticated machinery, expensive investments, and technology. Drug producers worldwide are now able to meet rising customer demand for medications in various forms while upholding quality standards thanks to technological advancements, modifications to the manufacturing process, and improved efficiency. These developments in the pharmaceutical sector will boost demand for cutting-edge medications and drive the market.
Lack of knowledge and the shortage of qualified staff
Financial limitations and outdated equipment are a drag on the growing medical business in developing countries. Further barriers to the expansion of the pharmaceutical sector include a knowledge gap and a staffing deficit. The biggest barrier to obtaining health is a lack of knowledge of better medical practises, which has an impact on the medical packaging business. These issues collectively restrict the size of the medical packaging market in emerging economies such as India, Brazil, South Africa, and others. The market will be strengthened during the predicted period, nonetheless, by stricter enforcement of the laws and better government policies.
Rising Prevalence of Chronic Diseases
The rising frequency of chronic diseases and the ageing population's combined effects on social behaviour are major drivers of market expansion. Many pharmaceuticals or medications are readily accessible in the marketplace for the treatment of medical conditions since both the government and the general public desire healthy lifestyles. Each medicine must be packaged to guard against contamination and harm from the outside. The governments of many areas have improved research and development in response to the sharp increase in chronic diseases in order to produce new, efficient medications for the chronic disease treatment, which supports the expansion of the medical packaging market.
Harmful Polymer Packaging
Polymer is currently primarily used in pharmaceutical packaging despite its high production, cost-effectiveness, and durability. Nevertheless, polymer harms environmental quality, takes a very long time to biodegrade, and increases pollutants. Polymers can occasionally react with products, resulting in product contamination that is harmful to human health. As the production of polymer takes place in facilities where toxic waste and excessive carbon dioxide are released into the environment, it is essential that polymer makers abide by all applicable rules and regulations.
COVID-19 has a variety of effects on the packaging business but still there continues to be a high need for medical packaging,. To enhance immunity and prevent viral infection during this pandemic, an enormous amount of medications were needed, which aided in the market's expansion. On the other hand, the lack of raw resources, storage space, and labour caused by the global shutdown has made it extremely difficult for manufacturers to strike a balance between supply and demand. Packaging producers are being forced to concentrate on diverse products, regional diversity, and stringent lockout laws in many countries.
The Plastics & Polymers segment is expected to be the largest during the forecast period
The Plastics & Polymers segment is estimated to have a lucrative growth. Polypropylene packaging for medications is a practical and affordable option. Blister packs, strip packages, sachets, pre-fillable syringes and nasal spray, pouches for parenteral solutions, or bottles are all packaged with plastics. Medical packaging needs to be made of materials that are easy to handle, have low water vapour permeability, and are chemically inert. Additionally, because the packing materials come into contact with drugs and biological agents directly, they are subject to stringent requirements set forth by regulatory organisations. These conditions are met by plastics and polymers, which is why they are frequently employed in medical packaging.
The pharmaceutical segment is expected to have the highest CAGR during the forecast period
The pharmaceutical segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the arrival of novel technologies with affordable and effective manufacturing processes, in addition to increasing high-value investments. Manufacturer need for packaging materials is rising as a result of the increasing number of medications being approved by regulatory authorities and the increased production of such drugs. Increasing mergers and acquisitions in the pharmaceutical sector are also one of the key drivers of market expansion.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the expansion of the healthcare system, contract manufacturing, government efforts, the increasing population, as well as an increase in the sales of over-the-counter (OTC) medications. Hospitals as well as other medical facilities have increased in number as a result of the rapid economic growth in nations like China, India, Japan, and South Korea. China offers domestic makers of medical products generous tax policies.
North America is projected to have the highest CAGR over the forecast period, owing to increase in the need for dependable, high-quality packaging solutions as more businesses have attempted to enhance their product offers by supplying better packaging materials. As well, the existence of numerous pharma companies is probably going to give the market a boost. The medical packaging market in North America will expand as a result of these firms' active efforts to create new drugs and their advancements in technologies like biologics and nanomedicines.
Some of the key players profiled in the Medical Packaging Market include Mitsubishi Chemical Holdings Corporation, Amcor Limited, 3M Company, DuPont, Sonoco Products Company, WestRock Company, Nipro Company, Sealed Air Corporation, Mondi PLC, Berry Global, Inc.
Nipro Corporation and West Pharmaceutical Services, Inc.
In April 2021, Amcor Plc (Switzerland) launched customer trials for a new mono-material, recyclable polyethylene blister pack-AmSky. This brand eliminates the use of polyvinyl chloride, making recycling possible.
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All the customers of this report will be entitled to receive one of the following free customization options:
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.