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Medical Packaging Market Likely Boost the Industry Revenue and Demand till 2026

Medical Packaging

Medical packaging has the primary function to protect packaged medical or pharmaceutical products. Different types of medical components have resulted in developing various types of medical packaging, ranging from preformed packaging to customizable packaging. Medical products have unique features and majority of them require proper sterilization and are therefore, designed ergonomically to fulfill the high medical standards and protect the product integrity.

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One of the major factor contributing to the growth of medical packaging market includes increasing number of hospitals and diagnostic centers and the growing healthcare industry. According to the Centre Of Medicare & Medicaid Services, in 2015, National Health Expenditure (NHE) grew to 5.8% to US$ 3.2 trillion or US$ 9,990 per person, playing a key role in the growth of healthcare industry. The gain in momentum of the plastic packaging industry, with focus on cost-effectiveness, is also playing a key role in growth of medical packaging market. According to Coherent Market Insights (CMI), the global plastic packaging market is expected to grow at a CAGR of 5.3% in terms of revenue and 5.1% in terms of volume during 2017-2025.

However, price fluctuations of raw materials such as resin and oil act as a major restraint for the medical packaging market. Shortage of packaging materials supply also affects the growth of the medical packaging market.

Medical Packaging Market Taxonomy:

On the basis of material, medical packaging market is segmented into:

Polymer

Paper & Paperboard

Non-woven fabric

Others

On the basis of packaging types, medical packaging market is segmented into:

Trays

Boxes

Bags

Pouches

Clamshell packs

Others

On the basis of packing types, medical packaging market is segmented into:

Primary

Secondary

Tertiary

Shrink Packing

On the basis of application, medical packaging market is segmented into:

Medical Devices

Medical Equipment & Tools

In Vitro Diagnostic Devices (IVDs)

Implants

Medical Packaging Market Outlook:

North America is leading the global medical packaging market. The U.S was leading market in this region in 2016. The increasing health awareness along with the growing healthcare industry is a major driving factor for the growth of medical packaging market in the region. North America is expected to lead the medical packaging market throughout the forecast period, owing to continuous product innovation and focus on extensive research and development activities namely child-resistant packs and pre-filled syringes. According to a report of Coherent Market Insights (CMI), in North America, the pharmaceutical equipment packaging industry accounted for around 40% of the market in 2016 and expected to retain its position through the forecast period.

Asia Pacific is the fastest growing region in medical packaging market with China, Japan, and India being the key markets in the region. The medical device market for APAC is expected to witness the fastest CAGR growth during the forecast period, which is expected to propel the growth of medical packaging market. In terms of packaging by material, Polymer held the major share in the medical device market in this region in 2016.

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Key players in the Medical Packaging Market:

Some of the major players operating the global medical packaging market include E. I. du Pont de Nemours and Company (U.S), Riverside Medical Packaging Company Ltd. (U.K.), Constantia Flexibles Group GmbH (Austria), Avery Dennison Corporation (U.S.), Amcor Limited (Australia), Placon Corporation (U.S.), 3M Company (U.S.), Wipak Group (Germany), West Pharmaceutical Services, Inc. (U.S.), Bemis Company (U.S.), and SteriPack Ltd. (Ireland).

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysisthrough various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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