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Rising Demand for Better-Characteristics in Packaging for Medical Supplies Fuel Sales in Healthcare Packaging; E-commerce Key Driver, Observes TMR
- Customized-drug Development Presents Large Avenue for Healthcare Packaging Brands
- Single-use Plastics High on Popularity; Sustainability to Remain the Key Focus
ALBANY, New York, March 31, 2020 /PRNewswire/ -- Utilization of rigid healthcare packaging materials to meet varied packaging characteristics of medical supplies and devices is increasingly driving the sales in the healthcare packaging market. Packaging brands take care of range of needs of pharmaceutical companies. In particular, they are harnessing the durability and cost-effectiveness of plastics to bring innovations in the space. In 2018, healthcare packaging units amounting to around 167 billion were sold, which corresponds to ~ US$ 91 bn.
Future Outlook: Focus of drug makers and medical devices industry to prevent the penetration of counterfeit products in the industry has channelized sizable investments in the healthcare packaging manufacturing technology. Functionality of packaging and performance are the key attributes for the future evolution of the healthcare packaging market.
Revenues in the global market are projected to expand at a CAGR of ~ 5% from 2019 to 2027. Riding on the back of contract manufacturing, Asia Pacific market is anticipated to rise at an impressive growth rate through 2027.
Analysts at TMR opine that the sales of medical supplies through e-Commerce will likely drive the demand for robust packaging materials among healthcare packaging brands. They further assert that manufacturers in the light of increasing counterfeit products will make rapid numerous technological shifts, notably including RFID tags and barcodes.
Key Takeaways in Healthcare Packaging Market Study
- Over the next five years, North America to create new value and volume records in the healthcare packaging market
- Among the various raw materials, plastics rule the roost; cost-efficiency and versatility have driven their popularity
- Among the various end-use, medical supplies currently account for at least 33.3% of the total market share
- Pharmaceuticals and biological end-use areas expected to witness sizable demand for healthcare packaging; substantial demand for medicines among children key factor
- North America is projected to hold 90% of the total market revenues during the forecast period
- Demand for child- and senior-friendly packaging bolster evolution of Europe healthcare packaging market
Explore 233 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Healthcare Packaging Market (Packaging Format: Flexible Packaging (Bags & Pouches, Envelopes, Tubes, Sachets), Rigid Packaging (Trays, Boxes & Folding Cartons, Clamshells, Blisters, Bottles & Jars, Containers, Aerosol Cans, Ampoules & Vials); Material: Plastic (Polyethylene, Polypropylene (PP), Polyethylene Terephthalate (PET), Polystyrene (PS), Polyvinyl Chloride (PVC), Polyamide/EVOH, Polyurethanes (PUR), Other Plastics), Metal (Aluminum, Tin), Glass, Paper & Paperboard; End Use: Pharmaceuticals & Biological, Medical Supplies (Gloves, Scissors, Syringes and Needles, Surgical Tapes, Others), Medical Equipment (Surgical, Therapeutic, Diagnostic)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027 at https://www.transparencymarketresearch.com/healthcare-packaging-market.html
Healthcare Packaging Market: Key Driving Factors and Avenues
Evolution of the healthcare packaging market largely pivots on the favorable trends in the packaging and healthcare industries. These trends in developing and developed nations are further bolstered by macro-economic frameworks.
Use of e-commerce trends is one of the most significant trends that have shaped the contours of the market in recent years. Medical device manufacturers and pharmaceutical companies have strongly gained from the rise in demand for their products through e-commerce channels, thus opening new avenues for packaging industry to tap into. Some of the other notable trends are:
- Sustainability is one of the key concerns among healthcare packaging manufacturers. Though plastics still ride on popularity, manufacturers will strengthen their raw material chain to boost sustainability in the chain.
- Customized packaging is one of the trends gaining ground in the healthcare packaging market
- In particular, several anti-counterfeiting measures taken by packaging manufacturers and healthcare companies bolster the revenue potential the healthcare packaging market. Counterfeiting is a major worldwide problem as is evident in an estimation made in an article in NCBI. In the U.S. alone, this cost businesses more than $200 bn annually.
- Growing deployment of new technologies such as 3D and advances in RFID and other tracking technologies will help all stakeholders to ensure the products are not counterfeit and safe for end users.
- Despite the preference of plastics as a packaging material, a few healthcare packaging companies are making shift toward paper packaging materials. Further, a rise in demand for ecologically friendly packaging will offer stiff competition to the demand for plastics.
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Healthcare Packaging Market: Region-wise Analysis
Of all the regions, North America holds a major share in the healthcare packaging market. The growth has been fueled by numerous investment trends. Pharmaceutical brands and medical companies are expected to pour in large investments in improving the reliability of their packaging. Particularly, the region is witnessing the rise in demand for various types of packaging that meet the transportation criteria, in the light of the growing use of e-commerce channels for medical supplies.
On the other hand, Europe has proved to be a prominent market. Entry of big packaging companies in the landscape, especially in the Poland, is expected to spur revenues in the regional market in coming years.
Automation in packaging lines will give rise to significant opportunities in emerging markets, such as in Asia Pacific.
Analyze healthcare packaging market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Healthcare Packaging Market: Competitive Landscape
Several packaging makers in the healthcare packaging market focus on taking measures insuring a steady supply of raw materials. In several regions, this is resulting in new partnerships and tie-ups among global companies and indigenous manufacturers. A case in point is Asia Pacific.
Players in the key regional markets are developing packaging solutions that comply with prevailing regulations. They are leaning on unveiling packaging that help healthcare industry to reduce carbon footprints of the packaging used.
Overall, the healthcare packaging market is largely fragmented with the top players accounting for a relatively small share. Packaging companies that aim to consolidate their stakes in the market include Berry Global, Bemis Company, WestRock Company, Mondi Group, and Amcor Limited.
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Global Healthcare Packaging Market: Classification
- Flexible Packaging
- Bags & Pouches
- Rigid Packaging
- Boxes & Folding Cartons
- Bottles & Jars
- Aerosol Cans
- Ampoules & Vials
- Polyvinyl Chloride
- Other Plastics
- Paper & Paper Board
- Pharma & Biological
- Medical Supplies
- Syringe & Needles
- Surgical Tapes
- Medical Equipment
- North America
- Latin America
- Asia Pacific
Explore Transparency Market Research's award-winning coverage of the Global Packaging Industry:
Medication Dispensing & Packaging Systems Market – Despite being a relatively new landscape, the medication dispensing & packaging systems market is growing at an above-average rate of ~7%, and will continue to advance, as patients and medical personnel demand automated solutions that help eliminate medication errors. These systems will hold high prominence for the manufacturing of single-dose sachets to offer a precise dose of drugs to the geriatric population.
Cosmetic and Perfume Glass Packaging Market – The global cosmetic and perfume glass packaging market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, about which, TMR offers thorough insights and forecasts in this report.
Pre-press for Packaging Market – The global pre-press for packaging market is projected to expand at a CAGR of ~4% during the forecast period, due to several factors, about which, TMR offers detailed insights and forecasts in pre-press for packaging market report.
Retort Packaging Market – The demand for processed food is growing by the day, while companies manufacturing processed food are happy about this trend, those who produce packaging material for processed food are also riding high. Transparency Market Research has recently published a report on the global retort packaging market. Further, the report states that the global retort packaging market will grow at 5% CAGR during the forecast period from 2019-2027.
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