- Technological advancements, and excellent medical & healthcare facilities are prompting the growth of the global medical packaging market.
- Environmental issues and the fluctuations in the prices of the resin may hamper growth.
- North America is currently leading the global medical packaging market.
Medical packaging requires a high amount of sterility to ensure that the product is free from any source of contamination. The need for medical packaging arises from the increasing demand from the healthcare as well as the consumers for a sterile as well as cost effective forms of packaging. Constant technological advancement is being carried out by manufacturers to manufacture not only sterile but also simplistic forms of medical packaging. The medical packaging market is also witnessing a trend of trial packaging wherein the consumers are provided with a smaller dose to check if the medicine still suits them or not. The need for an efficient form of medical packaging also arises from various regulatory points laid by the FDA to be followed for manufacturing the packaging types. The global medical packaging market is expected to witness substantial growth over the forecast period which is attributed to rising healthcare expenditure by the regional governments all over the globe.
Technological advancements, and excellent medical & healthcare facilities are prompting the growth of the global medical packaging market. Use of packaging material that reduces the carbon footprint and are rendered as safe for the environment are gaining traction in the global medical packaging market. Environmental issues and the fluctuations in the prices of the resin add to the costing pressure among the manufacturers as they are not able to maintain constant profitability margins. These factors are expected to hamper the growth of the global medical packaging market. The global medical packaging industry is also witnessing a trend of the on the go products to benefit the end users with the ease of packaging. Also, to provide the nurses and doctors with the ease of identifying the surgical kits, the manufactures have also introduced color coded inner and outer labels which is expected to create significant opportunities for growth of the global medical packaging market.
On the basis of geography, the global medical packaging market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is currently leading the global medical packaging market attributed to the well-established healthcare sector in the region. APAC region is expected to gain substantial share in the market revenue over the forecast period due to rising middle class population demanding for highly sterile forms of packaging. Europe is expected to witness moderate growth in the medical packaging market. Latin America and MEA region are expected to witness growth due to increasing pressure from the regulatory forces to improve the quality and functionality of the medical packaging.
Some of the key players operating in the global medical packaging market are Bemis Company, Inc., Amcor Limited, Gerresheimer AG, Schott AG, West Rock Company, Becton Dickinson and Company, Alpha Packaging, Winpak Ltd, Wipak Ltd., Mondi Group, and E. I. du Pont de Nemours and Company.
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