In the forecast period from 2023 to 2033, the global medical packaging market is forecasted to experience a notable Compound Annual Growth Rate (CAGR) of 6.7%, with market value anticipated to surge from US$ 78.3 billion in 2023 to US$ 149.8 billion by 2033. Additionally, the global medical packaging industry is expected to demonstrate a year-on-year (y-o-y) growth of 3.29% in 2023. These projections underscore the escalating demand for advanced and secure packaging solutions within the medical sector, driven by factors such as technological advancements, stringent regulations, and increasing healthcare expenditure worldwide.
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.
Growth Drivers:
- Rising Healthcare Expenditure: Increased healthcare spending globally, especially in emerging economies, fuels the demand for medical packaging as healthcare infrastructure expands.
- Stringent Regulatory Requirements: Strict regulations regarding packaging standards and safety, particularly in developed regions like North America and Europe, drive the adoption of advanced packaging solutions to ensure compliance.
- Technological Advancements: Innovations in materials, such as sterile barrier systems, tamper-evident packaging, and anti-counterfeit technologies, enhance the safety and efficacy of medical products, driving market growth.
- Growing Aging Population: With an aging population worldwide, there is a higher demand for medical devices and pharmaceuticals, which in turn drives the demand for medical packaging solutions.
- Increasing Chronic Diseases: The prevalence of chronic diseases like diabetes, cardiovascular disorders, and cancer necessitates the use of advanced medical packaging for drugs, devices, and diagnostics, boosting market growth.
- E-commerce Expansion: The rise of e-commerce platforms for medical supplies and pharmaceuticals requires robust packaging solutions to ensure product integrity during transportation and delivery, contributing to market growth.
- Focus on Sustainability: Growing environmental concerns and regulations promote the adoption of eco-friendly and recyclable packaging materials, fostering market expansion.
Industry Restraints:
- High Cost of Advanced Packaging: Advanced medical packaging technologies often come with higher costs, which can be a barrier for small-scale manufacturers or healthcare facilities, limiting market growth.
- Complex Regulatory Landscape: Strict regulatory requirements and compliance standards in the medical industry can pose challenges for manufacturers, leading to delays in product launches and increased compliance costs.
- Risk of Product Contamination: Despite advancements, there is always a risk of product contamination during packaging, especially for sterile medical devices and pharmaceuticals, which can impact patient safety and brand reputation.
- Counterfeit Products: The prevalence of counterfeit medical products poses a significant challenge for the industry, undermining trust in brands and necessitating the implementation of robust anti-counterfeit packaging solutions.
- Limited Shelf Life: Some medical products have limited shelf life, requiring specialized packaging solutions to maintain product efficacy and safety, which can add complexity and cost to the packaging process.
- Fragmented Market: The medical packaging market is fragmented, with numerous players offering diverse products and solutions, leading to intense competition and price pressures.
- Supply Chain Disruptions: Disruptions in the global supply chain, such as raw material shortages or transportation challenges, can affect the availability and cost of packaging materials, impacting market dynamics.
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
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.
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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
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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