- The main purpose of medical packaging is to avoid contamination of drugs and maintain the cleanliness and sterility of the instruments.
- Global medical packaging market is anticipated to record a CAGR of around 7%.
- Prominent Key Players are Amcor Limited, Bemis Company Inc., BillerudKornas AB, E.I. Dupont De Nemours and Company, Palcon, ProAmpac LLC, Wipak Group.
A recently published report by Research Nester titled “Global Medical Packaging Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” delivers detailed overview of the global medical packaging market in terms of market segmentation by material, by packaging type, by packing type, by application and by region.
The investments in healthcare sector is growing coupled with the growing market of implantable devices. The manufacturers have started to use different color of materials to provide the nurses and doctors with the ease of identifying the surgical kits. The increasing technological innovations for sustainable packaging and expansion of biotechnology and pharmaceutical industry is estimated to boost the growth of the global medical packaging market with a CAGR of 7% over the period 2019-2027.
The global Medical Packaging Market is segmented by material, packaging type, packing type, application, out of which medical tools & equipment segment is expected to grow at a significant rate. The material segment is divided into polymer, paper & paperboard, non- woven fabric and others. The packaging type segment is divided into trays, boxes, bags & pouches and others. The packing type segment is divided into primary, secondary and tertiary. Further, the application segment is divided into medical tools & equipment, in-vitro diagnostics products, medical devices and others.
Environment Friendly Packaging Material to Boost the demand in the Future
The medical packaging market is thriving on the back of use of packaging material that reduce carbon footprints and are safe for the environment.
Rising Disposable Income- The rising disposable income in the developing countries strengthening the expenditure on healthcare facilities which is likely to foster the medical packaging market growth.
North America is expected to grow at a high rate on the back of increased chronic diseases, development in medical sector, growing government support, and increase in pharmaceutical industries in the region. Europe is expected to grow owing to government support and well- established healthcare industry. Asia Pacific is expected to grow at a fast rate attributing to increasing demand for quality treatment, quality devices and presence of huge patient population.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Medical Packaging Market
The high cost of raw materials used, and rising healthcare cost are the factors inhibiting the growth of global medical packaging market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global medical packaging market which includes company profiling of Amcor Limited, Bemis Company Inc., BillerudKornas AB, E.I. Dupont De Nemours and Company, Palcon, ProAmpac LLC, Wipak Group, SteriPack Contract Manufacturing, Nelipak Healthcare Packaging and Oracle Packaging. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.