Size of the global medical packaging market is anticipated to increase from 2023 to 2033 at a CAGR of 6.7%. The market value is anticipated to have increased from US$ 78.3 billion in 2023 to US$ 149.8 billion by 2033. In 2023, y-o-y growth in the medical packaging industry is predicted to be 3.29%.
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.
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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.
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 4.3% by 2033.
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“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.
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.
Get More Valuable Insights into Medical Packaging Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global market for medical packaging, analysing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the medical packaging market based on the material (plastic, glass, metal, paper, and paperboard), packaging format (bags, tubes, sachet, boxes, trays, pouches, ampoules, and others (container and clamshells)), end use (pharma & biological, medical supply, medical equipment, IVDs, and implants), and region.
Medical Packaging Market Outlook by Category
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
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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