In 2032, the medical packaging market is projected to be worth US$75,292.3 million. The market for medical packaging is expanding quickly.
According to FMI Analysts, the global market for medical packaging is anticipated to reach US$ 38,634.4 million in 2022 and is expected to grow at a CAGR of 6.9% from 2022 to 2032.
With the COVID-19 situation, it has become more crucial than ever to respond to trends, both inside and outside of hospitals, in order to deliver better care at cheaper prices. Changes in the medical industry are constant. Similar to this, developments in medical packaging are being driven by trends like miniaturisation and compactness.
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In 2020, COVID-19 struck and affected sectors on all scales and levels, while the medical packaging industry experienced quite the opposite. The demand for medical packages significantly grew as the frequency of respiratory infections and the medications used to treat the disorders increased. A significant factor was also the rise in overall drug sales. Lockdown limitations caused negative effects and the purchase of drugs in numerous countries. Lockdown restrictions in many countries led to side effects and the purchase of unnecessary medications. From the point of manufacture to the point of use, packaging and labeling determine the quality of medical packaging.
What is the Competition Landscape in the Medical Packaging Market?
Some of the leading companies operating in the global medical packaging market include 3M Company, Amcor Plc, Ardagh Group S.A., Becton, Dickinson and Company, UDG Healthcare plc, Berry Global Group, Inc, Sealed Air Corporation, Catalent, Inc., West Pharmaceutical Services Inc., Mondi Group Plc, Gerresheimer AG, Constantia Flexibles Group GmbH, Nipro Corporation.
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New AmSkyTM blister system, to be unveiled by Amcor in April 2021, offers the potential to dramatically reduce the environmental impact of healthcare packaging. To expand and strengthen the company’s healthcare services, Ashfield, a division of UDG healthcare plc, announced the development of three business divisions in January 2021, in turn offering lucrative opportunities for the global medical packaging market.
Ardagh Group announced an investment program of US$ 1.8 billion in the metal beverage packaging and glass packaging markets in October 2020.
To obtain sustained competitive advantage over their competitors, companies are increasingly offering superior packaging solutions.
Key Players:
- 3M Company
- Amcor Plc
- Ardagh Group S.A.
- Becton, Dickinson and Company
- UDG Healthcare plc
- Berry Global Group, Inc
- Sealed Air Corporation
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Key Segments Profiled in the Medical Packaging Market
By Material:
- Plastics/Polymers
- Glass
- Metal
- Others
By Application:
- Bottles
- Trays
- Syringes/Ampoules/Vials
- Blister Packs
- Bags & Pouches
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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