Projected to experience a Compound Annual Growth Rate (CAGR) of 6.7% from 2023 to 2033, the global medical packaging market is poised for significant expansion. The market value is expected to witness a substantial surge, escalating from US$78.3 billion in 2023 to an estimated US$149.8 billion by 2033. Additionally, the global medical packaging industry is anticipated to display year-on-year (y-o-y) growth of 3.29% in 2023. This growth is driven by factors such as increasing healthcare needs, advancements in medical technology, and a growing emphasis on secure and efficient packaging in the medical sector, fostering industry-wide progress and innovation.
The global market is expected to derive its primary impetus from the expansive medical infrastructure, high per capita income, and substantial investments in drug development. Opportunities abound for medical packaging as the significance of generic medications grows, coupled with enhanced accessibility to advanced healthcare facilities, positioning the industry for lucrative prospects by 2033.
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Companies are looking to trade internationally as globalization increases. Over the previous few decades, global imports and exports have been steadily increasing. Globalization has created numerous opportunities in the manufacturing sector.
Industrialists and manufacturers no longer want to limit themselves to the domestic market. They are now eager to trade internationally. Expanding trend of pharma/biological packaging might raise the demand for medical packaging.
Import and export between numerous countries is expanding, thereby creating a profitable growth potential for medical packaging manufacturers. Product shipping necessitates sufficient safety and protection, as well as secure delivery of goods and services. As these medical packaging solutions are useful for securing and preserving goods in transit, they are also a cost-effective way of preventing harm to products.
End users jumping on the bandwagon are trying to capture the mass market by increasing their geographic reach through import-export. They are also establishing distribution hubs that might surge sales of medical packaging.
Manufacturers of medical packaging might also have opportunities to create solutions with much better specification and quality. These are anticipated to provide customers with satisfaction regarding their product protection. Hence, with increasing global trade, demand for medical packaging is anticipated to bolster during the forecast period.
Market Drivers:
- Growing Healthcare Industry: The overall expansion of the healthcare industry, driven by factors such as an aging population, increasing prevalence of chronic diseases, and advancements in medical treatments, contributes to the demand for medical packaging.
- Stringent Regulations and Standards: Increasing regulatory requirements and standards for packaging in the healthcare sector drive innovation in medical packaging materials and technologies to ensure product safety, integrity, and compliance.
- Rise in Personalized Medicine: The trend towards personalized medicine and biopharmaceuticals often requires specialized packaging solutions to protect sensitive and complex medications, contributing to the demand for advanced medical packaging.
- Technological Advancements: Ongoing advancements in packaging technologies, such as smart packaging, antimicrobial materials, and improved barrier properties, enhance the safety and efficacy of medical products, driving market growth.
- Focus on Sustainability: There is a growing emphasis on sustainable and eco-friendly packaging solutions in the healthcare sector. Manufacturers are exploring recyclable materials and environmentally friendly practices to align with global sustainability goals.
- Globalization of Pharmaceutical Supply Chains: The globalization of pharmaceutical supply chains increases the need for efficient and secure packaging to ensure the safe transport and delivery of medical products across borders.
Market Restraints:
- Cost Constraints: The development and implementation of advanced packaging technologies can be expensive. Cost considerations may restrain some healthcare companies, especially smaller ones, from adopting high-end packaging solutions.
- Complex Regulatory Landscape: The medical packaging industry is subject to a complex and evolving regulatory landscape. Complying with various regulations, standards, and certifications can pose challenges and hinder the introduction of new packaging technologies.
- Concerns about Plastic Waste: While plastic materials offer various benefits, concerns about environmental sustainability and increasing regulations around single-use plastics may impact the use of certain types of packaging materials.
- Supply Chain Disruptions: Global events such as pandemics, geopolitical tensions, or natural disasters can disrupt the supply chain, affecting the production and distribution of medical packaging materials.
- Limited Adoption of New Technologies: The conservative nature of the healthcare industry may result in slow adoption of new packaging technologies, as stakeholders may be hesitant to change established processes.
Key Takeaways from Medical Packaging Market Study:
- By material, the paper medical packaging segment is estimated to account for around 28% of the market share by the end of 2033.
- Based on end use, the pharma and biological segment is projected to register a CAGR of 7% from 2023 to 2033.
- In terms of packaging format, the pouches and bags segments are likely to together generate the most prominent share by 2033.
- The United States and China are expected to cumulatively account for about 21% of the global medical packaging industry share by the end of the forecast period.
- India medical packaging industry is projected to record a considerable share of around 3% by 2033.
“Development of bioscience and medicine is essentially the impetus behind the pharmaceutical sectors. The pharmaceutical sector makes a considerable economic contribution to Europe as one of the continent’s most successful high-tech sectors. The sector has seen a vital transition during the past five years, with a particular focus on the creation of biologic drugs. It is estimated to pave the way for new opportunities.” – Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Due to the existence of several competitors globally, the global market for medical packaging is subject to fierce competition. Reputable businesses are using acquisitions to bolster their market positions, which is further escalating competition. As these players directly compete for contracts with top pharmaceutical producers, this competitiveness is very obvious.
Packaging companies are putting more of an emphasis on offering value-added services to draw in more clients. They frequently use overt and covert technology such as QR codes and holographic images in their branding and anti-counterfeit packaging.
The Key Players Are:
- SCHOTT Group
- West Pharmaceutical Services
- Gerresheimer AG
- Steripack Group
- Amcor PLC
- Becton, Dickinson and Company
- DWK Life Sciences GmbH
- Sonoco Products Co.
- Berry Global Inc.
- Bormioli Pharma Srl
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For instance,
- Steri Group releaved its collaboration with Inflexion in July 2022 in an effort to hasten growth and geographic reach. It will contribute to improving the company’s service portfolio to better serve both current and potential clients.
Key Segmentations-
By Material:
- Plastic
- Glass
- Metal
- Paper
- Paperboard
By Packaging Format:
- Bags
- Tube
- Sachet
- Boxes
- Trays
- Pouches
- Ampoule
- Others (Container, Clamshells)
By End Use:
- Pharma & Biological
- Medical Supply
- Medical Equipment
- IVDs
- Implants
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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