Medical Packaging Market is accounted for USD 48 billion in 2020, growing at a robust CAGR of 6.9% during forecast period.

 

Introduction of the Medical Packaging Market Report

Medical packaging serves various essential functions, but its primary role is to protect a medical or pharmaceutical product. Medical products feature unique specifications and sometimes require sterilization before packaging; medical packaging is meant to uphold the best medical standards and ergonomically protect the integrity of a product.

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Market Dynamic

Key Drivers and Emerging Trends

Medical packaging plays a vital role in sustaining product quality and encouraging safe and effective use. The increasing marketplace for implantable devices, the rapid growth of the healthcare market, rising awareness of healthcare in different regions, especially in developing countries such as China and India, are propelling the growth of the global medical packaging market. Additionally, the increase in the prevalence of chronic disease and high expenditure on healthcare facilities add fuel to the market growth. For instance, according to the Centers for Medicare & Medicaid, in 2020, the United States health care spending grew to 9.7 percent and reached around USD 4.1 trillion.

Moreover, technological advancement in the packaging such as I2Pack (Intelligent and Interactive Packaging) is the new format for the packaging of smart devices. I2pack can perform more tasks other than only containing and protecting goods, such as interacting with consumers by integrating RFID, energy harvesting, communicating, sensing. Further, medical packaging manufacturers are increasing investment and R&D activities for producing sustainable packaging solutions. For instance, in 2020, Avient Corporation announced equipping an existing facility in Singapore to meet the growing demand for specialty pre-colored ‘medical grade’ Mevopur polymers.

Restraint in the Medical Packaging Market

However, there are some factors that are hampering the growth of the market, like the stringent rules and regulations regarding the packaging of medical products and fluctuation in the prices of raw materials.

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Materials – Segment Analysis

Based on the Materials, the polymer segment is expected to witness higher growth in the global medical packaging market during the forecast period. Polymers play an important role in medical device packaging as plastic has a long shelf life. The cost of material required to make plastic is also less, thereby reducing the cost of manufacturing. Plastics can also be used to resist corrosion shattering and can also handle repeated sterilization. Therefore, these factors are propelling the segmental growth during the forecast period.

Packaging type – Segment Analysis

Based on the Packaging type, bags & pouches are projected to emerge as the fastest-growing market over the forecast period due to its various advantages such as user-friendly, environment-friendly, and lightweight. Moreover, bags & pouches reduce contamination risk as bags can be sealed when not in use. Thus, these factors are fuelling the market growth.

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Regional – Segment Analysis:

Based on the regional analysis, the North American region is expected to grow at a higher CAGR in the global medical packaging market due to massive development within the medical sector and increasing government support. Moreover, an increasing number of chronic diseases such as cancer, COPD, diabetes, and other patients in the region will further propel the market growth. For instance, according to CDC, around 37.3 million people in the United States have diabetes, and around 96 million people aged 18 and older have prediabetes.

 

Top Market Players

Various notable players operating in the market include 3M, Westrock Company, Amcor plc, Berry Global Inc, Avery Dennison Corporation, CCL Industries, Constantia Flexibles, Bemis Manufacturing Company, Sonoco Products Company, West Pharmaceutical Services, Inc, among others.

Key Developments:

• In 2021, Amcor announced the opening of a State-of-the-art healthcare packaging facility in Singapore. Amcor to innovate co-extrusion film and printing technology while driving sustainable packaging offering to the medical device packaging industry.
• In 2021, Peli BioThermal opened a new service centre in India. The service centre is located in Ahmedabad, a central manufacturing hub for pharma companies in the western part of India.

Segments Covered in the Report:

The global Medical Packaging Market has been segmented on the basis of Materials, Packaging type, Application, and regions. Based on Materials, the market is segmented into Polymer, Paper and Paperboard, Non-woven fabric and Others. Based on Packaging type, the market is segmented into Bags and Pouches, Trays, Boxes and Others. Based on Application, the market is segmented into Medical Tools and Equipment, Medical Devices, In-Vitro Diagnostics Products and Implants.

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Key questions answered in this research report:

• • At what pace is the global Medical Packaging Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Medical Packaging Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Medical Packaging Market?
  • Which Materials generated maximum revenues in 2020 and identify the most promising Materials during the forecast period?
  • What are the various application areas of the market, and how are they poised to grow?
  • Who are the key players in this market, and what are their business strategies? What does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2020)	USD 47,911 Million
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Materials, By Packaging type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	3M, Westrock Company, Amcor plc, Berry Global Inc, Avery Dennison Corporation, CCL Industries, Constantia Flexibles, Bemis Manufacturing Company, Sonoco Products Company, West Pharmaceutical Services, Inc, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Medical Packaging Market by Materials

• • Polymer
  • Paper and Paperboard
  • Non-woven fabric
  • Others

Global Medical Packaging Market by Packaging type

• • Bags and Pouches
  • Trays
  • Boxes
  • Others

Global Medical Packaging Market by Application

• • Medical Tools and Equipment
  • Medical Devices
  • In-Vitro Diagnostics Products
  • Implants

Global Medical Packaging Market by Region

• North America Medical Packaging Market (Option 1: As a part of the free 25% customization)
  • By Materials
  • By Packaging type
  • By Application
  • US Medical Packaging Market All-Up
  • Canada Medical Packaging Market All-Up
• Europe Medical Packaging Market (Option 2: As a part of the free 25% customization)
  • By Materials
  • By Packaging type
  • By Application
  • UK Medical Packaging Market All-Up
  • Germany Medical Packaging Market All-Up
  • France Medical Packaging Market All-Up
  • Spain Medical Packaging Market All-Up
  • Rest of Europe Medical Packaging Market All-Up
• Asia-Pacific Medical Packaging Market (Option 3: As a part of the free 25% customization)
  • By Materials
  • By Packaging type
  • By Application
  • China Medical Packaging Market All-Up
  • India Medical Packaging Market All-Up
  • Japan Medical Packaging Market All-Up
  • Rest of APAC Medical Packaging Market All-Up
• RoW Medical Packaging Market (Option 4: As a part of the free 25% customization)
  • By Materials
  • By Packaging type
  • By Application
  • Brazil Medical Packaging Market All-Up
  • South Africa Medical Packaging Market All-Up
  • Saudi Arabia Medical Packaging Market All-Up
  • UAE Medical Packaging Market All-Up
  • Rest of world (remaining countries of the LAMEA region) Medical Packaging Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• 3M
• Westrock Company
• Amcor plc
• Berry Global Inc
• Avery Dennison Corporation
• CCL Industries
• Constantia Flexibles
• Bemis Manufacturing Company
• Sonoco Products Company
• West Pharmaceutical Services, Inc